Barbara Clarke - Build Your Board, Build Your Business

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There are few individuals whose single-handed advice, counsel, and support are catalytic to the growth of a companyproviding it the fuel that it needs to break through the atmosphere and make it into the galaxy. Barbara Clarke is one of those people. She understands how to start and build companies, but she also understands the ecosystem and how to help founders successfully navigate it. I can definitively say that were it not for Barbara Clarke, there would have been no Angel Round, no Seed Round, no Series A round, and no company. Having Barbara as an investor and advisor are the greatest gifts that both founders and companies could ever receive.

Tanya Van Court, CEO and Founder of Goalsetter

As a CEO, founder, and serial VC-backed entrepreneur, Ive experienced firsthand how critical your companys board of directors can be to your success or failure. Clarkes Build Your Board, Build Your Business provides founders with insights and strategies for sourcing the experienced individuals and mentors that will catapult your business to success.

Kim Folsom, Founder, Chairperson, CEO of Founders First Capital Partners

The most successful entrepreneurs know how to inspire and when to listen. Build Your Board, Build Your Business is a smart, engaging, and essential book for any entrepreneur looking to leverage the power of listening, connection, and insight by building an effective and productive board of directors.

L. Gennari, Esq., Partner at Gennari Aronson, LLP and book columnist for Boston Business Journal

For any startup founder or soon-to-be founder, Build Your Board, Build Your Business provides invaluable guidance and insights into an often overlooked part of starting a companygovernance. Clarke breaks down the daunting task of building and managing a board with a clever and relatable approach, which any startup at any level can use.

Eli Velasquez, Managing Partner of Investors of Color

As a startup lawyer of thirty years Ive experienced these issues firsthand hundreds of times and appreciate the practical guidance Barbara offers. She articulates the need for a vibrant, supportive board, provides exactly the right context for the role of the board, and demystifies the process for making a strong board a core component of building a successful high-growth company. Build Your Board, Build Your Business is a gift I send to all of my startup CEOs!

Matt Kirmayer, Esq., Partner at Perkins Coie LLC

A strong and strategic board can significantly increase the trajectory of a company. Barbara has successfully guided, mentored, challenged, and lifted countless companies as an investor and as a seasoned board member. Build Your Board, Build Your Business is a foundational guide for any founder looking to grow their business.

Cordero Barkley, Partner and Director of Finance and Investments at TitletownTech

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Copyright 2022 Barbara E Clarke

All rights reserved.

First Edition

ISBN: 978-1-5445-2574-7

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To all those entrepreneurs who are trying to take the next great leap forward in their business. I hope you find this book a helpful guide through the forest. You do not need to go it alone.

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A couple of years ago, I spoke with a successful CEO whose company had several million dollars in annual revenue. She called me to get feedback on some expansion ideas she had. In the course of the conversation, I was shocked to learn that she did not have an accountant on staff; an outsourced bookkeeperwho she thought was greatmanaged the finances of her multimillion dollar company. I also learned that the company didnt have a line of credit for their purchases of product despite their size and years of business.

As we continued to talk, she spoke of her vision and several ideas on how to take her business to the next level. She admitted she needed some advice, though. I told her that she needed to create a board of directors.

She had not created one before because she thought that boards were for bigger companies or for companies that got venture capital. She didnt realize until we spoke that a board of directors would be the special sauce she needed to take her company to the next level.

She didnt know how to begin to create a board of directors. Then and there, the idea for this book was formed. I want all CEOs to learn how to create a highly effective board of directors because it is the secret sauce to achieving their next level of success.

This book presents true stories from both my own experience and that of my peers and colleagues. While Ive changed the names and some of the facts to protect the privacy of the people involved, Im hoping this book provides enough transparency to make the process of creating a board a manageable endeavor. My goal is to demystify creating a board so all CEOs can take this on. And for those of you reading this who arent the CEO yet, you will be well prepared when it is your time.

A company whose CEO I know well wanted to drum up sales for their new business venture, so they hired marketing people to create a website, conduct some public relations, and get the word out. The company was successful in creating awareness about their business, and their revenue increased as they began to attract more customers.

However, when they prepared their tax return at the end of the year, they realized they hadnt been as profitable as expected. At the beginning of the following year, the company created a board of directors. At the first meeting, the board took the time to review the companys profit and loss (P&L) statement. A member of the new board who had extensive P&L experience brought a fresh perspective to evaluating the situation; she asked Who is your largest customer? What is your most profitable service? Those questions shone a light on the profitability problem. The CEO could not answer those questions, and everyone immediately understood that while the company was spending a lot of money on marketing and PR, they were reaching the wrong prospects. They needed to identify the kind of customer and the kind of service that would be most profitable. A strong board of directors offers this type of business-changing insight and governance.

Have you ever been hiking where you can see that theres a beautiful hill close by, but you dont know which path to take to get there? Is there even a path? You wish you had a guide to show you, or someone whos walked it before who can share their experience. You know there are many ways to get to the summit, but which way is right for you and your skills?

Your business is like that hill; youve reached your high point, but you know theres moreyouve seen other businesses achieve more revenue and serve more markets. The truth is, you cant bring it to the next level without guidance. Imagine if you had your own board of directors, there to assist, guide you, and focus on you and your company. The value of this group cannot be overstated. They can show you the way forward with advice on where to go and, maybe as important, what pitfalls to avoid.