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FROM THE FOUNDER
H aving outside directors for your privately-held AEC firm is one of the best ways to get the expertise and tap into relationships of people you could never employ on a full-time basis for a fraction of what they would cost you if they were full-time employees. Effective outside directors provide expertise and valuable relationships, enhancing AEC firm success with strategic guidance and forward-focused leadership. The best outside director experiences
I have served on boards of directors (BODs) of firms with former chairpersons and CEOs of some of the largest and most successful companies in this business, as well as entrepreneurial firm founders, other entrepreneurs, former top regulators, high level people from client organizations of the company whose BOD I was on, and top people from seemingly unrelated industries who brought unique perspectives to the issues that the firm was facing. When I think back on all of the boards of directors I have served on – whether that was as a voting BOD member or simply an advisor member – sometimes I was used effectively and other times I was not. Let’s take a look at some of the defining characteristics of the BEST of those experiences: 1. We had a chance to participate in setting the agenda. The best scenarios always gave each of us BOD members a look at the draft agenda and solicited our opinions for additions to that. If
we felt something was important it was usually added. It was never ignored or summarily dismissed. 2. During the meetings, we stuck to the agenda and started and stopped on time as planned. Everyone on the BOD is busy and has travel schedules and other meetings to attend, so our time was respected. The chairperson keeps the meeting on track. 3. We did not get sucked into discussions of stuff that was really part of day-to-day management. I have certainly experienced too much of that in many cases, as BODs of firms are usually dominated by insiders who are active managers of the firm. But again, if the chairperson is doing their job properly, these detours are minimized.
Mark Zweig
See MARK ZWEIG , page 6
THE ZWEIG LETTER AUGUST 12, 2024, ISSUE 1549
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