GAIN ACCESS TO SPECIALIST SKILLS & EXPERIENCE VIA AN ADVISORY BOARD
An Advisory Board is like a Board of Directors but without the formal voting power or legal liabilities for Directors.
Many successful franchises strengthen their senior team by creating an Advisory Board consisting of one or more experts with specialist skills or experience in:
- Business start ups
- Franchise law
- Business strategy & management
There are no specific rules or laws relating to Advisory Boards – you decide if you would benefit from one – you decide who is on it and how often you meet.
Early stage franchises and franchise systems going through accelerated growth, international expansion or mergers or acquisitions often have an Advisory Board. It is an effective way to bolster the team, stay on track and access people your business otherwise could not afford to employ on a full time basis.
An alternative to an Advisory Board is mentoring from a professional advisor.