Recruiting Your Company's First Advisory Board

This week we had the first meeting of the Alchemy of Money advisory board. Taking my own advice of getting out of the jar to read the label, I decided to form an advisory board to ensure we’re getting a fresh, well-balanced perspective as we grow. I was very pleased with our first meeting and can’t wait to continue to dive in with them. If you’re considering setting up an advisory board for your company, here is what I did that I hope helps you think through it for yourself. 

Thoughtfulness: I spent about a year thinking through who I wanted on the board, ultimately choosing 5 individuals with different backgrounds. I wanted tech, legal, branding, and operations expertise, and some human diversity.

Trust: The common thread is a long-term relationship with me. I wanted immediate trust in the group so we could get to the heart of the matter quickly. 

Value to them: Like a great dinner party I thought about the configuration of people and what they would get out of it. I wanted to make sure they were at a stage in their life where this would be energizing for them and fun to attend, not yet another obligation. Then I asked each one individually in person or by phone.

Format: I wanted the lift to be light, 3-4 lunch meetings a year and we’ll go from there.

It took some time for this to come together but it was time well-invested as I know these amazing people will really help us grow.