The Best Board Meetings

Over the past 15 years I’ve been to thousands of board meetings.  Last week I had four; this week I have two.  I’ve spent a lot of time – often during board meetings – thinking about how to make them better and more effective.

Yesterday, Fred Wilson (who was at the Return Path board meeting in Boulder with me) wrote a great post titled Face To Face Board Meetings.  Fred and I have been on a number of boards of the years and I strongly agree with his post.  To be effective, board meetings need to be (a) in person and (b) there is immense value in a board dinner the night before a board meeting (maybe not every meeting, but at least once a quarter).

While board meetings have a different tempo at different stages of the life of a company, I’ve developed the point of view that the vast majority of the board meeting should be “forward looking.”  Ironically (and frustratingly), the general culture of many VC-based boards – especially larger ones – is “backward looking”.

What I mean by this is that most board meetings are 80% status updates, 10% strategy / issues, and 10% administration.  I’m fine with the 10% administration, but the 80% / 10% split on status vs. strategy should be reversed.  There are plenty of different ways to organize the “strategy” (I’m using “strategy” as shorthand for “forward looking discussion”) and strategy includes a blend of short, medium, and long term issues, as well as plenty of “tactical stuff” (for those that think “strategy” is too specific a word), but I imagine you get the idea.

My favorite board meetings have the following characteristics.

  1. All board material goes out 48 hours in advance, including a detailed financial package and operating review of the business.  This material includes any administrative stuff (draft 409a report, options grants, compensation stuff, audit stuff, prior board meeting minutes.)  Everyone reads this in advance – if the materials go out 48 hours in advance there’s no excuse to have not read it.
  2. There is a dinner the night before that is at least the board and the CEO.  Sometimes it includes non-CEO founders; other times it includes various members of the leadership team.  This is a casual dinner (e.g. not expensive or full of pomp and circumstance) – a chance for everyone to catch up with each other.  If the board meeting is an afternoon meeting, sometimes you can pull off a lunch prior to the meeting that acts as a proxy for the dinner, or a dinner after, although I find the dinner after to be much less helpful.
  3. The first 30 minutes of the meeting are administrative.  Everyone settles down, you go through any formal board business, discuss it, and get it done.  Often it takes five minutes (which gives you an extra 25 minutes for the strategy stuff); sometimes it takes the full 30 minutes.  I can’t think of a case where it has ever needed to take longer.
  4. The CEO then puts up one slide summarizing prior period financial performance and asks if anyone has any questions about the board package.  This discussion takes however long it takes.
  5. The CEO then puts up one slide with the issues he’d like to discuss.  These are bullet points that are crisp yet detailed enough to know what the issue is.  This is then the bulk of the meeting.

Some CEOs are capable of running a 2+ hour discussion off of one slide (I love these guys).  Others need slides to prompt them through the setup for each topic (which is fine).  Either way, the setup for each topic should be brief (five minutes at most) and the bulk of the activity should be a discussion.  The CEO and management team is looking for board feedback, input, advice, and guidance.  Ultimately, the CEO has to synthesize this and decide what he wants to do, but by engaging the board in an active discussion, the team will generally get useful input as well as discover where there might be additional domain expertise around the table on the particular issue.

I’ve found that the more time that is spent on #5, the more impactful the meeting is.  Obviously, it’s difficult for people on the phone to engage as effectively, which draws them into physically attending the meeting, or not participating.

I’ve got a lot more thoughts on this, but realize I’ve got to get off my ass, get in the shower, and head over to the Boulder Theater for TechStars Investor / Demo Day.  More on this another time.

