Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author
Entrepreneur Advice:
Brad Feld
www.feld.com
About Brad Feld

Brad Feld is currently a Managing Director at Mobius Venture Capital and has been with the firm since 1996. Prior to Mobius, Brad founded Feld Technologies, which was sold to AmeriData Technologies in 1993, where he became Chief Technology Officer. Brad currently serves on the boards of a number of private companies, including Atreus, Comergent, ePartners, FeedBurner, Gold Systems, Judy's Book, Klocwork, NewsGator, Quova, Rally Software, and StillSecure. In addition, he is on the board of The National Center for Women & Information Technology, The Community Foundation Serving Boulder County, and The Colorado Conservation Trust. Brad has previously been a member of the board of directors of the Young Entrepreneurs Organization and founded the Boston and Colorado chapters. He holds Bachelor of Science and Master of Science degrees in Management Science from the Massachusetts Institute of Technology.



Recent Article:

Board of Directors Number of Meetings
- For more on Brad Feld visit www.feld.com

As Jim and I continue our Board Meeting series, we've decided to address a question that we are often asked - "How Many Board Meetings Should A VC-backed company have?"

Our general answer is "as many as you should for the stage of the company that you are." We define stage loosely, where you evaluate the company's revenue performance, the rate of growth of revenue, the headcount of the company, and the strategic issues the company faces. If you - dear reader - are a rational person - you should be responding with the thought "thanks guys - not helpful." Stay with us - we'll try to be more prescriptive, but - having been involved in lots of companies, with lots of different boards (and board dynamics) - we know there is no simple and correct answer.

Our experience suggests a private, venture-backed company should have between 8 and 12 meetings a year, with at least half of them face to face. As a company grows and matures, the number of in person meetings will logically decrease, but should never fall below one each quarter, preferably in the first month of the quarter so the performance of the previous quarter can be reviewed while it is still fresh and current.

If you've just closed your first round and it was a seed or Series A financing, expect that you will likely to have monthly board meetings. Yep - you heard us - expect to have 12 meetings per year - and it's best if these are in person. Try to have your meetings set up on some recurring monthly basis like "the third Thursday of every month". This helps schedule the board and increases the likelihood that board members can actually attend in person. Also, a monthly meeting which shifts from month to month (for example - the third week one month and the second week in another) may not allow enough time to elapse in between meetings.

Your early stage investors and board members will want to be (and you should want them to be) actively engaged in the company. You'll be dealing with a huge range of issues in the startup phase - frequent, substantive, and open discussions will help keep all the board members up to speed on what is going on and engaged in the decision making process. Since a lot of significant events transpire at a rapid pace in a company at this stage, these regular meetings help the board maintain a level of awareness that enables them to engage in the activity of the company. In addition, a young board needs to learn how to work together - the best way to do this is "to work together" - regular meetings will reinforce this.

Additionally, CEO's of venture backed companies (or any company with a board of directors) should expect to have fluid and candid dialog with board members in between meetings. Board member styles differ - some (like me) are email guys, some are face to face types, and some are phone call update types. We recommend understanding how each of your board members works best and make sure you spend time with them in between board meetings discussing issues, updating them on the business, and learning how to work together.

Some of this is preparation for later in the life of a company when a board has to make critical and substantial decisions, whether around a financing or M&A event, major change in the direction of the business, leadership change, legal issue, or something else that requires hard discussions. Spending time building working relationships, learning how each other think, work, and act, and developing personal rapport early in the life of the company helps makes dealing with these situations a lot more effective.

Some entrepreneurs have resistance to this level of oversight. If you're someone who has a negative reaction (e.g. "12 meetings a year - no way!") we encourage you to re-think your interest in a pursuing a model to build your business that includes venture capital, or for that matter your interest in having a board of directors.

Finally, while it is common that as a company matures, it will reduce the frequency of formal meetings (to say 6 meetings per year), the board will encounter periods of time where they will meet more often then once a month. This can happen when a company is approaching the end of a fund-raising cycle or during key times in the company's life where substantive strategic actions are being managed (for example - an acquisition.) During these critical times it is common for a board to have formal - but short duration - meetings, both in person and over the phone.

Read this article in Brad's blog.





Board of Directors Number of Meetings - To learn more about this author, visit Brad Feld's Website.

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Stephanie Robey
Stephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals.

She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com   Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences.  Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University.

Read Steph's Blog
Meet Steph and Dave
Sign up for our Free 7-Day BootCamp: Self Employed & Rich
- Visit Stephanie Robey's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

Linda Richardson
Linda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website


To learn more about the Evan Elite Author Program please contact us.


More Brad Feld

Blog - Brad Feld



Evan Elite Authors
Leanne Hoagland-Smith  
Joe Dager  
John Brennan  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Business Checkup Icon Business Checkup
Leadership 2.0 Icon Leadership 2.0
PIPS Power Book Icon PIPS Power Book
Mirror Marketing Icon Mirror Marketing
Increasing Coaching Effectiveness Icon Increasing Coaching Effectiveness
Free Downloads - Complete List

Entrepreneur Tools and Guides
Top 50 Social Entrepreneur Blogs of 2009
Top Social Business Blogs
Top Social Entrepreneur Blogs
 
The Top 10 ProBlogger Posts - Best Posts for Bloggers
The Top 10 ProBlogger Posts
Best Posts for Bloggers
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Rebecca Arthur Mankessim, Ghana,
Rebecca Arthur
Mankessim, Ghana
SEO For Africa

If I Were A Startup...
Razor Suleman, $143k to $5.4 Mil in 5 years
Razor Suleman
$143k to $5.4 Mil in 5 years
Jeff Roick, $1.4 to $6.5 Mil in 2 years
Jeff Roick
$1.4 to $6.5 Mil in 2 years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Warren Buffett, Berkshire Hathaway
Warren Buffett
Berkshire Hathaway
Mary Kay Ash, Mary Kay Cosmetics
Mary Kay Ash
Mary Kay Cosmetics
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Paul Kedrosky, Venture Capitalist
Paul Kedrosky
Venture Capitalist
Keith Ferrazzi, Never Eat Alone
Keith Ferrazzi
Never Eat Alone
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     SEO and the Entrepreneur
By Clint Dixon
     An SEO is the next Lawyer in your life.
By Clint Dixon

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information