In this article we examine one of the primary concerns CEOs have before building a board – loss of control.
Phil had put together a great board of directors that included a senior banker with a national portfolio, a global real estate executive, a seasoned operating manager, and an experienced strategist. The company was facing a growth challenge. Should they just stay local and grow incrementally or take on serious institutional financing to catapult to the next level? The board felt strongly that the company was perfectly poised to transform from a local to a national player. Phil was afraid.
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