Ten Prospective Advisor Questions to Be Prepared For By: Susan Hammond
Potential advisors will be qualifying you and your company just as you are qualifying them. The following questions are relevant for a newly forming advisory board and one that has been in existence.
- Why are you interested in me as an advisor?
- What role would I play on the advisory board? This addresses what skills and experiences you want to tap.
- What is unique about your company that would be of interest to me?
- If I join what benefit would I get from serving?
- What is the full compliment of advisory skills and experiences you are recruiting? Which have been filled?
- What are your expectations as to my availability and access to my contacts?
- How long would I be expected to serve?
For a company with an existing advisory board you can anticipate these questions:
- Have any advisors resigned and if yes, what were their reasons?
- Where does the advisory board get bogged down, specifically what topics do they have problems addressing?
- Do members meet outside of the regularly scheduled meetings or only tend to see each other at meetings? This question is the potential advisor's way of determining what relationship-building business development opportunities exist.
Be prepared to answer these questions as early as when you're scheduling the first or second meeting. The prospective advisor will be evaluating whether it's worth their time to consider the opportunity never mind agree to it.
If a prospect doesn't ask some of these questions you've either done an outstanding job or they really aren't that savvy. If the latter how will does it influence your selecting them as an advisor?