How to Construct and Manage your Board Meetings for Maximum Benefit
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Venky Ganesan, Partner at Menlo Ventures Naomi Pilosof Ionita, Partner at Menlo Ventures
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How to Construct and Manage your Board Meetings for Maximum Benefit
- 1. How to Construct and Manage Your Board for Maximum Benefit Venky Ganesan, Partner at Menlo Ventures
- 2. © Menlo Ventures 2018 | Confidential Structuring a VC-backed company board Board composition Best practices for managing a board Today’s Agenda 2
- 3. Structuring a VC-Backed Board 3
- 4. Board Composition by Stage Growth or Later Series A Series B Series C 4 ©2018 Menlo Ventures. Confidential. Pre-Venture Round • Founders on board • 2 Common • 1 Preferred • 1 Independent • 2 Common (inc. CEO) • 2 Preferred • 1 Independent • 2 Common (inc. CEO) • 2 Preferred • 2 Independent • 2 Common (inc. CEO) • 3 Preferred • 3 Independent
- 5. © Menlo Ventures 2018 | Confidential5 General Principles 1 Never have more than 3 VC’s on board Move toward independents Common board control is a red herring
- 7. Being on a Board is about a “Very Particular Set of Skills” Members must have duty of loyalty and duty of care ---- not about status or power signaling! 7 ©2018 Menlo Ventures. Confidential.
- 8. © Menlo Ventures 2018 | Confidential Member Ingredients 8 Know-how to be a good board member Additional network or connections to board Understand the duties of a board member Specific skills and domain expertise Qualifying questions to ask
- 9. Board Needs Change Over Time GROWTHEARLY PRE-IPO Product Market Fit Scale and Execution Audit, Compliance and Governance 9 ©2018 Menlo Ventures. Confidential. Different horses for different courses Boards do not always scale and need to be periodically upgraded/refreshed
- 11. © Menlo Ventures 2018 | Confidential Top Tips 11 Timing Composition • Send deck 3 days before board meeting • Pre-reading is essential so the board can come prepared to discuss • Consider briefing sessions with board members in advance to avoid surprises and gather early feedback • Board meetings should be no longer than 3 hours • Two major components: • Reporting – past performance and future forecasts • Board Input – discussion on major decisions/subjects • Send a 1-page CEO letter in addition to the deck, capturing CEO thoughts • Between board meetings, send monthly email with performance updates
- 12. © Menlo Ventures 2018 | Confidential Sample Board Format 12 CEO Summary 15 Minutes Operational Updates 60 Minutes Key Board Input 45 Minutes Financials 15 Minutes Minutes and Approvals 15 Minutes CEO Session 15 Minutes Non-Mngmt. Session 15 Minutes • Includes review of key decisions and action items from last board meeting • Functional (Sales, Marketing, etc.) • Operating Plan • Meaty topic where board insights matter • Sales Productivity • Partnerships • Marketing • New Initiatives • Results and commentary • Updated projections • Stock options • Major Expenses • Hires • Just CEO and the board • Just the board without any management
- 13. © Menlo Ventures 2018 | Confidential A good board relationship means that management owns the “Income Statement” (operational performance) and the Board helps manage the “Balance Statement” (fundraising and strategic decisions) 13
Notas do Editor
- Lots of doom and gloom statements talking about robots taking all of our jobs