A board of advisors becomes invaluable for businesses of all sizes. Because of the insights, expertise and experience they provide. But for small companies, having a dedicated board may prove unfeasible. So the unique offerings of MyBoard, LLC may interest certain small businesses.
MyBoard creates a different type of board for businesses. And it’s one that still advises and helps businesses make key decisions. But you need not have a huge commitment. For more on the company and what it provides for businesses, read on for this week’s Small Business Spotlight.
What the Business Does
Provides a ready made board of advisors for businesses.
MyBoard founders Kip Marlow and Jerry Cirino told Small Business Trends, “MyBoard will deliver a complete board of advisors to private businesses across a wide range of industries. The two Founding Partners, along with a a team of seven other available board members, will bein delivering value in all areas of business, including growth strategies, value creation, international expansion, turnarounds, staff development and M&A.”
Business Niche
Offering a turn-key solution.
Marlow and Cirino explain, “After having served on many public and private statutory boards, we decided to offer a turn-key approach since many business owners don’t know how to set up a board or whereto source the right members. We are known for this turn-key approach and it has been crucial to our success.”
How the Business Got Started
After years of experience.
Both Marlow and Cirino have spent years serving businesses of all sizes. As such, they have been able to identify some of the pain points that companies deal with when it comes to building a network of advisors.
They said, “[We] identified the need for companies to have advisory boards and they developed the concept of delivering a complete board with all of the right members at a cost that is easily justified.”
Biggest Win
Helping clients immediately.
Marlow and Cirino explained, “Our launch was in September of 2018 and we secured four clients in just six weeks. We began immediately meeting with management and began adding value right away. Our clients represent the medical, construction, distribution, IT and distribution industries. Our biggest WIN is in satisfying our clients and proving that we can help them improve their business right away.”
Biggest Risk
Entering into non-binding agreements with clients.
Marlow and Cirino said, “As non-statutory boards, our biggest risk is always that our advice has to be right for the client. Our advice is very measurable and is always being evaluated. As such, we have to justify our fees all the time. We also have an agreement with clients that when they believe we are no longer adding value, they just have to tell us…and we are done. No strings.”
How They’d Spend an Extra $100,000
Creating future growth.
Marlow and Cirino added, “We would promote our concept and franchise our business model; we plan on doing this eventually.”
Team Philosophy
Dive deep.
Marlow and Cirino explained, “We do deep dives into our clients’ businesses and focus on developing very close relationships. We treat the business as if we were a statutory board. Our clients trust us and call us often to assist them in between board meetings.”
Favorite Quote
“Great things in business are never done by one person. They are done by a team.” -Steve Jobs.
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Images: MyBoard; Top Image: Kip Marlow and Jerry Cirino