Latest / Executive Careers with Fexingo: VP, C-Suite, and Senior Leadership Career Strategy / How Senior Leaders Build Their Board of Directors Before They Need It
Transcript
- Lucas: Most senior leaders don't realize they need a personal board of directors until they're in the middle of a crisis—and by then, it's too late to build one. Luna: You mean like a group of people you can call when you're considering a career move or dealing with a boardroom conflict? Lucas: Exactly. But not just in a reactive sense. I'm talking about a deliberately constructed group of five to seven people who know you, your industry, and your ambitions. They meet with you quarterly—sometimes all together, sometimes one-on-one—and they hold you accountable to your own stated goals. Luna: So it's almost like a mini board for your career. I've heard of CEOs doing this, but does it apply to VPs and senior directors? Lucas: Absolutely. In fact, the earlier you build it, the more leverage it gives you. I've been following a case study—a former Fortune 500 CFO who started building his personal board two years before he left his last role. He made a list of five archetypes he knew he'd need: a retired CEO who had been through multiple cycles, a venture partner who could see emerging trends, a headhunter who knew his market value, a peer CFO who understood the day-to-day pressures, and a leadership coach who could call him on his blind spots. Luna: That's really specific. How did he approach these people without making it feel transactional? Lucas: He didn't call it a 'board' at first. He asked each person for a one-time favor: a thirty-minute conversation about a specific challenge. After that meeting, he followed up with a handwritten note and an offer to return the favor. Over the next six months, he gradually asked if they'd be willing to have a standing quarterly check-in. Most said yes because he was clear about what he wanted—advice, not introductions—and he always came prepared with an agenda. Luna: I like that. It's not about asking for a job. It's about asking for perspective. Lucas: Right. And that's the key difference between a personal board and a network. A network is broad and shallow. A board is narrow and deep. You're asking these people to invest in you over time, so you have to respect their time and make it worth their while. Luna: What's the return on that investment for them? Why would a busy retired CEO say yes? Lucas: Several reasons. One, they get a front-row seat to the next generation of leadership. Two, they enjoy the intellectual challenge. Three—and this is often unspoken—they're building their own legacy by shaping someone else's career. The CFO I mentioned later became a board member at a startup, and his personal board members were some of his strongest references. Luna: So it's symbiotic. Now, how do you keep the board active? I've had mentors I meet once and then never hear from again. Lucas: The CFO used what I call the 'one ask per quarter' rule. Every ninety days, he'd send each board member a brief update—one paragraph on what he'd accomplished, one paragraph on a current challenge, and one direct question. That's it. He never asked for more than one favor per quarter. If he needed something urgent, he'd save it for the next check-in unless it was truly time-sensitive. Luna: That's disciplined. But what about introverts? Not everyone is comfortable reaching out to strangers and asking for ongoing time. Lucas: Great question. The good news is that you can start with people you already know—former bosses, respected peers, maybe a professor or a former client. The key is to formalize the relationship. Say something like, 'I'm trying to be more intentional about my development. Would you be open to a quarterly conversation where I can run my thinking by you?' Most people are flattered, not bothered. Luna: I think that's a really powerful reframe. It's not networking; it's building a council. Lucas: Exactly. And if we've helped you think through a career move or decision like this one, there's something I want to mention. A handful of listeners chip in monthly through buy me a coffee dot com slash fexingo, and that's literally what funds making this many of these episodes possible. Luna: Yeah, we've never run ads, and we want to keep it that way. It's a small group, but it makes a real difference. Lucas: So if you've ever found yourself using one of these frameworks in a meeting or a performance review, that's the kind of thing that keeps us going. And now back to the board—once you've built it, how do you get the most out of it? The CFO had a rule that he never made a major career decision without consulting at least three of his five board members. Luna: That's a concrete threshold. What kind of decisions are we talking about? Lucas: Taking a new job, turning down a promotion, making a pivot to a different industry, even deciding whether to go for a board seat himself. He told me that in his last year before leaving the CFO role, he was considering two offers—one from a private equity-backed company and one from a public company. His board helped him see that the private equity role would give him more operational latitude but less stability, which aligned with his long-term goal of becoming a CEO. Luna: So they helped him clarify his own priorities. That's exactly what a board should do. Lucas: Right. And they also held him accountable. One of his board members, the retired CEO, challenged him on whether he was avoiding a hard conversation with his current board about succession planning. That push led him to have the conversation earlier than he'd planned, which actually made his transition smoother. Luna: I can see how that pressure is uncomfortable but valuable. What if someone doesn't have access to retired CEOs or venture partners? Is there a lower-cost version? Lucas: Absolutely. You can build a board entirely from peers at a similar level. I've seen groups of four or five VPs from different companies who meet monthly over Zoom. They're not competing, so they can be completely candid. The key is diversity of perspective—different industries, different functions, different company sizes. If you're a marketing VP at a tech company, you might want an operations VP from manufacturing, a finance director from healthcare, and a sales leader from a startup. Luna: That's smart. And you don't need to call it a board. You could just call it a peer advisory group. Lucas: Exactly. The label matters less than the structure. Set a regular cadence, have an agenda, and commit to showing up prepared. Over time, that group becomes a trusted sounding board for everything from compensation to organizational politics. Luna: What about the risk of groupthink? If everyone in your board is similar to you, you might reinforce your own biases. Lucas: That's a real risk, and it's why the CFO deliberately included a venture partner who came from a completely different industry and a coach who wasn't afraid to challenge him. You want at least one person on your board who will tell you what you don't want to hear. That's the most valuable seat at the table. Luna: So how do you find that person? Someone who's willing to be the truth-teller? Lucas: Often it's someone who has no direct stake in your career. A former boss who's now retired, a professor who taught you years ago, or a professional coach. The CFO's coach was someone he'd worked with during a leadership development program. He paid her a modest fee for quarterly sessions, which gave her permission to be brutally honest. Luna: That makes sense. Money changes the dynamic—it's a professional relationship, not a favor. Lucas: Right. And that brings up another point: your board doesn't have to be entirely unpaid. Some of the most effective boards include one or two paid advisors. The CFO paid his coach and gave a small honorarium to the retired CEO. It wasn't much, but it signaled that he valued their time. Luna: I want to go back to something you said earlier—the 'one ask per quarter' rule. What if you have a major decision that comes up between check-ins? Do you break the rule? Lucas: The CFO had a simple test: if the decision could wait until the next quarterly check-in without causing harm, he'd wait. If it couldn't—like a job offer with a two-week deadline—he'd reach out to one or two board members individually, but he always framed it as an exception. He'd say, 'I know this is outside our normal rhythm, but I have an urgent decision and I'd value your perspective.' He rarely needed to do that more than once a year. Luna: That's disciplined. I think a lot of leaders would be tempted to text their board members every week. Lucas: And that's exactly why the structure matters. Without boundaries, the board becomes just another group of people you occasionally vent to. With boundaries, it becomes a high-leverage resource that actually helps you make better decisions. Luna: So if someone listening wants to start building their personal board today, what's the first step? Lucas: Write down the five archetypes you need, based on your current career stage and your next goal. Then identify one person for each archetype—someone you already know or can get a warm introduction to. Then send a low-pressure email: 'I'm working on a specific challenge and would love your perspective for thirty minutes. No agenda beyond that.' After the meeting, follow up with a thank-you and a specific insight you gained. Then, three months later, ask if they'd be open to a quarterly check-in. Luna: And if they say no? Lucas: Then you thank them for their time and move to the next person on your list. Rejection is data—it tells you that person isn't the right fit. The goal is to build a board of people who genuinely want to invest in you, not to collect names. Luna: That's a good mindset. I think a lot of leaders feel like they should have all the answers, but a personal board is really about admitting you don't. Lucas: Exactly. The most effective senior leaders I've interviewed are the ones who are most intentional about their own development. They don't wait for a crisis to build their support system. They build it while they're strong, so it's there when they need it.