Meeting a potential NED or Non-Exec Chairman 27 December, 2007
Posted by Simon Webber in Board Member, Chairman, Chairmen, corporate, Corporate Finance, Corporate Governance, cost, director, experience, first meeting, governance, growing companies, growing company, idsquared, NED, NEDs, non-exec, non-executive, non-executive director, Non-Executive Directors, remuneration, Simon Webber, skills, small company, tips, Venture Capital.trackback
As you might expect, the first meeting with a new Non-Executive Director or Chairman is a very important one. Here are a few tips for ensuring that it is as pleasant and productive as possible.
Introduce yourself first – it may seem obvious, but an introductory telephone call will go a long way to breaking the ice on the day.
Exchange Information – do send your potential Non-Executive Director a copy of your business plan or whatever other information is available. Also, be sure to ask them for their full CV. There’s no point spending valuable time in your first meeting explaining what you do and asking what your potential non-executive Board member used to do for a living.
Meet at your place – the first thing that a new non-executive Board member will want to do is to get ‘beneath the skin’ of the business. Why meet in a hotel lobby or a restaurant when you can meet at the heart of your business. If the meeting goes well, you can introduce them to a few key members of staff and give them a tour of the factory floor!
Don’t try too hard – it’s easy to get carried away trying to impress or make everybody comfortable but no potential Non-Executive Director or Chairman will be pleased if you spend your business’ money on a Michelin starred meal or a bottle of Château Pétrus at the Board table.
As a final ice breaker, IDsquared will be happy to tell you a few of your potential Board member’s interests; you can then open the conversation by dazzling them with your knowledge of 1950s Bentleys or sailing haunts in Dalmatia. Otherwise, just relax and enjoy yourself. I’ve never met a non-executive Board member who hasn’t been a pleasure to spend a few hours with.
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