What is the Executive Advisory Board Exchange?
The Executive Advisory Board Exchange (EABX) provides FREE business management advice for growing companies. Think of it as a business development opportunity provided by seasoned, experienced executives who care about our community’s growth and success.
The EABX Committee assesses the needs of a client company, and then assigns an advisory board of volunteers to suggest steps to help a client company grow its business. The board’s suggestions are based on the assessment and the perceived needs of the client company. The purpose of a board is to advise only. Decisions to implement any suggestions are at the sole discretion of the client company. All information shared by client companies in the program is kept confidential.
Typical board member functions include, but are not limited to, commenting on the viability of an idea, product, service or strategy proposed by the client company; providing objective and unbiased evaluations of corporate or management performance; or providing assistance in the formulation of long-term objectives and goals.
What are the client company qualifications?
Client companies typically have been in business at least five (5) years and have revenues of $2 million or more. All companies interested in participating in the program are considered.
How does it work?
After a company contacts the EABX, a first meeting to assess the needs of the prospective client company is scheduled. The assessment is presented to the EABX committee, which then assigns potential appropriate board members. The company principal has the opportunity to meet the board members in a relaxed setting to assure that they are compatible and will be a good fit.
Upon meeting and approving their board, the first board meeting is scheduled. Boards are asked to meet quarterly. An EABX committee member is assigned to act as a liaison between the board members and client company, and to oversee the process and progress. The volunteer board will work with client companies for a period of one (1) year. At the end of the year, the board’s involvement may continue, depending upon the needs of the client company.
What issues have existing boards addressed?
Some issues addressed by existing boards have included the leasing of space, information technology/networking, marketing, ownership restructuring, leadership succession, demographics, merchandising, human resources, accounting and financing.
What is the Executive Advisory Board Exchange?
Our History
The Executive Advisory Board Exchange began with Columbus Business First, a sister publication of Orlando Business Journal. In 1999, Columbus Business First and its partners developed a system to help local companies grow through advisory boards.
In 2003, Orlando Business Journal teamed with the Small Business Development Center at the University of Central Florida (SBDC at UCF) and Orange County to form the Advisory Board Council. That partnership provided the guidance which brought about great success for dozens of businesses in the county.
In June, Orlando Business Journal and the SBDC at UCF decided that two groups would better serve the business community. The Small Business Advisory Board Council was founded to primarily form advisory boards for companies that have annual revenues of less than $5 million. The EABX was formed to assist companies with average annual revenue of more than $5 million over the past three consecutive years.
Today, the EABX is a partnership of 11 Central Florida companies led by those who believe we all benefit when we help other companies grow. The method, developed and proven by Columbus Business First, pairs select companies with a team of experts. These experts are invited to join a board based on the specific needs of the company. All advisors are experienced, proven professionals in their field.
Creating or adding to existing Advisory Boards
The process of matching advisers with companies begins when a company contacts the EABX for assistance in forming an advisory board or adding to an existing advisory board. After the company provides basic information about itself, an executive committee member follows up with an on-site visit. During the visit, our representative will gather additional information about the business, answer questions and explain in detail what the company can expect from its advisory board.
The results of this meeting will enable the company to identify the types of individuals who would best serve on its advisory board. It is the company’s responsibility to make contact with potential advisers, schedule interviews and make final selections. However, the EABX committee member will always be available for assistance as a company works through the final stages of creating its advisory board, and even after the advisory board is in place and meeting on a regular basis.