Board Management Workflow
Complete guide to board governance including board composition, meeting structure, materials preparation, and corporate governance
The Board Management workflow helps founders effectively work with their board of directors to drive company success through good governance.
Overview#
| Property | Value |
|---|---|
| Phases | 4 |
| Tier | Business |
| Typical Duration | Ongoing (quarterly cycle) |
| Best For | Post-funding companies, corporate governance |
Why Board Management Matters#
Effective board management:
- Drives accountability - Regular review of progress and plans
- Provides governance - Legal oversight and fiduciary duty
- Unlocks resources - Board members can help with introductions, advice
- Builds trust - Transparency strengthens investor relationships
- Prevents surprises - Regular communication avoids crises
Board Management Framework#
┌─────────────────────────────────────────────────────────────────────────┐
│ BOARD MANAGEMENT CYCLE │
├─────────────────────────────────────────────────────────────────────────┤
│ │
│ ┌─────────────────────────────────────────────────────────────────┐ │
│ │ QUARTERLY CYCLE │ │
│ └─────────────────────────────────────────────────────────────────┘ │
│ │
│ Week 1-10 Week 11 Week 12 │
│ ┌─────────────────┐ ┌─────────────┐ ┌─────────────┐ │
│ │ Execute │ │ Prepare │ │ Meeting │ │
│ │ against │───▶│ board │───▶│ & follow │ │
│ │ plan │ │ materials │ │ up │ │
│ └─────────────────┘ └─────────────┘ └─────────────┘ │
│ │ │ │
│ │ │ │
│ └─────────────────────────────────────────┘ │
│ (Repeat) │
│ │
│ ┌─────────────────────────────────────────────────────────────────┐ │
│ │ ONGOING ACTIVITIES │ │
│ │ - Monthly updates - Ad-hoc advisory calls │ │
│ │ - Board member 1:1s - Annual planning │ │
│ └─────────────────────────────────────────────────────────────────┘ │
│ │
└─────────────────────────────────────────────────────────────────────────┘
Phases#
Phase 1: Board Composition (Initial Setup)#
Agents: business-analyst, legal-expert
Design and build an effective board of directors.
Tasks:
- Understand board requirements
- Define board composition
- Recruit board members
- Establish governance structure
Board Structure by Stage:
1## Board Composition by Stage
2
3### Pre-Seed / Bootstrapped
4- **Board:** Typically just founder(s)
5- **Size:** 1-2 members
6- **Formal meetings:** Not required but recommended
7
8### Seed Stage
9- **Common structure:** 3-member board
10 - 2 Founders/common
11 - 1 Investor (lead)
12- **Alternative:** Founders-only if investors don't require seat
13
14### Series A
15- **Common structure:** 5-member board
16 - 2 Founders/common
17 - 2 Investors (lead investors)
18 - 1 Independent (often appointed jointly)
19
20### Series B+
21- **Common structure:** 5-7 members
22 - 2 Founders/common
23 - 2-3 Investors
24 - 1-2 Independents
25
26### Board Seat Allocation
27
28| Stage | Common | Investor | Independent | Total |
29|-------|--------|----------|-------------|-------|
30| Pre-Seed | 2 | 0 | 0 | 2 |
31| Seed | 2 | 1 | 0 | 3 |
32| Series A | 2 | 2 | 1 | 5 |
33| Series B | 2 | 2-3 | 1-2 | 5-7 |
34
35### Key Principles
36
37**Maintain Control (Early Stage):**
38- Founders should maintain board control through Series A
39- Carefully negotiate board seats in term sheets
40- Independent seats can be tie-breakers
41
42**Board vs. Board Observer:**
43- Board member: Voting rights, fiduciary duty
44- Observer: Attendance rights, no vote
45- Observers common for smaller investorsIndependent Director Criteria:
1## Independent Director Profile
2
3### What Makes a Good Independent?
4
5**Industry Expertise:**
6- Relevant domain experience
7- Scaled companies in your space
8- Operator, not just investor
9
10**Complementary Skills:**
11- Fill gaps in founder expertise
12- Common needs: GTM, enterprise sales, finance
13
14**Network & Influence:**
15- Can help with introductions
16- Credibility for recruiting, sales, fundraising
17
18**Availability:**
19- Can commit meaningful time
20- Not over-boarded (max 3-4 boards)
21
22### Where to Find Independents
23
24| Source | Pros | Cons |
25|--------|------|------|
26| Investor referrals | Pre-vetted | May be investor-aligned |
27| Executive networks | Experienced | Expensive |
28| Advisory board | Known quantity | May lack board experience |
29| Industry contacts | Domain expertise | Finding availability |
30
31### Compensation (Seed/A)
32- **Cash:** $0-2,500/meeting or $0-20K/year
33- **Equity:** 0.25% - 1.0% (vesting over 2-4 years)
34- **Typical:** Equity only at early stage
35
36### Interview Questions for Independents
371. "What boards have you served on? What was your contribution?"
