Networking for Board Roles Isn’t as Straightforward as You May Think.
I often hear from individuals struggling to advance their board careers despite extensive networking efforts. They spend their time at networking events, meeting new people, and targeting other board members, yet they see little progress.
While connecting with other board members can provide valuable advice and conversations on board-level topics, they aren’t always the best referral source for open board positions. Here are two main reasons why:
- Lack of Information: Board members are not always privy to future changes planned by the executive team. Sometimes they are the ones who need to be removed from the board!
- CEO Concerns: CEOs can be hesitant to bring on new board members who are “friends” of other board members for fear of creating factions.
Depending on the type of board you’re targeting, there may be more strategic connections to be made. Here are two examples of lesser-known influencers who might be effective:
Executives
Often ignored, executives play a major role in identifying a need for change on a board. The people running the company can often see issues on the board faster than anyone else. CEOs, CFOs, and COOs don’t always make board recruiting decisions alone, but they are often the first to identify that change is needed. A new direction in company strategy can often result in new skills being required at the board level, and the executive leadership team is typically the first to identify this.
Additionally, CEOs want board members they can trust. If you know a CEO, try approaching them with your board-ready elevator pitch and board bio/resume.
Corporate Lawyers
Corporate lawyers often know about board succession plans before the board does. They communicate with the CEO and investors, giving them an inside look at what is going on. Over the years, I have seen many trusted corporate lawyers introduce candidates to boards.
One of my clients targeted the lawyers who surrounded the industry she was interested in. By teaming up with these lawyers, she was able to get introductions to the right people and eventually joined a corporate board as a result of a referral.
There are a number of other individuals who surround the boards you would like to serve on like investment bankers, financial planners, consultants, investors or private equity operators. Ask yourself: Who could provide an unbiased recommendation for the boards I want to join?
If you are targeting a certain type of board (size, industry, type, etc.) and need advice on who you should be speaking to, you can reach me by clicking on the Contact page.