What is the CEO’s vision? Perhaps it is not solid and strategic just yet but with the Board’s guidance is it achievable?
Are your values aligned with the company’s values? Seek examples of where this has been demonstrated to ensure you are aligned.
What is the financial condition of the company? Whether public or private every company must grow. Is there value you bring to help?
What are the deliverables of the Board? Is the CEO specific and clear on what they want from the Board?
Why you? What value do you bring to the table? Who else is sitting with you? Is there diversity to skills and knowledge to bring balance and best practices?
Do you understand the expectations? Time commitment, length of service expectations, D&O insurance and board compensation all aligned with your interest? How much due diligence will there be? Is this an advisory board or true corporate governance?
Board members have to keep pace and expand their knowledge so they may advise CEOs. Diversity of minorities, women and younger executives is key to ensure the Board does not simply resemble a Country Club. Careful consideration of the specialized skills you bring to the table will ensure a solid and valuable experience.