An advisory board is an informal group of outside advisors with no legal responsibilities to the company except for a formal non-disclosure and a non-compete agreement.
An advisory board is an informal group of outside advisors with no legal responsibilities to the company except for a formal non-disclosure and a non-compete agreement. Most often members of an advisory board have no financial interest in the firm and may receive a nominal honorarium for serving on the advisory board.
Many businesses start as sole proprietorships or partnerships. However, these structures have unlimited personal liability for company debts. As a result, many business owners opt to incorporate or form a limited liability company (LLC) to protect their families and financial interests. Businesses may change structure at any time. Here are the most critical items to consider when selecting—or re-selecting—your business structure.
When starting and growing a small business it is advisable to define how "Quality, Safety, and Regulatory Compliance is Assured." All businesses are subject to a large number of local, state, and federal regulations.
The financing process can be daunting the first time around. Your SCORE counselor can help.
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My experience with SCORE started in 2009 when I made an appointment with Kevin McConnaughy at the Appalachian Business Enterprise Center. After a few informative meetings with him, he suggested I meet with Herman Metzler from SCORE. I was exploring the idea of selling my successful business but didn't really know where to start. I soon realized what capable and knowledgeable hands I was in as Herman Metzler began guiding me towards all the information necessary to accurately present the story and facts about my business in the most comprehensive and professional manner. He patiently listened to my fears and concerns around this process while providing key insights and was very motivational as well as understanding.
What I learned was truly invaluable, there was work involved, but so much gained in the process that I enthusiastically recommend contacting SCORE to anyone contemplating starting, growing, or selling a business. What a wonderful organization! We are so lucky to have access to the incredible pool of knowledge and advice through SCORE.
Working with SCORE helped me accomplish a pivotal goal in my life, I couldn't have done it without you.
With great appreciation and a sincere Thank You, Kristen Hall
Rod Birdsong, Executive Director of the McDowell Chamber of Commerce, recommended the SCORE program to me. I have been very pleased with the business knowledge, advice, and support provided to me through Asheville SCORE.
I met with Bill Mance, former Vice President of Human Resources for Mission Hospital, and Greg Jones, CPA. Bill and Greg listened to my ideas and asked the right questions to lead me in the development of my business plan. They also referred me to the very helpful resources available on the Asheville SCORE web site.
I developed a Power Point slide presentation for our business using the same outline as a business plan. Bill and Greg reviewed it and made some adjustments before I presented it to potential lenders. The visual aids have given me an effective way to present our business to the major stakeholders in the business including business partners, lenders, family members, business associates, and vendors.
Bill and Greg have been valuable mentors. They have made strategic recommendations to improve the profitability of our business and have given insight to improve the professional presentation of our business to others.
As Bill and Greg have pointed out, the major function of a business plan is to force you to think through every aspect of your business and what it will take to be successful. Having obtained the financing we need, we are now using our presentation to improve our efficiency and profitability. This also gives us a tool to document the techniques we have used to develop our business.
I highly recommend the SCORE program. Not only do you have an opportunity to learn business skills by meeting with experienced and highly successful business executives, they also customize their advice to your particular needs.
Thank you! I look forward to an ongoing, successful relationship with Asheville SCORE and hope to be able to help someone in the future in the same way they have helped me.
Chip Cross, Business Administration Instructor, McDowell Technical Community College; Real Estate Investor
July 27, 2011