I am looking to form a virtual board of advisors for a real estate private equity firm - Thoughts ? I have formed actual board of advisors but never virtual so compensation for knowledge and time invested ? More thoughts ? Anyone done this ? Have remote advisors that be identified on the Website as Advisory Board ?
Hi Franck, I believe we might help you but you need to make your question slightly more precise. Best, JP
Compensating any board of advisors is tricky. Only you can understand the exchange of value desired and what kinds of compensation are motivating to board members, ensuring their continued participation. There are challenges of virtual meetings as you're aware. So you'll need to consider the things you cannot achieve when people don't meet face-to-face and how much that diminishes the overall value, compared to the inability to get people to participate at all when you expect physical presence.
The rest of it makes no difference.
So in summary, the value they add remains the value they add. Yes, it will be diminished by the limitations of tele-presence. But not having participation at all may be a greater risk.