How to Best Utilize a Board of Directors for your ESOP Company
Today's show featured a return of CFO, Andy Yetzer of YTS Companies and one of his Independent Board Members, Ken Saddler, who's also a Fractional CFO and former guest as well.
We covered a topic on how best to use your Board in an ESOP. YTS Enterprises is the owner of three companies and is an ESOP. Andy said that deciding to add Independent Members (meaning advisors outside of the business with no relationship to it) has been a big game changer for YTS, and has credited the expertise of Ken and the other member Nick for being the kind of fit they were looking for in Board Members. Ken said that it boils down to three criteria when choosing someone for your Board: Values, Background, Trust. He also says that establishing good Board Governance is essential for a successful Board and therefore a successful ESOP.
Andy said that the trust level he has with Ken and Nick are the foundation for why it works for them so well. Their backgrounds, expertise and networks have also been integral to the company's growth and success. Andy knows that when Ken or Nick make a connection to someone in their network, they're going to have a highly qualified, like minded person to work with.
If you have or are considering an ESOP form of business transition, you'll want to listen to this episode here ____________
Connect with Ken Saddler here
Connect with Andy Yetzer here
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