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4
HATTIE: Number
4. Strong advisors. Strong advisors can come in the form of peer to peer
groups, your CPA, attorney, banker and insurance broker. Or you may want to
follow in the path of Albert Black, owner of On Target Supplies and Logistics.
He has taken the time form a board of advisors.
HATTIE: Albert
Black, owner of On Target, has both a board of directors and a board of
advisers.
JOHN CASTLE: One
thing I found very attractive from the first lunch I had with Albert is he had
an attitude that said, "I want to learn."
HATTIE: John
Castle, senior vice president of EDS, is the chairman of Albert's board of
directors.
JOHN CASTLE
(Dallas, Texas): He approached me and asked, "What do you think of the idea of
creating an advisory board?" We would get other people he knew in the community
who had senior positions in different companies who would meet with him
periodically.
ALBERT BLACK
(Dallas, Texas): The Board of Adivsors is more of a formal relationship with On
Target. Even though these people do not have a fiduciary responsibility and
they serve in an advisory capacity, I send them more information on the company
for them to understand tthe progress and performance of the company than I do
my financial committee. I like to think that I treat them with more formality
and they will be more judgmental. |
