Startup Boards, 2nd Edition

Chapter 16Preparing for the Board Meeting

“You have received their investment—now stop selling, please,” says Eric Jensen. “CEOs often start their first board meeting as if they are making an investor pitch—sharing how great their company is, how big the market is, and describing the vision. This is no longer necessary. The investors are now in the boat and it's time to start rowing with their help.”

A typical board meeting runs from one to four hours, depending upon the agenda and frequency of meetings. The meeting starts with the chair calling the meeting to order, followed by the CEO providing an update on the business and a summary of key metrics. The CFO provides a financial update. The VP of Sales walks through the previous quarter's performance and the upcoming quarter's pipeline. The VP of Engineering demonstrates key features in the next release, and the VP of Marketing reviews the launch plans. After the updates, the board tackles substantive issues, typically covering one to three big topics. The board is interactive, asking questions while providing guidance and real-time feedback during the discussion. At the end of the meeting, all observers and management other than the CEO leave for an Executive Session where the CEO and the board can speak freely. A Closed Session where the CEO steps out and the board discusses the progress, any concerns that have arisen, and any feedback for the CEO follows the Executive Session. The chair then follows up with the CEO to discuss ...