Advisory Boards

Andrew

Penny

Why Advisory Boards Are Rarely Urgent — But Always Incredibly Important

Andrew Penny

Building and Running Advisory Boards that Deliver Real Value

Executive Summary

“Most CEOs like the idea of an advisory board. Few make it happen — until they wish they had".

Advisory boards are one of those leadership tools that never feel urgent, yet always prove incredibly important.

They give CEOs what they quietly crave: seasoned, objective input on strategy, growth, and succession.

When built with intent, they sharpen decisions, expand thinking, and help leaders see around corners.

This article explains how to build and run an advisory board that actually adds value — and introduces an equally powerful model: the Executive Advisor, a trusted 1-to-1 partner for the CEO.

1. Why Advisory Boards Exist

Running a business can be lonely. Even surrounded by capable people, few leaders have access to completely unfiltered advice. Employees, investors, and partners all bring bias — conscious or not.

An advisory board provides:

A forum for unfiltered strategic conversation
Constructive challenge from experienced peers
Perspective not tied to internal politics or ownership

Advisory boards aren’t about giving up control — they’re about improving it.

Advisory boards aren’t about giving up control - they’re about improving it.

2. Advisory vs Fiduciary Boards

It helps to distinguish a fiduciary board of directors from an advisory board. Both matter — but they serve very different purposes.

Fiduciary Board (Directors)	Advisory Board
Governs and votes on decisions	Advises and guides only
Legally accountable to shareholder	No fiduciary duty
Focus on compliance and oversight	Focus on insight and performance
Suited to investor-led firms	Ideal for owner-led, mid-sized firm

The power of an advisory board lies in advice without authority — strategic thinking with minimal bureaucracy.

3. Building an Advisory Board That Works

“Good intentions don’t build great boards. Purpose and structure do.”

Start with Purpose

Be explicit about why you’re forming the board. Common aims:

Test and refine strategy
Explore new growth paths
Prepare for succession
Strengthen execution discipline

Your purpose shapes membership and rhythm.

Choose People Who Make You Better

Avoid comfort hires. Look for people who will:

Challenge you — respectfully
Bring expertise you don’t have
Expand your thinking and network

A great board values range over résumé — industry depth, financial acumen, customer perspective, strategic breadth.

Set Clear Expectations

Decide:

Meeting cadence (quarterly works well)
Preparation requirements
Confidentiality and follow-through
Compensation (a signal of value and commitment

Clarity prevents drift and ensures commitment.

4. Running an Advisory Board That Delivers

1️⃣ Set a Clear AgendaEach meeting should focus on one or two big issues. Send the agenda in advance so the session is a working meeting - not a social catch-up.

2️⃣ Encourage Challenge & Vulnerability

If everyone agrees, you’re not getting full value. Invite constructive pushback and model openness yourself.

3️⃣ Follow Through

Close the loop after each meeting:

What was done?
What worked?
What still needs attention?

Tip: Use the board to hold yourself accountable — not in a punitive way, but as a leadership discipline.

4️⃣ Keep the Rhythm

A quarterly cadence balances relevance and reflection. Don’t cancel lightly; momentum builds value.

5️⃣ Use the Board Between Meetings

Don’t wait for the next formal session. Call, check in, and seek quick counsel. When trust is built, value extends well beyond the boardroom.

5. Making it Sustainable

A strong advisory board evolves as your business does.

Maintain value by:

Refreshing members every 18–24 months
Measuring impact (clarity, decision velocity, leadership confidence)
Using a neutral facilitator or chair to stay strategic

Pro Tip: A skilled facilitator keeps discussions at the strategic level — not the operational one

6. Beyond the Board

Not every CEO needs or wants a full board.

Sometimes the best move is a single trusted partner who brings objectivity, challenge, and clarity.

An Executive Advisor offers:

A confidential space to think, decide, and reflect
Structured cadence for strategy discussions
Challenge without agenda, perspective without politics

It’s not coaching, and it’s not governance — it’s thinking partnership. For many CEOs, this is the right place to start, and others use it alongside a formal board.

Bottom line: The structure matters less than the intent — ensuring the leader isn’t leading alone.

7. Getting Started

Building a board — or engaging an advisor — doesn’t require bureaucracy, just intention.

In the first 90 days:

Define your purpose and outcomes.
Decide: Board, Advisor, or both.
Identify complementary, candid people.
Set cadence and expectations.
Start — then refine

What matters most is creating the habit of seeking structured outside perspective.

8. The Value of Proactivity

Neither boards nor advisors fix problems overnight — they prevent them from becoming existential.

By the time you need one, it’s too late to build one well.

The best leaders invest in clarity before crisis.

“I didn’t realize how much I needed a board until I had one.

Now I can’t imagine leading without it.”

— Mid-sized CEO Client

About Kingsford Consulting

At Kingsford Consulting, we help CEOs and owners design and run advisory structures that deliver measurable value:

Advisory Board design and facilitation
Executive Advisor partnerships
Leadership strategy and decision support

When appropriate, I contribute directly as an Executive Advisor or Board Member, bringing experience in growth, succession, and disciplined execution.

Because leadership doesn’t have to be lonely — and the best decisions rarely happen in isolation.

Your Next Step

Start the conversation: Let’s discuss what the right advisory structure looks like for you

Contact me by e-mail

Andrew Penny

President - Kingsford Consulting