Dear SaaStr: How Do You Best Pick and Choose Board Members and Senior Advisors?
Choosing board members and advisors is one of the most critical decisions you’ll make as a founder. These are the people who will guide you through the toughest challenges, help you scale, and, frankly, have a huge impact on your happiness as a founder.
A few thoughts:
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Prioritize Trust Above All Else:
You’re going to be working with these people for years, through good times and bad. If you don’t trust them completely, don’t bring them on, especially your board. A great board member or advisor should have your back, even when things get messy. Founders often regret bringing on someone they didn’t fully trust—it’s a mistake you can’t afford to make. -
Match Their Strengths to Your Stage:
Early on, you need board members and advisors who can roll up their sleeves and help you build. Look for people who’ve been in the trenches and understand the challenges of the early stages. As you scale, you’ll want folks who can help with things like IPO prep, scaling operations, or navigating M&A. Align their expertise with where your company is and where it’s headed. -
Avoid Pontificators — and GrinFrackers:
Stay away from people who just want to tell you how they did things 20 years ago. For the most part, that will just drive you nuts, and much of the advice will feel dated. The best board members and advisors are collaborative, open-minded, and focused on helping you build your company—not reliving their glory days. Also be a bit wary of “Grinfrakers” — folks that tell you everything is great. Because everything is not great. You’ll never know if you can trust them. -
Leverage Their Networks:
A great board member or advisor isn’t just there for advice—they should actively help you hire, close deals, and raise capital. Look for people with strong networks who can open doors for you. This is especially important when you’re scaling and need to recruit top talent or land enterprise customers. -
Spend Time with Them Before Committing:
Choosing a board member is like getting married—you’re stuck with them for a long time. Spend time with potential board members before making a decision. Have dinner, grab coffee, and make sure you gel with them. You need to know they’ll be there for you when things get tough, not just when everything’s going great. -
Balance the Board:
Think about the roles you need on your board. You might want a strategist who can help with big-picture decisions, an operator who’s been there and done it, a networker who can make introductions, and a fundraising specialist who knows how to navigate the VC world. A balanced board will give you a broader range of support. -
Choose Advisors Strategically:
Advisors don’t need to be formal board members, but they should fill specific gaps in your knowledge or network. For example, if you’re entering a new market, find an advisor with deep expertise in that space. If you’re preparing for an IPO, bring on someone who’s been through it before. Be clear about what you want from them and make it worth their time. -
Don’t Overload Your Board:
Keep your board lean, especially in the early stages. Too many voices can slow down decision-making and create unnecessary friction. Focus on quality over quantity. -
Beware of Brand Over Substance:
It’s tempting to bring on a big-name investor or advisor just for the prestige, but that can backfire if they’re not actively engaged. A lesser-known but highly involved board member is far more valuable than a big name who doesn’t show up. -
Evolve as You Scale:
The board and advisors that get you to $10M ARR might not be the same ones who get you to $100M or beyond. Be willing to make changes as your company grows and your needs evolve. But be wary of brute forcing changes. They take time. Talk about board changes early. More on that here.
Ultimately, the best board members and advisors are those who are aligned with your vision, bring unique value to the table, and are genuinely invested in your success.