382. "How do you view the role of an independent director?"
393. "What do you see as the biggest challenges facing our company?"
404. "How much time can you commit?"
415. "What's your approach when you disagree with founders?"Phase 2: Meeting Structure (Ongoing)#
Agents: business-analyst
Establish effective board meeting cadence and structure.
Tasks:
- Define meeting cadence
- Create meeting structure
- Establish preparation timeline
- Set up meeting logistics
Board Meeting Cadence:
1## Meeting Schedule
2
3### Quarterly Board Meetings
4| Quarter | Meeting Date | Materials Due | Focus |
5|---------|--------------|---------------|-------|
6| Q1 | [Date] | [Date - 5 days] | Annual plan review |
7| Q2 | [Date] | [Date - 5 days] | Mid-year check-in |
8| Q3 | [Date] | [Date - 5 days] | H2 planning |
9| Q4 | [Date] | [Date - 5 days] | Year-end, next year plan |
10
11### Meeting Logistics
12- **Duration:** 2-3 hours
13- **Format:** In-person preferred, video backup
14- **Location:** Rotate or consistent location
15- **Time:** Business hours, accommodate time zones
16
17### Supporting Cadence
18
19| Activity | Frequency | Purpose |
20|----------|-----------|---------|
21| Monthly update | Monthly | Keep board informed |
22| 1:1 with board members | Monthly | Relationship, input |
23| Board dinners | Quarterly | Informal discussion |
24| Strategy session | Annual | Deep-dive planning |Board Meeting Agenda:
1## Standard Board Meeting Agenda (2.5 hours)
2
3### Pre-Meeting (30 min before)
4- Board members review any last-minute items
5- Informal catch-up
6
7### Meeting Agenda
8
9**1. Call to Order & Minutes (5 min)**
10- Call meeting to order
11- Approve previous meeting minutes
12- Note attendees and quorum
13
14**2. CEO Update (30 min)**
15- Key highlights and lowlights
16- Progress against plan
17- Major decisions made
18- Upcoming milestones
19
20**3. Financial Review (20 min)**
21- Financial performance vs. plan
22- Cash position and runway
23- Key metrics dashboard
24- Burn rate and forecast
25
26**4. Product & Roadmap (20 min)**
27- Product progress
28- Key launches and learnings
29- Roadmap priorities
30- Technical updates
31
32**5. Go-to-Market Update (20 min)**
33- Sales/revenue progress
34- Marketing performance
35- Customer success metrics
36- Competitive landscape
37
38**6. Team & Organization (10 min)**
39- Hiring progress
40- Organizational updates
41- Culture and retention
42
43**7. Strategic Discussion (30 min)**
44- Deep-dive topic (rotating)
45- Input and advice sought
46- Examples: Pricing strategy, market expansion, M&A
47
48**8. Closed Session (15 min)**
49- Sensitive topics (comp, personnel, legal)
50- Executive session (without management)
51
52**9. Action Items & Close (5 min)**
53- Review action items
54- Confirm next meeting date
55- Adjourn
56
57### Post-Meeting
58- Send follow-up notes within 48 hours
59- Track and complete action items
60- Schedule any follow-up discussionsPhase 3: Board Materials (Quarterly)#
Agents: business-analyst
Create comprehensive and clear board materials.
