Perhaps one of a business's most overlooked assets is its Board of Directors. I say this because a well-conceived and well-represented board can provide invaluable assistance to any company; either start-up or mature.

For purposes of this column, however, let me talk about the value of a start-up's Board of Directors.

As is often the case these days, a Board of Directors cannot be chosen casually. I've seen boards selected right before my eyes, in a matter of minutes. (Example: "Well, Tom ... you've been a great attorney in terms of helping us get organized and set up as a corporation ... so how's about you joining our board? Oh, and you, too Mike ... after all, you really know your accounting.")

I call this, "Boards by Proximity" --- whoever happens to be hanging around when the company is being formed oftentimes finds himself also on the Board!

Huge mistake.

Read On!

• Accounts and lawyers are essential to any start-up. But most of the time, these essential components violate the rule of a start-up to never spend a dime on anything that isn't product related. While many entrepreneurs may look at these services as overhead, they are vital. Dave Wilke returns to further discuss this topic and why paying off in equity can be a double-edged sword.
• Then, Tony Moses (owner of Shouf's) joins Ron to tell his rags-to-riches story of how with no connections or silver spoon, he ended up being the primary and sole contractor to Home Depot.
• And finally Arnie Gefsky (of Strassburger, McKenna, Gutnick, and Gefsky) will be stopping by. There are two kinds of lawyers in this world: those who trade dollars for hours and those who put deals together. To be a good deal laywer, you need to be a silver-tongued devil and know tax law, tax law, and even more tax law. It's not an easy job, but in Ron's 30+ years in business, Arnie is the best there is.

As always, your dreams are 100% in your hands. See you Saturday.