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.