In this week’s episode, we have a repeat guest, Mike Smerklo! He is the Co-founder and Managing Director of Next Coast Ventures and the author of the book, Mr. Monkey and Me, a survival guide for entrepreneurs and a must-read! Mike is back to talk about boards and how a young entrepreneur or a recently appointed CEO can take full advantage of the extensive experience at their fingertips.
Key Takeaways:
[2:25] Leading a board is intimidating, especially as a new entrepreneur and CEO.
[4:10] What is the “mushroom philosophy”?
[8:25] As a new CEO, what should you do to get to know your existing board after a takeover?
[12:00] In the decades Mike has been in this field, he has never seen a board take a “formal vote” on something. That’s what happens in the movies.
[15:45] If you want to avoid a mushroom cloud, ask questions and be proactive.
[18:45] What should a CEO expect from their board?
[20:40] At the end of the day, a board’s job is to make sure the CEO is still a good and capable leader.
[23:20] You have a great team backing you; use them as a sounding board.
[26:25] When does it make sense to rotate a board member out?
[30:20] How do you respectfully disagree and/or be diplomatic with your board?
[32:45] Managing a board can seem like a big time commitment, but it’s part of the CEO’s job to make sure expectations and leadership alignment are in order.
[37:00] What are some of the common mistakes new CEOs make with their boards?
[37:40] Boil your slides down to what’s working, what’s not, and so what?
[40:55] Surround yourself with smart people who you might not always agree with to help you see your blindspots.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com