WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options

Advisory Board Compensation

desertdreamdesertdream subscriber Posts: 1
edited July 2006 in People: Hiring, Partnering, Mentoring
The business I am developing is a destination resort. It is an amalgamation
of many businesses combined to provide a complete environment and
experience. My background is in the spa business which is a part of the
picture but the many other parts,(retail, food and beverage, hospitality, etc.)
are not my strength. I would like to create an Advisory Board of high profile,
influential leaders from each of these areas to provide support and guidance
in creating the stratagies, policies and practices that will ensure the success
of the entire project. My question is what is appropriate compensation for
someone serving on an Advisory Board? Although I assume it could be
entirley negotiable, what would entice someone at a high level of success to
lend their name and knowledge to a fledgeling business?
· Share on FacebookShare on Twitter Share on Google+

Comments

  • Options
    LogoMotivesLogoMotives subscriber Posts: 15
    desertdream -When I saw the subject line of your post my immediate thought was to contribute how my sister compensated the advisory board of her previous company - she provided them with an all-expense paid trip to a destination resort as an annual "thank you" for their contributions during the year.It would seem that might also be a very logical solution for you - as well as an opportunity to get some eventual on-site recommendations and possible referrals in the form of first-hand word-of-mouth testimonials from advisory board members who have stayed at your facility.- J.
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    VarietyVariety subscriber Posts: 0
    I read a recommendation in Business 2.0 of supplying between .1% and 1% equity for each Advisory Board member, with the expectation of a minimum 4 hour monthly time committment.
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    MeitziMeitzi subscriber Posts: 4
    I need to form an Advisory Board as well. I am currently working with a wonderful mentor from SCORE but I still need to have a board to "support" my business plan .  I have been thinking that perhaps I should complete the Executive Summary so I can show that to the people who I would like to ask//invite/beg  to be on the board.
    I believe most people would feel honored to be on the board without seeking compensation; however, I do like the idea for inviting them to the resort in the future!
     
    · Share on FacebookShare on Twitter Share on Google+
  • Options
    PeerSightPeerSight subscriber Posts: 7
    Don`t know if I`m promoting myself too shamelessly here, but...
    We facilitate e-enabled Peer Advisory Boards for Small Businesses. Now odds are you wont have a group of celebrities by joining us (unless we get lucky and Lou Gerstner decidedes to join us) but you do get a handpicked group of successful, growth oriented entrepreneurs to challenge your thinking, hold you accountable, and help you grow your business.
    We offer 60 days free to any CEO, president, or owner that`s interested in trying us out.
    You can learn more about us at www.peersightonline.com</A>
    My apologies in advance if this is a too shameless.
    Best,
    Andrew
    · Share on FacebookShare on Twitter Share on Google+
Sign In or Register to comment.