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Value Creation Blog

Who’s On Your Personal Board of Directors?

Posted by Josh Patrick

advisory board resized 600If you own a business you may or may not have a board of directors or a board of advisors.  If you don’t you’re missing a great opportunity.  The perspective that outsiders bring to your company is one that will add value to your company’s results.

Even more importantly who’s on your personal board of directors?  Do you have a group of people who help you make decisions about how to get the most out of your life?

A personal board of directors, why would I need to have one of those?

Just like a business board a personal board gets you to think strategically about what you want out of life.  You might find that this group of people helps you look at life from a different point of view than you do.

You’ll probably find that a personal board of directors will ask you questions that you’ve not asked yourself.  You will be forced to face issues that you might not want to think about. 

You’re going to have to think about what’s important for you.

Most of us don’t have to spend much time thinking about what’s working or not working in our lives.  We get to just go through life with whatever comes our way.  Many times if it’s good, we get to enjoy it and if it’s not we don’t make plans for how to deal with it.

With a personal board you’re going to have to think about what’s working in your life and why.  You’re going to have to think about what’s not working and be prepared to talk about what you will do differently.  You’re putting yourself on the spot to take action to help your life get better.

This doesn’t mean your life is completely messed up.

You might think that only those who have a mess in their life would need a personal board.  I disagree.  I think a personal board can be even more valuable for those who are happy with their life.  What do you think?

I know that there are always things I can do differently that will make my life better, no matter how well things are going.  I also know that when things are going well it’s easy to become complacent.  Fighting complacency is something you should be concerned about if life is good. 

Who should be on my board?

Your board doesn’t have to be very big.  It can be as few as two or three other people.  You might want to have your significant other, you might want to have your children on your board, or you might just want to have some good friends.

Whoever you put on your board you have to make sure they’re willing to tell you the truth.  If your board just tells you that everything is great, you’re not going to get any value.  You have to require that your board is honest with you and tells you what they really think.

How often should my board meet?

I think that your personal board should meet quarterly to start.  After your first couple of meetings you might find that you need fewer or more meetings.

You’re likely to see the frequency of meetings will change as circumstances change in your life.  You will also want your board to help you become accountable to yourself.  How often you need this outside discipline will also have an effect on how often you meet.

At first you might feel uncomfortable asking people to serve on your personal board.  You’ll want to have a clear explanation of why you’re putting together this board and why you want help from the person you’re asking.  Without this step, you will have a hard time getting your board off the ground.

I think we all need outside accountability.  It’s why people use coaches.  This takes the coaching process one step further.  Do you think this could provide value for you?

We have a workbook called When in Transition.  This WIT workbook will help you understand steps that you need to take as you go through major transitions in your life.  Even if you’re not going through a transition right now, there likely is one in your future.  To get this workbook, click on the button below.


Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

Topics: value creation, advisors, personal value

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