Mason (not his real name) and I met about six years ago during a men’s Bible conference at the church we both attend. We meet every so often at the church coffee shop to talk about life and family.
About a year ago, Mason was telling me about some stresses in his business. I suggested he join a peer networking group or put together an advisory board. I told him my belief that every business owner needs third-party support and feedback. Running a business by yourself is lonely. I know this from personal experience, and from what I’ve seen working with business owners for more than 25 years.
I hadn’t run into Mason since that conversation, but last week we called to discuss an opportunity he had to acquire a competitor. As we were wrapping up that conversation, he said, “I better get going. I have work to do on my board presentation.” I replied, “That’s great, you decided to get a board, when did you do that?” He then said, “No, I don’t actually have a board, but my father-in-law suggested I prepare a PowerPoint presentation as though I had to get board review of the acquisition. I am finding that this process helps me think about where things are now, my future risks and opportunities.”
That was the most insightful comment I had heard from any business owner in a long time. Any CEO will tell you that one of their most difficult, yet rewarding challenges, is the process of preparing for a third-party review, be it a formal board, an advisory board, a bank, or for analysts who cover the company.
I asked Mason what his board presentation included, he said, “I start with a five-year financial review, then I have a slide that lists the things I did well, followed by a list of things I wish I could do over.” He went on to say, “I close with a couple of slides where I compare my pre-acquisition objectives with my objectives for this acquisition.”
I was taking notes as fast as I could. Mason was giving me insight I had never heard. One thing most attractive about entrepreneurship is being your own boss, not being “accountable” to anyone. However, I have observed that lack of accountability can lead a business owner to get confused, bored, or caught in the mud. Truth is, there are times we all need a kick in the rear, and Mason’s advice seemed like a really cool approach.
As a solo practitioner, I have no external, third-party accountability for how I run my business brokerage in Nashville. I am totally on my own, and I love it. But spending a few hours thinking about my business, the way Mason suggested, has helped me sort through some decisions that will be valuable for the rest of this year and into 2025 and beyond.
If you are a business owner with no board or any kind of independent third-party oversight, I suggest you prepare a PowerPoint for your “non-existent board.” Start with a list of your company’s internal strengths and weaknesses, and then write down your company’s external threats and opportunities. Look back five years at the things you’ve done well, and those things you wish you could do over. Then conclude your “board presentation” with a list of things you have learned the past five years and how those learnings inform where you’ll go over the next five years.
I am not saying this process will provide an exact roadmap for your future. But good things usually come from taking the time to think proactively, then write down where you’ve come from and where you’re going. I promise this will make your journey more interesting, and likely more successful.
Tennessee Valley Group
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