  • http://intensedebate.com/people/mikehartcxo mikehartcxo

    Brad, great post. The right boards are usually composed of individuals with experience in different facets of the business. In my experience much too little time is spent on strategy discussions where your board can have the most impact. I also agree that night-before dinners are the best avenues to reconnect over breakfast or lunch the day of the meeting. Dinners are the place where the key questions on everyone's mind emerge. This can lead to great discussion and prime the pump for an effective meeting the next day. The one caveat is that if there is an ax to grind, hidden agenda, or potentially contentious issue working in the background, it will always come up at dinner. If so, a dinner can spiral in the wrong direction after a few drinks and bottles of wine.

    • http://intensedebate.com/people/bfeld Brad Feld

      I’ve been to a few of those dinners that have spiraled out of control!  Sometimes they end up in a happy place; sometimes they don’t.  But I’ve never regretted having them since they also help to get the issues out in the open.

  • http://intensedebate.com/people/PhilSugar PhilSugar

    Great post. I always have set the ground rules that phone in's are not allowed. I understand if you can't make it but I always set the meetings for the same time agreed on in advance: For me its a specific day during the 2nd week after a quarter.

    The phone in disrupts the meeting so much. I've allowed exceptions where I said a person could just listen in but they've never worked as inevitably they can't hear something, understand something, and they can't help themselves and interrupt. Totally kills the flow. Board conference calls for a specific issue are different.

    I notice you didn't put in new projections in point 4, and I hope this was on purpose. I think one of the other things that kills a board meeting is grinding on and on about numbers (which frankly is what most vc's are comfortable with). The numbers are the numbers and in 90 days the next numbers will be in

    I'm not saying you don't layout a framework each year and split it into quarters, and see where you are with actuals versus plan and adjust…..but analyzing why a number changed in a spreadsheet doesn't look at the root cause which is what I think you're trying to get at in point number 5.

    • http://intensedebate.com/people/bfeld Brad Feld

      Totally agree with not grinding and grinding on the specifics of the financials and the plan.  You got it – it’s all about “what are we going to do” not “what is the number going to be.”

  • DaveJ

    "In person" and "no travel" seem incompatible (unless the board meetings are all in Boulder).

    • http://intensedebate.com/people/JChauncey JChauncey

      well he did claim to have a clone…

      • http://intensedebate.com/people/bfeld Brad Feld

        I’m working really hard on a second clone.  I figure if there are three of me running around that would help even more.

    • http://intensedebate.com/people/bfeld Brad Feld

      I only have a travel moratorium on for August.  I’ll be travelling again plenty starting in September.

  • TJC

    Brad, good post. I would be interested to get your thoughts on including other management team members in board meetings (specifically on a regular basis). i have been at several companies that all have different thoughts around this….i.e. CEO is the only person and presents eveything…to….the management team member responsible for a particular area (i.e. sales, marketing, services) always presents the update on their area. i believe it is good for the management team to interact with the board, but not sure if it is needed for every board meeting. Thoughts?

    • http://intensedebate.com/people/bfeld Brad Feld

      While I leave this up to the CEO, I always prefer to have all the management team members in the board meeting.  I think it makes for a better discussion and – especially if you are discussing strategy and forward looking activities – tends to get a lot more interesting stuff on the table.

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  • http://intensedebate.com/people/todd_vernon84 Todd Vernon

    Good post Brad. I think its important to educate board members a bit about things the company has learned in the last 6 weeks (market, partners, etc). Agree that most of the meeting should be spent talking about strategic or forward looking issues. I don't agree about the one slide meeting simply for the reason that most venture board members take the materials and post them to a share or send them around via email. I like the slides to be a little more self describing so they stand alone to some degree.

    but also spend most of the meeting talking about strategic and forward thinking issues.

  • http://www.intensedebate.com/people/todd_vernon84 Todd Vernon

    Good post Brad. I think its important to educate board members a bit about things the company has learned in the last 6 weeks (market, partners, etc). Agree that most of the meeting should be spent talking about strategic or forward looking issues. I don't agree about the one slide meeting simply for the reason that most venture board members take the materials and post them to a share or send them around via email. I like the slides to be a little more self describing so they stand alone to some degree.

