There is an increasing supply of qualified candidates looking for their first board seat with a private company. Experienced directors understand how the process works, and what to expect. First-time candidates, however, are thirsty to learn how the process works, and how best to get into the game.
There are considerable resources for candidates to understand the preparation and selection processes: trade associations, executive education programs, consultants, conferences, books, and webinars. Knowing where to start is, in itself, a likely challenge.
Our experience working with candidates, and having run numerous search processes, is that potential candidates seek advice in these four categories:
- Understanding the motivations and benefits of service;
- Creating an individualized plan to prepare for the selection process;
- Learning how the selection process works; and
- Getting feedback from active directors on how compensation evolves over time.
The Practical Lawyer
CLICK HERE to read the full article, which was originally published in ALI CLE’s The Practical Lawyer.