The Advisory Board Specialists®

450-238-1004

Experts du comité consultatif®

450-238-1004

Experts du comité consultatif®

450-238-1004

Frequently asked questions

You are a business owner :

What is the meaning of corporate governance?

Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. It impacts how companies make and apply decisions to meet their business goals.

What is the difference between an Advisory Board and a Board of Directors?

The Board of Directors is considered a legal person included in the charters of certain companies whose existence is required by investors and shareholders. 

The Advisory Board is a management tool used for specific purposes. In a small and medium-size business, an Advisory Board is usually set up to assist business owners and their companies thrive.   

It has no legal scope.

Is there a difference between an Advisory Committee and an Advisory Board?

No. The term ‘Advisory Committee’ is often interchanged with the term ‘Advisory Board.’ It is the same thing.

I already have a mentor. Why would I need an Advisory Board?

Mentors are professionals, senior executives or entrepreneurs who share their knowledge and know-how on a one-on-one basis with up-and-coming individuals and entrepreneurs.  

An Advisory Board is composed of members who possess a range of expertise, knowledge and experiences and who meet to discuss your specific issues within a confidential and non-competitive environment.  

It’s like having different types of mentors such as a marketing mentor, a tax mentor, etc. sitting around the same table. 

An Advisory Board helps you make informed and strategic decisions based on accurate information from different perspectives.

I am a member of a professional association. Why would I need an Advisory Board?

An association will deal with general issues and sectorial trends.  

You are required to travel to the meeting locations and comply with the association’s schedules and rules.  

In addition, you cannot be sure to meet people who have the expertise you are looking for or that conversations will remain confidential.

An Advisory Board is made up of people who possess the expertise and experience that you need to bring your company to another level of success.

It meets with you, when and where you wish, to specifically discuss your concerns and issues.

 

I would like to set up an Advisory Board, but I do not have the time nor do I have the resources to manage it. What solutions do you offer?

We provide our clients with Advisory creation and support services which include preparing, coordinating and conducting meetings in addition to providing meeting summaries.  

For more information, visit our Services page.

Do I have to pay the members of my Advisory Board?

It is always recommended to offer compensation to members of an Advisory Board when they attend meetings as it reflects the value that is placed on their professional contribution. 

The remuneration of an Advisory Board member is only a fraction of what is offered to a member of a Board of Directors.   

The amount paid may vary depending on the size and profitability of your business.

It rarely exceeds $1,000 per member per meeting.

As a business owner, how much time would I need to allocate to creating and running an Advisory Board?

This would depend on your business issues and what you expect from your Advisory Board.

Thanks to our professional facilitators, you will benefit from their ongoing guidance and support when it comes to preparing and conducting the meetings and helping with their follow-ups. They will help you plan the meetings, set an agenda representing your strategic challenges and anticipate the proper documentation.    

Your facilitator will also be responsible for facilitating each meeting so that you can participate freely without having to worry about controlling the speaking rights of each member. Afterwards the meeting summaries are quickly dispatched.  

With the help of your facilitator, what could take you a full day of preparation and follow-up for each meeting, will be reduced to a few hours every quarter. 

You would like to become a member of an Advisory Board!

Who can become a member of an Advisory Board?

Any person who has the proper experience, qualifications, expertise and qualities can be invited to sit on an Advisory Board.

How much time is spent on an Advisory Board?

The selection process can take approximately three hours over a three-week period during which time a potential member meets with the business owner and visits the company site. The individual will then be able to make an informed decision on whether or not they wish to commit. 

Once the member has been officially selected, the individual will be expected to attend each quarterly meeting which range from two to three hours in duration.

Because members are retained by business owners based on their expertise, preparation required prior to the meetings is minimal.

How long does one sit on an Advisory Board?

The terms of our Advisory Boards usually span over a two-year period and are renewable twice for the same amount of time.   

Therefore, a member could expect to sit on an Advisory Board for a maximum period of six years.

Do you have to be a certified Board Director to become a member of an Advisory Board?

No. All you need is the experience required to add the value required to meet the business owner’s needs.

How can I apply to sit on an Advisory Board?

Each Advisory Board is composed of a group of people who possess a range of experiences, qualifications and qualities that are specifically defined according to the nature of the Advisory Board and the business owner’s expectations. 

Once we determine what is needed, we proceed to search for potential candidates who could be a good fit.    

The Cercle GDP does not maintain a database of potential candidates because ultimately, it is the business owner who decides what form the Board will take and who will be selected to participate.

Are your ready to reap the benefits of an Advisory Board?