[John T]

Hello everyone. I am new to this board. I've been reading the posts for a couple of days and I am impressed with the quality of the members.

The purpose of my first post is to find out if anyone has a board of directors for their company? A group of people you get together with every so often to review the performance of your company as well as set goals and direction?

My thoughts behind this are twofold. One, it is very easy to get lax when one only has to answer to oneself. When you have to answer to a group of individuals one may very well become more focused on the job at hand. Peer pressure in it's most basic form.

Two, an outsiders pair of eyes are invaluable. There are many items on which we may feel like we have a firm grasp but an outsider's point of view can really jolt your thinking. Just think how many times you have posted on this forum and have received responses that really made you sit up and think.

If anyone does have a board, who are the members and why did you choose them?

[Stonehenge]

We don't have a board, but when I was writing my business plan, I had wanted to set one up. The problem was, I didn't know anyone I would want in it. Now that I'm a little longer in the tooth, I know some people who might be beneficial, but am not sure what is expected of me to attract and keep them.

I'd be interested to hear, of those who do have a board, how they chose, and how they attracted the board members.

[chesie]

John- this might very well be a good avenue for you! Sometimes you lose perspective when you have "boat" on the brain.



BTW welcome aboard!

[Paul]

We have an official board of directors thats required by the state, but the people that I use are my accountant and my two attorneys. We meet twice a year, I break down the companies sales and expenses and we hash out each line item. We then go over general industry conditions and expectations. We then go over the last 6 months Dodge reports, looking at jobs we won and lost along with what type of jobs are showing and the prices that they have gone for. We review any changes we have made in the last 6 months and try to aim the company toward profitability.

Now they are outsiders but they don't have a vested interest in the company. The do get paid for these meetings and of course they want it to be profitable.