Chapter Twenty-One. The Board

I feel that every company, no matter the size, should have a board of advisers or directors. Of course, corporations are required to have a board of directors, and public companies must have boards of directors with outside directors. A board of advisers is not the same as a board of directors, but the ability and necessity of a CEO to stand up each quarter in front of individuals who may question his or her actions is important in keeping management sharp. This prevents management from becoming too insular and inwardly directed, and it helps prevent the CEO from making strategic errors.

If the boards are properly composed, it brings fresh ideas to the company and cuts through internal arrogance. It provides a sounding ...

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