MyBoard Advisors is a small business advisory service that provides assistance to small and mid-sized businesses helping with a number of regular management activities.
The company was started in 2018. Founders Kip Marlow and Jerry C. Cirino, both successful businessmen, believed private businesses could benefit from the help these boards could supply.
More recently, MyBoard Advisors has added Jon Marten to their team. Marten was the Chief Financial Officer and Executive Vice President of Parker Hannifin.
How the Company Works
The idea behind MyBoard is simple. MyBoard advisors become part of a small business’s management team interacting with them frequently to help make operational decisions.
Marlow supplied a specific example of what an advisory board can do for a small business.
“We interview management candidates who have applied for a position so the owner has a good chance to make better hiring choices.”
What MyBoard Does for Small Businesses
Marlow stresses the company is there to help in many areas.
“With decades of business experience, our advisors can assist small business owners with their needs of the moment,” he says. “This could include personnel, financial, sales, marketing, client acquisition, customer service training, and owner exit strategies. We also become an “anchor” for the business owner as a place to go to get general business issues solved.”
The company can look after financial, sales, and marketing positions.
“We have recommended changing personnel when the need arises,” he says. “In today’s hectic business environment, MyBoard becomes an owner’s support system.”
For example, MyBoard has replaced a controller and a sales person with one company in management. They have a portfolio of success stories where they’ve helped to make the right change.
Providing a Personalized Board for your Business
“MyBoard is a personalized board of advisors for small business owners who need guidance operating their organizations,” Marlow explains. “We assemble a special group of experienced entrepreneurs and tailor them to a specific company need.
Over a period of time, our goal is to build value for the company, the owner, and the employees.”
The company meets with clients at least once every two months. The idea is to help small business owners look after revenue, personnel and financial issues. As an example, MyBoard looks after other tasks busy entrepreneurs might not be able to make time for.
“In between meetings we interview management and employees and coach them to prioritize, set goals and find a pathway to achieve success.”
Offering a Wealth of Experience
It’s a good idea compounded by the wealth of experience they bring to the table. For example, Cirino was a past CEO who studied advanced negotiating at Harvard Law School. Marlow, the other founding partner, was the president of Marlow Surgical Technologies.
He currently mentors more than 20 startups. As a result, in 2013, he was chosen as one of the top 100 small business influencers by Small Business Trends.
Other members of MyBoard have taken family run businesses through digital transitions, worked as CFOs, corporate lawyers and specialists in business development.
Making Referrals and Introductions
“We have provided referrals and introductions for owners of a construction company that, within a year, virtually doubled its revenues.”
Think your small business can get by without help from a small business advisory service? There might be consequences. For example, Marlow explains one way your business can suffer.
“Without good financial management, and accurate balance sheets and income statements, a company could find itself with cash flow difficulties. There could be “profit leaks” that can take the heart and soul out of any organization, and hurt its growth.”