Latest / Executive Careers with Fexingo: VP, C-Suite, and Senior Leadership Career Strategy / How Senior Leaders Use a Personal Board of Directors
Transcript
- Lucas: I want to talk about something today that a lot of senior leaders do informally but rarely systematize. A personal board of directors. Luna: You mean like a formal board, but for your own career? Lucas: Exactly. Not a corporate board you sit on, but a group of people you hand-pick to advise you on your own trajectory. Think of it as your personal kitchen cabinet. A former CFO I know calls it her 'life board.' She had one when she was deciding whether to leave a public company and move into private equity. She said the board saved her from making the decision alone. Luna: I love that. But how is it different from just having mentors? Or a network of trusted colleagues? Lucas: Great question. Mentors are usually one-on-one, and they often give you advice from their own experience. A personal board is a small group, typically four to six people, who meet together with you on a regular cadence. The magic is in the group dynamic. You get multiple perspectives at once, and the members challenge each other, not just you. It’s structured accountability. The CFO I mentioned met with her board quarterly, and each member had a specific domain expertise. Luna: So you’re not just picking people you like. You’re picking for specific gaps in your own thinking. Lucas: That’s the key. You want diversity of perspective. One person might be a peer from a different industry who can spot blind spots. Another could be a former boss who knows your strengths and weaknesses intimately. A third might be someone outside your field entirely—maybe an entrepreneur or an academic. The CFO had a board that included her former CEO, a private equity partner, a corporate lawyer, and a nonprofit executive. Each brought a different lens. Luna: How did she actually get them to agree? I imagine saying 'will you be on my personal board' sounds a bit self-important. Lucas: It can, but she framed it as a mutual learning relationship. She said, 'I want a small group of people I respect to help me think through big decisions, and I’d like to include you. In return, I’ll bring the same energy to your challenges.' Most people are flattered, especially if you’re specific about why you want them. It’s not 'be on my board'; it’s 'I value your perspective on strategy and you’ve seen me navigate tough calls.' Luna: So there’s a reciprocal element. What about structure? Do you just have a free-flowing conversation? Lucas: The ones that work best have a loose agenda. The CFO would send a one-page memo a week before each meeting: what’s the big decision I’m wrestling with, what’s the context, and what’s the specific question I need help on. During the meeting, she’d give a ten-minute update, then each board member would share their perspective. She’d end with a clear takeaway and action items. It’s not a social call. Luna: Interesting. And you mentioned ‘three hats’ framework earlier? Lucas: Right. That’s a method I’ve seen used effectively. Each board member wears one of three hats in a given meeting: the ‘supporter’ who validates and encourages, the ‘devil’s advocate’ who pokes holes, and the ‘connector’ who brings resources or introductions. The hats rotate. It prevents any one person from always being the critic or always being the cheerleader. It also forces the group to cover all angles. Luna: That’s clever. But I have to ask—doesn’t this risk creating an echo chamber? If you’re picking people you trust, aren’t you just reinforcing your own biases? Lucas: That’s the danger. The CFO told me she explicitly includes at least one person who disagrees with her on fundamental assumptions. She had a board member who came from a completely different industry and often said 'why are you even doing that?' That tension is valuable. The key is to recruit for cognitive diversity, not just chemistry. Luna: You also need to be willing to hear hard things. If you’re not open to criticism, the board is useless. Lucas: Exactly. And that brings up another point: board members need to be willing to be candid. That’s why you don’t pick people who report to you or who you might need to impress. The best board members are those with no stake in your outcomes other than your success. Luna: We should also talk about compensation. Do you pay your personal board? Lucas: Most people don’t. But there’s an implied reciprocity. You show up for them when they need it. You might also share opportunities, make introductions, or simply express gratitude publicly. Some people host an annual dinner or give a thoughtful gift. But the currency is mostly relational. The CFO told me that after a few years, she helped one of her board members land a board seat at a company she was connected to. That kind of thing. Luna: So it’s an investment of time and energy, but not money. That makes it accessible. Lucas: And