From disaster planning to maintaining accountability, there are a number of great reasons why every serious (franchise) company should have a board. But sometimes, despite the best intentions of a company, the board simply isn’t creating the value for the organization that it expects. Whether it’s a lack of time on behalf of the business owner, or irreconcilable differences among its members, there may be only one option that makes sense for everyone involved. It’s an option I like to call “unboarding.”
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.
