Many entrepreneurs fear the idea of forming a board because they don’t know what to expect. What they aren’t realizing, however, is that boards can provide value in ways you might not imagine. In an earlier piece, I discussed eight benefits of having a board – many of which are common sense, easy to understand points. This month, we’re delving into some potentially unexpected benefits based on my first-hand experiences as a board member. Although the outcomes to each of the following situations were positive, the stories would have ended differently had there not been a board in place to help the business owners succeed.
Earlier this month I attended the FaegreBD Franchise Summit in Minneapolis. Hosted by the Law Firm of Faegre Baker Daniels, this annual event attracted 150 professionals from 75 different franchise brands.
I recently spoke to a group of top-performing franchisees at a conference held in Chicago, the focus of which was to help these top performers improve even more. One of the topics their corporate office wanted me to discuss was the importance of validation – both for prospective and current franchisees.