united-states, leadershipWithin the United States, when using an advisory board, how does one structure these advisory relationships?
The best way I have come across (and what I have used myself) is to adhere to the Founder / Advisor Standard Template created by the Founder's Institute.
At the very least, this gives you a reference created by some of the industry's thought leaders as to what the arrangement should look like on paper. You don't have to adhere strictly, but I would caution straying away from this format by any multiple (e.g. giving 5% of a seed company to an advisor putting in an hour per month on average).
And remember, the best advice is always free.
An Advisory board is an independent body that offers strategic advice to an organisation, business or foundation. Many new or small businesses choose to have advisory boards in order to benefit from the knowledge of others, without the expense or formality of the Board of Directors. Experience greater flexibility, wisdom and support from like minded entrepreneurs and business people who have been through it all and survived to tell the story. Receive wisdom through council and strategic plans to grow and nurture your business.
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