# Board and Investor Relations

## Board Meeting Prep

### 2 Weeks Before
- Draft deck outline
- Identify key topics requiring board input
- Pre-wire difficult topics with individual board members

### 1 Week Before
- Final deck to board
- Send supporting materials (financials, metrics)
- Confirm logistics

### Day Of
- No new information that surprises anyone
- Present problems WITH proposed solutions
- Ask for specific help, not vague advice

## Board Deck Structure

| Section | Time | Purpose |
|---------|------|---------|
| Highlights / lowlights | 5 min | Set context, no surprises |
| Key metrics | 10 min | Performance vs plan |
| Strategic topics | 30 min | Need board input |
| Operations update | 10 min | Hiring, product, sales |
| Financial review | 10 min | Cash, burn, runway |
| Asks | 5 min | Specific help needed |

## Investor Updates

**Monthly cadence, even when hard.** Silence destroys trust.

**Template:**
1. **One-liner** — Company state in one sentence
2. **Key metrics** — 3-5 numbers that matter, with trend
3. **Wins** — What went well
4. **Challenges** — What's hard (be honest)
5. **Asks** — Intros, advice, resources needed
6. **Upcoming** — What to watch next month

## Difficult Board Conversations

### Cash is Running Low
- Present problem early, not when desperate
- Show scenarios (cut X, runway becomes Y)
- Propose specific plan
- Ask for bridge terms if needed

### Missing Plan
- Own it, don't make excuses
- Show root cause analysis
- Present recovery plan with milestones
- Rebuild trust through execution

### Need to Pivot
- Frame as learning, not failure
- Show data that drove the decision
- Present new direction with conviction
- Request endorsement and support

## Board Composition

| Stage | Ideal Board |
|-------|-------------|
| Seed | 3 seats: 2 founders, 1 investor or independent |
| Series A | 5 seats: 2 founders, 2 investors, 1 independent |
| Series B+ | Add independents to balance investors |
| Pre-IPO | Majority independent, audit committee ready |

## Managing Investors

- Updates monthly, calls quarterly minimum
- Know each investor's thesis and concerns
- Ask for specific help (intros, references, expertise)
- Don't over-rotate on any single voice
- Build relationships before you need them