As I have previously written, I am a fan of first principles thinking. First introduced by Aristotle, a first principle is a foundational proposition or assumption that stands alone. We cannot deduce first principles from any other proposition or assumption. For example, economies of scale are a first principle; higher production or purchasing volumes improve efficiencies and lower unit costs. While first principles thinking is great for aligning executive teams, it's equally valuable for aligning management teams with their Board of Directors.

While every Company’s board is unique, its duties, function, and dysfunction are pretty common. How to communicate, when to communicate, what to communicate, the board’s role, and management’s obligations are typically areas of friction. Moreover, board members often bring experiences that may not suit present circumstances. The attached document is meant to help late-stage private companies and newly public companies collaborate well with their boards by setting forth the first principles for their interaction and then devising “rules of the road” to put them into motion. The principles in this document should apply across a broad range of companies and be universally applicable. The rules of the road that follow will vary from company stage and scale but are otherwise middle-of-the-road concepts.

Thanks to everyone who provided feedback on this document for elevating the content and sharing their battle scars!

My later stage private company clients frequently ask for guidance on how to build a board of directors. Regardless of what stage the company is in, having a strong and productive relationship between management and the board is very important.

I have long been a fan of first principles thinking. First introduced by Aristotle, a first principle is a foundational proposition or assumption that stands alone. We cannot deduce first principles from any other proposition or assumption. For example, economies of scale is a first principle;  higher production or purchasing volumes improve efficiencies and lower unit costs. …

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