Tasks:
- Create board deck
- Prepare financial package
- Write CEO letter
- Compile appendix materials
Board Deck Template:
1## Board Deck Structure (20-25 slides)
2
3### Section 1: Executive Summary (3 slides)
4
5**Slide 1: Key Highlights**
6- 3-5 bullet summary of the quarter
7- Major wins and challenges
8- Key decisions/asks
9
10**Slide 2: Scorecard**
11| Metric | Plan | Actual | Status |
12|--------|------|--------|--------|
13| MRR | $X | $Y | Green/Yellow/Red |
14| New customers | X | Y | |
15| Churn | X% | Y% | |
16| Burn | $X | $Y | |
17| Runway | X mo | Y mo | |
18
19**Slide 3: OKR Progress**
20| Objective | Key Results | Progress |
21|-----------|-------------|----------|
22| O1 | KR1, KR2, KR3 | 70% |
23| O2 | KR1, KR2 | 85% |
24| O3 | KR1, KR2 | 50% |
25
26### Section 2: Financial Deep-Dive (5 slides)
27
28**Slide 4: P&L Summary**
29- Revenue, costs, net income vs. plan
30- Key variances explained
31
32**Slide 5: Revenue Detail**
33- MRR/ARR trend
34- New, expansion, churn breakdown
35- Cohort analysis
36
37**Slide 6: Cash & Runway**
38- Cash position
39- Burn trend
40- Runway scenarios
41
42**Slide 7: Unit Economics**
43- CAC, LTV, payback
44- Trends and benchmarks
45
46**Slide 8: Financial Forecast**
47- Updated projections
48- Key assumptions
49
50### Section 3: Product & Engineering (4 slides)
51
52**Slide 9: Product Progress**
53- What shipped this quarter
54- Key metrics/outcomes
55
56**Slide 10: Product Learnings**
57- User feedback themes
58- A/B test results
59- Churn/retention insights
60
61**Slide 11: Roadmap**
62- Next quarter priorities
63- 12-month view
64
65**Slide 12: Technical Update**
66- Infrastructure/reliability
67- Technical debt status
68- Security/compliance
69
70### Section 4: Go-to-Market (4 slides)
71
72**Slide 13: Sales Performance**
73- Pipeline and conversion
74- Win/loss analysis
75- Deal highlights
76
77**Slide 14: Marketing Performance**
78- Traffic and acquisition
79- Channel performance
80- Content/brand initiatives
81
82**Slide 15: Customer Success**
83- NPS and satisfaction
84- Support metrics
85- Expansion/upsell
86
87**Slide 16: Competitive Update**
88- Market dynamics
89- Competitive wins/losses
90- Positioning
91
92### Section 5: Team & Organization (2 slides)
93
94**Slide 17: Org Update**
95- Headcount and plan
96- Key hires and departures
97- Org chart (if changed)
98
99**Slide 18: Culture & Engagement**
100- Team health indicators
101- Initiatives
102
103### Section 6: Strategic Discussion (3-4 slides)
104
105**Slides 19-22: Deep-Dive Topic**
106- Context and background
107- Options/analysis
108- Recommendation
109- Discussion questions
110
111### Section 7: Appendix
112
113- Detailed financial statements
114- Customer list
115- Competitive analysis
116- Additional metricsMonthly Board Update Template:
1## Monthly Board Update: [Month Year]
2
3### TL;DR
4[3-4 sentence summary of the month]
5
6### Key Metrics
7
8| Metric | Last Month | This Month | Change | Target |
9|--------|------------|------------|--------|--------|
10| MRR | $X | $Y | +Z% | $T |
11| Customers | X | Y | +Z | T |
12| Burn | $X | $Y | -Z | $T |
13| Runway | X mo | Y mo | +Z | - |
14
15### Highlights
161. [Major win or milestone]
172. [Major win or milestone]
183. [Major win or milestone]
19
20### Lowlights / Challenges
211. [Challenge or miss]
222. [Challenge or miss]
23
24### Key Activities
25**Product:**
26- [Update]
27- [Update]
28
29**Sales/Marketing:**
30- [Update]
31- [Update]
32
33**Team:**
34- [Update]
35- [Update]
36
37### Asks / Where You Can Help
381. [Specific ask, e.g., intro to X company]
392. [Specific ask, e.g., feedback on Y strategy]
40
41### Looking Ahead
42- [Key focus for next month]
43- [Key focus for next month]
44
45---
46*Questions? Reply to this email or schedule time: [calendar link]*Phase 4: Corporate Governance (Ongoing)#
Agents: legal-expert
Maintain proper corporate governance and compliance.
Tasks:
- Maintain corporate records
- Manage board consents
- Ensure compliance
- Document decisions
Corporate Governance Checklist:
1## Annual Governance Calendar
2
3### January
4- [ ] File Delaware annual report
5- [ ] Pay Delaware franchise tax
6- [ ] Review director compensation
7- [ ] Update D&O insurance
8
9### Quarterly (Each Board Meeting)
10- [ ] Approve previous meeting minutes
11- [ ] Review and approve financials
12- [ ] Update option grants
13- [ ] Review material contracts
14
15### Annually
16- [ ] Elect directors (at annual meeting)
17- [ ] Elect officers
18- [ ] Approve stock option plan
19- [ ] Review and approve budget
20- [ ] Approve auditor (if applicable)
21- [ ] Review bylaws
22- [ ] Review D&O insurance
23
24### As Needed
25- [ ] Approve fundraising
26- [ ] Approve major contracts
27- [ ] Approve M&A activity
28- [ ] Approve key hires/terminations
29- [ ] Approve option grants
30
31## Required Board Approvals
32
33### Always Require Board Approval
34- Equity financing rounds
35- Debt financing over $X
36- Annual budget
37- Stock option grants
38- Executive compensation
39- M&A transactions
40- Material contracts over $X
41- Litigation settlement
42
43### May Require Board Approval (by bylaws)
44- Hiring/firing executives
45- Opening new offices
46- Major policy changes
47- Significant partnerships
48- Intellectual property transactionsBoard Consent Template:
1## UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS
2## OF [COMPANY NAME], INC.
