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CEO Workbook
(FORTUNE Small Business) – The Sarbanes-Oxley Act, passed last July, has many small businesses seeking independent board members. Don't know where to get them? Take our advice, and you'll see that a good chairman doesn't have to be that hard to find. --LEAH WEATHERSBY Dear CEO Workbook: I'm attracted to boards that are no good for me. If I ask for an offshore partnership, they say, "Have a good time in the Caymans!" If I demand a $2 million personal loan with no collateral, they say, "Take an extra $20 for gas." Why am I drawn to enablers? Look for partners who will bring out your best qualities while tempering your bad ones--like embezzlement and insider trading. Last week I hit it off with a CFO I'd just met. I mentioned that I was looking for a new chairman, one thing led to another, and, well, I ended up showing him my tax returns! Did I do wrong? While you might think your direct approach is refreshing, it could seem desperate. You may be crowing about revenue, but it might seem as if you're really compensating for outstanding indictments. If you give away all your surprises, they've got nothing to come back for. I'm the CEO of a middle-aged company, and I desperately want to attract new board members, but I'm afraid no one will want me! My inventory is bloated, and I'm saddled with two unruly subsidiaries. How will I ever be able to land someone? Start with a makeover from PR. Your inventory isn't bloated--you're loaded with assets! And who doesn't love precious little subsidiaries? Remember: Consumer confidence may plummet, but that doesn't mean that yours has to too! |
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