This episode of the Capital Club features Chris Yount, a battle-tested CEO who took his family business from bankruptcy to record profits. He explains why he believes companies should install a board structure and how it can provide entrepreneurs with access to industry insider connections, broader experience, and accountability. He outlines the differences between boards of directors and boards of advisors as well as how to go about setting up an effective board.

Key Highlights

[00:01 – 07:33] Opening Segment

• How Chris restructured his family business
• From bankruptcy to record profits
• Chris’s passion for multi-generational businesses by serving as a board advisor
• How mistakes and negative experiences can be resources for success

[07:34 – 14:41] The Benefits of Having a Board of Advisors

• How to find the right people and make the most of their expertise
• Think about your biggest weakness and find a board member to fill that gap
• The difference between a Board of Directors and a Board of Advisors
• Find time for what is important in your life

[14:42 – 22:11] How to Onboard Board Members for Maximum Insight

• Push yourself with someone who compliments weaknesses
• Make sure to have a solid onboarding procedure 
• Focus on high-level strategy
• Why a board packet of reading should be sent ahead of time

[22:12 – 29:34] Understanding the Challenges of Shifting Mindset

• How term limits and annual evaluations can be used to assess board performance
• Mindset shift is necessary for business leaders to admit they don’t know everything
• Gen 1 entrepreneurs often have difficulty asking for help
• How joining YPO and other networking opportunities can help you improve your business

[29:35 – 39:04] Closing Segment

• Ask around, look for surveys, and find comparable companies
• Determine what is common in terms of board structure
• Take advantage of the valuable resources that board members bring
• Want to connect with Chris? Follow him on LinkedIn, and Twitter. Head to his website, and lay out a winning strategy for your company!

Additional Links:

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/