it’s scalable. You don’t need a huge network. Four people who truly care and are smart is plenty. In fact, I’d argue a board of six is the max. Any larger and meetings become unwieldy. Luna: Let’s talk about the specific decisions a personal board can help with. What are the best use cases? Lucas: I’d say three big ones. First, career transitions: when to leave a job, what role to take next, how to negotiate an exit package. Second, major strategic calls: should you pivot your business unit, launch a new product, or restructure your team. Third, personal leadership challenges: how to handle a difficult board member, a toxic culture, or a crisis of confidence. Luna: And you mentioned the CFO used her board for the private equity transition. Can you walk us through how that played out? Lucas: Sure. She was a CFO at a mid-cap public company and got approached by a PE firm to be a CFO for a portfolio company. She was torn—she loved her current role, but the PE offer was a step up in responsibility and equity upside. Her board had a mix of opinions. The CEO from her board said 'stay, you’re on a great trajectory.' The PE partner said 'this is a once-in-a-career opportunity.' The lawyer asked about the legal structure of the equity. The nonprofit exec asked her 'what does your gut say about the culture?' The group helped her realize that her hesitation wasn’t about the offer itself, but about leaving a team she had built. They gave her a framework to evaluate both options objectively. Luna: That’s powerful. And she ended up taking the PE role? Lucas: She did. And she credits the board with giving her the confidence to make the leap. They also held her accountable to her own decision—after she accepted, they checked in on her transition plan and helped her navigate the first 90 days. Luna: I want to bring this back to the listener. How would someone start building their own personal board today? Lucas: Step one: identify two to three people you already trust and respect, and who you think would be open to a deeper advisory relationship. Reach out and have an honest conversation—say 'I’m thinking about formalizing a small group of advisors for my career. Would you be open to being part of it?' Step two: define the purpose. What decisions are you facing in the next year? That will guide who else you need to recruit. Step three: set a rhythm. Quarterly meetings, with a one-page memo beforehand. And step four: be a good board member yourself. Reciprocate. Luna: I think a lot of executives hesitate because they think they don’t have the network. But you can start with people you already know. Lucas: Absolutely. And if you don’t have someone with a specific expertise, you can find them through professional organizations, alumni networks, or even LinkedIn. The key is to be specific about what you’re looking for. Say 'I’m building a personal board and I’m looking for someone with private equity experience.' Most people are happy to help if you’re clear and respectful. Luna: Let’s also address the elephant in the room: time. As a senior leader, you’re already stretched thin. Adding regular board meetings sounds like another commitment. Lucas: It’s an investment, not a cost. A good board session can save you months of agonizing over a decision. The CFO I mentioned said her board meetings paid for themselves in the first year when they helped her avoid a bad hire. She estimated it saved her six months of lost productivity and recruiting costs. The ROI is real. Luna: That’s a concrete example. I’m sold. But I wonder—do you ever cycle people off the board? Or is it a lifelong commitment? Lucas: It should evolve. As your career changes, your needs change. The board that helped you as a VP might not be the right one when you’re a CEO. It’s fine to rotate members. The CFO replaced two members after five years. She thanked them publicly and brought in new people who matched her new context. It’s not personal; it’s strategic. Luna: That’s a good note. Don’t get stuck with the same voices forever. Lucas: And don’t underestimate the value of a board that includes people outside your industry. They bring fresh perspectives. One of the best board members I’ve seen was a marketing executive advising a tech CEO. She asked questions about customer perception that the CEO had never considered. Luna: I’d love to hear from our listeners who have tried this. What worked? What didn’t? Lucas: Yeah, we’d love to hear. Send us a note. But for now, I hope this gives people a framework to think about. A personal board of directors is one of the highest-leverage moves a senior leader can make. It’s free, it’s flexible, and it can transform your decision-making. Luna: And if you’ve been thinking about it but haven’t started, today’s a good day to send that first email. Lucas: I’ll second that. And on that note, I think we’ve covered a lot. Thanks for listening, and we’ll be back next time with another career strategy for senior leaders.