Strategic Planning in the Small Business

Unit 6

TP 6-10

Characteristics

CEOs Seek

in New Board

Members

Characteristics

Frequency

Specific

technical

or specialized

expertise, including

tax,

legal,

medical, computers,

etc.

31

Experience in

same industry/field

21

Financial Expertise

21

Successful

track record

(entrepreneur,

CEO, mgr.)

21

General business

knowledge/experience

20

Personal contacts

16

Complementary

exper-ience

background

15

Compatibility,

personality, chemistry

11

Judgment, maturity,

common

sense

10

Dedicated interest

in serving

on board

10

Nepotism (must

be related)

9

Successful

manager,

employee

with "the" firm

9

Honesty,

integrity

8

Intelligence,

brilliance

8

Action

oriented, problem

solver

7

Objectivity,

broad perspective

6

Outspoken, opinionated

6

Advanced

degree (M.B.A.,

Ph.D., M.D.)

4

Prestige, reputation

3

Creative

3

Availability

2

Communication

skills

2

Vested interest

(own stock)

2

Willingness

to serve without

insurance

1

Humor I

Christian

valae system

1

Gambler,

risk taker

1

Women, or minority
group

1

Ford, Roger H. Boaids
of Directors and the Privately
Owned Firm - A Guide
for Owners, Offcers, and
Directors. Tab. 5.1.
Copyriglt

Quortm, 1992. Reproduced

with permission of

Greenwood Publishing Group,

Inc., Westport, CT.

381