Advisory Board Member Agreement and Terms of Reference

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Advisory Board Member Agreement and Terms of Reference

 
 

INTRODUCTION

An Advisory Board is a kind of ‘brains trust’ for your business. Typically, an Advisory Board is made up of experienced industry professionals who meet in order to help guide your business and keep you, as an entrepreneur, accountable. An Advisory Board can provide you with a different perspective about the ‘big-picture’ direction of the company. For this reason Advisory Boards are a great idea for businesses seeking guidance on expansion, growth and to navigate uncharted waters.

 

WHAT DOES IT COVER

If you have decided that appointing an Advisory Board is the right decision for your business, it’s important to have an Advisory Board Member Agreement (ABA). An ABA codifies how the board functions by outlining its role and responsibilities. Having a written agreement ensures that the advisory board members and you are on the same page. This means that the expectations of the Board, as well as its terms of reference, will be clearly outlined in black and white. This should result in the relationship between you and the Board remaining healthy and your business being pushed to bigger and better things.

 

WHY IS THIS IMPORTANT?

An Advisory Board can provide you a different perspective about the ‘big-picture’ direction of the company and help keep you, the founder, accountable.


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