In this episode, we continue our insightful conversation with Joel Koblentz, Founding Partner at The Koblentz Group, as we delve into the crucial topic of building an advisory board. Our focus today is on entrepreneurs and how they can develop a strong board of advisors to support their company’s growth. Joel shares his experience of encouraging a family business to establish a board of advisors, highlighting the reasons behind this decision and detailing the process they undertook.
Listen in as Joel provides a comprehensive framework for constructing an effective advisory board, addressing important considerations such as when to establish one, how to go about it, and who should be a part of it. As the stakes are high when it comes to making decisions that impact business growth, having a trusted board of advisors to turn to can be invaluable.
What You’ll Learn:
- The benefit of having an outside source to bounce ideas off of.
- Why you should have a board of advisors.
- How to cut the risk of a poor decision.
- Why you don’t want to make your board of advisors too big.
- What the right size is for a board of advisors.
- How to win the trust of your people.
Ideas Worth Sharing:
- “The risk of making a bad decision is pretty expensive when growing your business, and the risk of repair is awfully high. So, you are better off getting a board of advisors to pose your questions to.” – Joel Koblentz
- “When you buy a business, you are buying their people.” – Joel Koblentz
- “Trust is really the lubricant of success.” – Joel Koblentz