    • http://intensedebate.com/people/bfeld Brad Feld

      You actually do the best of both worlds – you send out a comprehensive board package in advance of the board meeting and then have useful DIFFERENT slides that are used in the meeting to guide the conversation.

  • sam

    I have been in couple of board meetings as an employee, and had to unfortunately witness exchange of insults between board members, because they don't like each other and their only chance to insult is each other is the board meeting.

    Since, then board meetings to me has always been about rich guys getting together to pump their egos and insult each other in front of executives . I have given up on preparing for a board meeting, because they never get to the issue to be discussed. So, this post is refreshing in that there are actually productive board meetings.

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  • Freedom Thinker

    Great post! As a CFO, I see CEO's do this backwards. It's unfortunate as the board should be there as a ready made master mind group for the CEO. But often times CEO's don't want advice and think they know it all already. Perhaps this is why I'm still just at the CFO I don't know it all already…

  • http://markgslater.wordpress.com mark slater

    great post brad – i have read your board thoughts before and this is very helpful. every entrepreneur should read this type of stuff. There is too often (and my experience is far far more limited than yours) a conceptual gap as to what the meeting is trying to accomplish.

  • http://intensedebate.com/people/ourielohayon OurielOhayon

    Brad it s hard to disagree with your post. I have been in less board meetings than you but i have a more specific question for very early stage companies where admin/and financial performances are not relevant yet.

    How would you consider a great board meeting for a company that is pre traction?

    • http://intensedebate.com/people/bfeld Brad Feld

      Actually, I’d assert that financial performance is always important, even if it’s just managing the cost (pre-revenue) side of the equation.  That said, early stage companies should spend most of their time on the forward looking stuff around product, market, team, competition, and strategy.

      • http://intensedebate.com/people/ourielohayon OurielOhayon

        yes i assume those are the topics but would you structure and organize a board meeting the same way as described above? this seem a bit of an overweight to me for early stage? maybe more regular meetings are required too

        • http://intensedebate.com/people/bfeld Brad Feld

          You are correct – this approach would be heavy.  For very early stage companies (seed stage) I typically just do a once a month meeting with the team and then regular interaction with the CEO.  As the company progresses, the meetings tend to get more formalized.

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  • http://intensedebate.com/people/PhilSugar PhilSugar

    There is one other thing that I think makes board meetings go much smoother.

    Any question that requires research needs to be asked 24hrs before the meeting.

    So I like to get the packet out three business days before, hopefully also including a weekend. I.e. Friday night for a Wednesday meeting.

    That way you don't have the head of finance or sales fumbling around trying to put something on the fly. Instead as a board member you should get a crisp response.

    This does weed out the people that come to the meeting and read the packet they won't be able to help themselves but ask a question that obviously requires research.

  • http://www.intensedebate.com/people/PhilSugar PhilSugar

    There is one other thing that I think makes board meetings go much smoother.

    Any question that requires research needs to be asked 24hrs before the meeting.

    So I like to get the packet out three business days before, hopefully also including a weekend. I.e. Friday night for a Wednesday meeting.

    That way you don't have the head of finance or sales fumbling around trying to put something together on the fly. Instead as a board member you should get a crisp response.

    This does weed out the people that come to the meeting and read the packet they won't be able to help themselves but ask a question that obviously requires research.

  • http://www.intensedebate.com/people/PhilSugar PhilSugar

    There is one other thing that I think makes board meetings go much smoother.

    Any question that requires research needs to be asked 24hrs before the meeting.

    So I like to get the packet out three business days before, hopefully also including a weekend. I.e. Friday for a Wednesday meeting.

    That way you don't have the head of finance or sales fumbling around trying to put something together on the fly. Instead as a board member you should get a crisp response.

    This does weed out the people that come to the meeting and read the packet. They won't be able to help themselves but ask a question that obviously requires research.

