An advisory board usually consists of consultants outside the company that make professional recommendations on the company’s behalf. These can be technology, HR, finance, and other field-specific experts. The benefits of an advisory board are numerous. We recommend that Lynnwood enterprises assemble their own board members to help with their critical decision making process.
Advisory Board Benefits
With an advisory board comes an outside perspective and diversity of opinion. Members bring their knowledge to the table and discuss the company’s performance and future outlook from a totally objective view. An advisory board also brings strategy development and business development opportunities.
Naturally, some people may be reluctant to make decisions based on consultation from outsiders. Keep in mind, though, that an advisory board only gives advice, support, and recommendations. All final decisions are left to you and your internal team; board members have no formal authority.
Appointing Advisory Members
Keep these points in mind when hiring board members:
- Focus—what aspects of the business will advisory directors address?
- Time commitment—will time commitments be fixed or variable?
- Term—appointments should be on a fixed term outlined in the contract, with the option for a contract renewal for satisfactory consultation.
- Indemnification—there should be an indemnification clause in place, so one party cannot hold the other liable for damages.
Our business law lawyers have helped various enterprises, small businesses, and nonprofit organizations draft a thorough contract that covers every angle.
We Help Businesses Assemble the Best Team
Contact Curtis & Casteel Law Group. Our firm consists of knowledgeable legal consultants in the areas of real estate, bankruptcy, and business. The benefits of an advisory board are many, and we have years of experience helping local businesses draft a contract for advisory board members.
Edited by Justin Vorhees
Business Law Consultation for Lynnwood Businesses
Proudly serving the people of south Snohomish County, north King County, and the Greater Seattle area