XPX MARYLAND CHAPTER - BOARD OF ADVISORS (BOA) NETWORK
Do you represent clients in search of new or additional professional advisors? Do you know of business owners who are interested in creating or improving a board of advisors? Do you have any experience with and/or interest in serving on an advisory board? If your answer to any of these questions is “yes,” you should learn about the Advisory Board Network of XPX’s Maryland Chapter.
An advisory board is a great resource for a company’s owners and officers. A board of advisors can supplement the company’s managers or board of directors and offers some important differences to these other groups. For many small and mid-sized businesses, the board of directors consists of the company’s owners who meet on an infrequent basis to address issues as required by law. Industry experts and professional advisors are often reluctant to serve as a director for fear of incurring personal liability for the actions or inactions of the business. These businesses often have no forum for the company’s top executives and key advisors to meet periodically and discuss the strategic direction and operational performance of the company. An advisory board offers top executives the opportunity to receive integrated, well informed advice on a regular basis in a less formal environment. It also provides the company’s advisors with the opportunity to stay informed about the activities and advice of the other professionals and experts who are assisting the business.
The BOA Network is designed to help privately-held businesses in Maryland organize and maintain a board of advisors in accordance with best business practices. Here’s how it works:
- BOA Network Database Application. If you want to be listed in the BOA Network database of prospective advisory board members, complete and return the Advisor Application form. Ideal advisory board members will have substantial experience in helping a company to plan and implement a successful transformational, strategic growth, or exit plan and possess at least five years of executive level experience as a professional service provider. Applicants must complete and submit the Non-Disclosure Agreement as part of their application.
- Advisory Board Request. If you have an existing or prospective client that wants to form or maintain an advisory board, please complete and submit the attached Advisory Board Request form. The person submitting the Advisory Board Request form (“Facilitator”) will have the right to review a list of potential advisory board members that meet the criteria identified on the form, and make recommendations to the client as appropriate. The Facilitator will also have the opportunity to indicate on the form the requirements for serving on his or her client’s advisory board.
- BOA Network Resources. BOA Network will assemble a library of forms, checklists and guidelines that the Facilitator may use. A Facilitator may request documents as needed to help organize or manage the advisory board. Any XPX member may submit contributions to the library.
- BOA Network Steering Committee. The BOA Network Steering Committee will process BOA Network Database Applications, respond to Advisory Board Requests, organize the library of BOA Network resources and identify proposed best practices for advisory board practices and procedures. The Steering Committee will treat Request forms with confidentiality as directed by the Facilitator.
If you have any questions or concerns regarding BOA Network, feel free to contact: