Latest / Executive Careers with Fexingo: VP, C-Suite, and Senior Leadership Career Strategy / How Senior Leaders Build a Personal Board of Directors
Transcript
- Lucas: Luna, I want to talk about something I've seen increasingly among senior leaders: building a personal board of directors. Not the kind that sits on your company's audit committee, but a small, curated group of advisors you consult before major career decisions. Luna: A personal board. That sounds like a formalized version of a mentor network. What's the concrete difference? Lucas: The key difference is structure and accountability. A mentor might give you occasional advice, but a personal board meets on a regular cadence, expects candor, and holds you to your stated goals. I worked with a VP of Engineering at a mid-cap tech company last year—let's call her Sarah. She had an offer to become CTO at a Series B startup, and before she signed, she convened her personal board. Luna: What did that board look like? Four people? Twelve? Lucas: She had six members: a former CEO she had worked for, a peer VP from another company, an executive recruiter she trusted, a professor from her executive MBA program, a lawyer who specialized in employment contracts, and her spouse—though she said the spouse was an unofficial member. The board met quarterly, but she called an emergency session for this decision. Luna: That's a diverse mix. How did she recruit them? Did she just ask, 'Will you be on my board?' Lucas: Pretty much, but with a pitch. She framed it as a one-year commitment, two hours per quarter, with a clear agenda. She told each person, 'I value your perspective, and I want your honest take on my career moves, not just praise.' Most people said yes immediately. It's flattering to be asked, and senior leaders often want to give back. Luna: So in Sarah's case, what did the board tell her about the CTO offer? Lucas: Two members pointed out that the startup's valuation was based on unrealistic growth projections. The recruiter knew the CEO had a reputation for churning through executives. The ex ceo said the equity package was below market for that stage. Sarah ended up declining the offer. Six months later, the startup laid off 40% of its staff, and the CEO was replaced. Luna: Wow. So her personal board saved her from a disaster. Do you have data on how common this is? Lucas: The Center for Creative Leadership did a study—they found that senior executives with a structured advisory network are 2.3 times more likely to report successful career transitions. Not just a network of contacts, but people you actively consult on decisions. It's not a new idea—John D. Rockefeller had something similar—but it's getting formalized. Luna: That's a striking stat. How do you ensure the board stays honest, not just a fan club? Lucas: You set a norm of candor from the start. I advise clients to include at least one person who is naturally contrarian—someone who will say, 'That's a bad idea,' even if it's uncomfortable. And you rotate members every couple of years to avoid groupthink. The goal is diversity of thought: different industries, functions, ages, and backgrounds. Luna: How often do they meet? And what's the typical agenda? Lucas: Quarterly is standard. Agenda items include: updates on current role, pending decisions, skills you're developing, and a confidential discussion of any exit thoughts. Some boards review compensation or offer terms. The key is that you come with a specific question, not just 'advise me on my career.' That turns it into a therapy session. Luna: It sounds like a supplement to an executive coach, not a replacement. Lucas: Exactly. A coach helps you with process and self-reflection; a board gives you market intelligence and accountability. I've seen leaders use both simultaneously. The board often flags issues the coach doesn't see because they have external context. For example, one board member might know that your company's CFO is about to leave, which changes your internal options. Luna: You mentioned the spouse as an unofficial member. That's interesting—should partners be on the board? Lucas: It depends on the partner. If they are aligned with your career goals and can separate personal concerns from professional advice, yes. But some leaders prefer to keep that conversation separate because career decisions can strain a relationship. Sarah's husband was a former startup founder, so he had relevant experience. But he didn't attend every meeting—only the special sessions. Luna: Let me play devil's advocate: isn't this just networking with a fancy label? Lucas: It could be, if you don't give it structure. But the label creates a commitment. When you call it a personal board, you signal to yourself and others that this is serious. You schedule it on your calendar. You prepare materials. It's not a coffee chat; it's a board meeting. That intentionality makes the difference. Luna: I see. So the structure forces discipline. How do you start building one if you've never done it before? Lucas: Start with a list of six to eight people you respect. Think about past managers, peers from previous roles, a recruiter who knows your market, maybe a professor or a former client. Then reach out with a specific ask: 'I'm forming a personal advisory board to help me make better career decisions. Would you be willing to commit to two hours per quarter for one year?' You'll be surprised how many say yes. Luna: The best part is, it doesn't cost anything except time. It's like what we do with this show—we offer insights that usually require a paid coach or consultant, and we keep it ad-free because we believe good advice should be accessible. Lucas: Absolutely. And if listeners find that valuable, there's a simple way to support that mission. You can go to buy me a coffee dot com slash fexingo. It helps us keep the show independent and free for everyone. No pressure, just if you get value. Luna: Yeah, exactly. So back to the board: once you have your members, what's the first meeting like? Lucas: Typically, you share your current situation, your career goals for the next 12 months, and one big question you're wrestling with. Then you let the board ask questions and give feedback. The first meeting is about building trust and setting expectations. After that, you send a brief update before each meeting so they're prepared. Luna: How do you avoid the board becoming a burden? Two hours per quarter per person, that's a lot of time. Lucas: You can meet as a group, not individually. That's actually better because members react to each other's ideas. So one two-hour group meeting per quarter with all six members. That's efficient. And if someone can't make it, you reschedule, but you keep the cadence. The consistency is what builds the value. Luna: That makes sense. So a personal board is like having a board of directors for your career. Do you see any downsides? Lucas: The biggest risk is that you end up with like-minded people who always agree with you. That's why you need that contrarian. Another risk is burnout—if you're not careful, you might feel obligated to take every piece of advice. But remember, you own the final decision. The board advises; you decide. Luna: I've heard some CEOs talk about their 'kitchen cabinet'—is that the same thing? Lucas: Very similar. The term 'kitchen cabinet' was used by Andrew Jackson for his informal advisors. Today, it often refers to a small group of confidants. But 'personal board' implies more structure and longevity. I think for senior leaders, the formal approach works better because it's harder to ignore. Luna: So if I'm a VP considering a move to a different industry, would my personal board have members from that industry? Lucas: Ideally, yes. You want at least one person who knows the target industry inside out. That's why you should review your board's composition every year. If your goals shift, your board should shift too. Add someone from the new sector. It's a living entity, not a static group. Luna: Great advice. Any final tip for someone starting today? Lucas: Don't overthink it. Reach out to two or three people this week. Tell them you're building a personal board and ask if they'd be interested. Start small, even with just two members. In six months, you'll have a group that is giving you better advice than any single mentor could. And that's a career advantage that compounds over time.