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  • Dave

    I believe you are a good Board member Brad, clearly the thought you put into this says you care about doing your part. But, not to pick on VC investors, many are poor Board members. Materials going out in advance assumes the VC investors read the materials in advance. It seems they rarely do.

    Also, where is the part about the VC Board members actually paying attention, showing up on time and staying in the meeting? I have attended a lot of Board meetings and am always amazed at how many VC's are too important for the meeting. They step out to take calls or Blackberry the whole meeting. Then there are the meetings where one VC flies in the morning of, misses dinner and all background context, then throws off the whole meeting.

    • http://intensedebate.com/people/bfeld Brad Feld

      There are plenty of bad VC board members.  And there are plenty of bad non-VC board members.  And I’ve certainly been mentally absent / disengaged from my share of board meetings.

      You are correct to put a lot of the burden on the board members.  A CEO / entrepreneur can set the stage but the whole board has to engage and participate.

      I’m kind of surprised that CEOs don’t say “no laptops, no cell phones, no blackberries” in the board meeting.  You’ve reminded me to keep my iPhone in my pocket for the rest of my meetings this week.

  • David

    Every board meeting should have one of these http://cache.gawker.com/assets/images/gizmodo/200… or else just good manners

  • http://intensedebate.com/people/bfeld Brad Feld

    Brilliant!

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  • Pam

    I read your post through the lens of non-profits and found that your observations are thoughtful, relevant and valuable. Would have appreciated more gender-neutral language in your piece, though, e.g. "I love these guys" and "the CEO has to synthesize this and decide what he wants to do." Conscious or not, these male-only references are at worst harmful and at best outdated.

    • http://intensedebate.com/people/bfeld Brad Feld

      Pam – thanks for the kind words.  Sorry for the lack of gender-neutral language – I find it very hard to either “alternate his/her” in my writing. Ironically, I view “guys” as a gender neutral phrase (I regularly refer to women as “you guys” – I realize that’s probably not politically (or grammatically) correct).

      I’m chairman of the National Center for Women and Information Technology (http://www.ncwit.org) so I’m very tuned into this issue.  Given that, I find it interesting that even though I think I’m tuned in, my writing doesn’t reflect it.

      Food for thought on my part.

  • Pam

    Even with self reflection, good intentions are often missed. I think you meant to say that you are the “chairperson.”

  • http://parallax.blogs.com Niel Robertson

    Brad,

    I think what you're describing is partially a symptom of a broken daily communication dynamic between most CEOs and their board members. As you know Seth and I have taken a very different approach to communication than I (and i think Seth) have ever tried in the past. Its completely changed the dynamics of what we talk about in board meetings (which we actually have pretty rarely as a result of it). The quick summary is that if you're not constantly communicating with your board (and the board is not engaged and responding) then you cram a bunch of updates into the board meeting. I think in many instances board meetings turn into a horrible death spiral that goes like this:

    CEO has not communicated a lot of context about operation data to VCs until day before board meeting
    VC is forced to make platitudinal statements without any data or time to review
    CEO gets frustrated and decided to "leave out" 10% of the more delicate but unresolved issues at the next board meeting as they don't want to deal with the platitudes (e.g. one-sized answers fits all startups)
    VC has less real context at each board meeting
    Rinse and repeat until the board basically knows very little about what's really going on and then it gets tricky

    This happens even with CEOs/board members that start with the best of intentions. Its a cycle Seth and I talked about very specifically before we started the company and i think we've done just an awesome job of breaking it. This is largely in part to Seth's commitment to the statement "you can't send me too much email". There are probably days when he regrets this statement to me :)

    At some point in time i'll write a post about how Seth and I run our CEO/VC relationship as i think its been one of the best specific "let's do this differently" things we've executed at the company. There are many layers to this of course.

    Niel

    • http://intensedebate.com/people/bfeld Brad Feld

      You guys have clearly nailed it and it shows!

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