3
4The undersigned, being all of the directors of [Company Name], Inc., a
5Delaware corporation (the "Company"), acting pursuant to Section 141(f)
6of the General Corporation Law of the State of Delaware, hereby consent
7to and adopt the following resolutions:
8
9### [RESOLUTION TITLE]
10
11WHEREAS, [background and context];
12
13WHEREAS, [additional context if needed];
14
15NOW, THEREFORE, BE IT RESOLVED, that [specific action being approved];
16
17RESOLVED FURTHER, that [any additional actions];
18
19RESOLVED FURTHER, that the officers of the Company are hereby
20authorized and directed to execute and deliver any and all documents
21and to take any and all actions as may be necessary or appropriate to
22effectuate the purposes of the foregoing resolutions.
23
24This Consent may be executed in counterparts, each of which shall be
25deemed an original and all of which together shall constitute one and
26the same instrument.
27
28---
29
30[Director Name] Date: _______________
31
32[Director Name] Date: _______________
33
34[Director Name] Date: _______________Board Meeting Minutes Template:
1## MINUTES OF MEETING OF THE BOARD OF DIRECTORS
2## OF [COMPANY NAME], INC.
3
4**Date:** [Date]
5**Time:** [Time]
6**Location:** [Location or "Via Video Conference"]
7
8### Attendees
9
10**Directors Present:**
11- [Name], [Title/Seat type]
12- [Name], [Title/Seat type]
13- [Name], [Title/Seat type]
14
15**Others Present:**
16- [Name], [Title] (management)
17- [Name], [Title] (observer)
18- [Name], [Title] (legal counsel)
19
20**Directors Absent:**
21- [Name] (excused)
22
23### Call to Order
24
25The meeting was called to order at [time] by [Name], who acted as
26Chairperson. [Name] acted as Secretary of the meeting.
27
28The Chairperson noted that a quorum was present and the meeting was
29duly convened.
30
31### Approval of Previous Minutes
32
33Upon motion duly made and seconded, the minutes of the meeting held
34on [date] were unanimously approved.
35
36### CEO Report
37
38[Name], CEO, presented an update on company operations including:
39- [Summary of key points]
40- [Summary of key points]
41- [Summary of key points]
42
43Discussion ensued regarding [topic]. The Board [provided guidance/
44approved approach/requested additional information].
45
46### Financial Review
47
48[Name], CFO, presented the financial results for [period]:
49- [Key financial points]
50- [Key financial points]
51
52### [Additional Agenda Items]
53
54[Summary of discussion and any decisions]
55
56### Resolutions
57
58Upon motion duly made and seconded, the following resolutions were
59unanimously adopted:
60
61RESOLVED, that [resolution text];
62
63RESOLVED FURTHER, that [resolution text].
64
65### Closed Session
66
67The Board met in closed session to discuss [topic]. Management was
68excused during this portion of the meeting.
69
70### Adjournment
71
72There being no further business, the meeting was adjourned at [time].
73
74---
75
76Respectfully submitted,
77
78_____________________
79[Name], SecretaryStarting the Workflow#
1# Start board management workflow
2bootspring workflow start business-board
3
4# Generate board deck
5bootspring board deck create --quarter Q1
6
7# Create monthly update
8bootspring board update create --month January
9
10# Generate board consent
11bootspring board consent create --type "Option Grant"Deliverables#
A successful Board Management workflow produces:
- Board composition plan
- Meeting calendar
- Board deck template
- Monthly update template
- Financial package
- Board consent templates
- Meeting minutes templates
- Corporate governance checklist
Best Practices#
- No surprises - Keep board informed between meetings
- Be prepared - Send materials 5+ days in advance
- Focus on strategic - Don't waste time on updates in the meeting
- Seek input - Make the most of board expertise
- Follow up - Complete action items promptly
- Build relationships - 1:1s with board members matter
Board Meeting Don'ts#
- Don't send materials the day before
- Don't read slides verbatim
- Don't hide bad news
- Don't let one person dominate
- Don't skip the strategic discussion
- Don't ignore board input