The State of Corporate Governance, Do I Prioritize Myself or My Team at Work? And How Men Can Find Their “Second Act”
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Welcome to the property post office hour. This is the part of the show where we answer questions about business, big tech, entrepreneurship and whatever else is on your mind. You'd like to submit a question, please email voice according to officers problem to me at a come again, that's officers approach me at a com. I have not heard or seen these questions with that question.

Number one, ice god, I would love to .

her some me your thoughts on the state of corporate governance. Scot, you talk a lot about your experiences on corporate boards for both public and private companies. I'm currently on the board of directors for a smaller private company, so i've been trying to level up my abilities by learning more about best practices in this area.

Naturally been looking towards publicly traded companies and their governance structures. But in doing some research, IT appears that, much like you've point out in our political system, the average of corporate directors keeps increasing. On top of that, the same people responsible for leading audit and compensation committee are now being asked to understand the strategic impact of cyber threats, A I and climate change.

The Scott, how do you evaluate board makeup both from an age and skill set deal? And what do you look? Foreign companies that you think are poised to lead them into the future? thanks. That a thoughts question.

Uh, so let's break down the numbers according to data from the conference, for the number of directors, eight, sixty, sixty, seventy month S M P five companies has seen the biggest growth over the past years already. You know tomorrow old people very go directors in the forties and fifties, however, have declared over the same time period is Chris technologies taken over folks? And let me be age again.

Young people get technology. They're just more the brain can wrap. I don't fucked and understand the stuff.

People think I had amazing social for print. You know why? Because I hire Young people to get this shit.

I kind of have decent instincts around business, but we absolutely need more turn out. CEO across boards of directors are across between the lander, the dead and golden girls. This is like enough already millennial. Those under forty make up the smallest portion abroad members, representing just point three percent in twenty twenty three.

I do think you should probably have one person in their thirties, maybe their thirties, on every board, especially if your company, he is being affected by technology, which is nothing every company, first of what is a board there to do at the end of the day, aboard willingly as two jobs. And that is, if you want to sell the company and to hire, fire the C. E.

O, and make sure if you have the right garage gal in the CEO spot, it's easy to be a good board. And then the chair, the audit committee, has to be the adult in room that make sure we're not going to get to or doesn't fraud taking place that what the CEO is actually saying is correct. When ever I in a board, I typically call the CFO after the board mining because I find that the source of truth and don't use adjective and embarks shen, uh, boards for the most part corporate governance, uh, usually do a good job who makes up boards, what I call fips.

That is formally an important people who no longer are working full time, but like the idea, staying involved in the company and bestowing the wisdom on the company and making a quarter a million dollars a year to shot and get free dinner four times, read the board book, and most importantly, get on with C. O. This is the problem of corporate boards, is that they get weaponized by the see.

Their job is to represent shareholders and all stay callers. Now one of those stay callers is management, but also stakeholders are shareholders. The employees that you don't see in the board room, the community, the government, children, you might be, I don't know, selling an addictive product into, and the C.

O. S. Of these companies are always one thing that always ridiculously fucking charming.

They're the former rush, chairman of the thorn or the ferny. They are very likable. The first thing they do is by you to dinner.

And on the board, maybe play gov actually like a Scott and they used to be, but they know you're in charge of compensation and they manage. You are helping on board. I feel like i'm being managed.

And so you get a lot of this and that is you find that you a lot of stuff that happening in the company is just kind of being filtered all through one lands. There's a couple tees for a CEO a good or bad o good ceos don't speak, demonstrating the board meeting. They bring in other people and they want to highlight other management, and they let the CFO speak, and they listen, and they answer questions.

Now, how i've evolved as drug. I one of my first porter when I was and thirty four, my first public boarded directors when I was thirty eight. I've been on seven public company boards, about a dozen private company boards.

I used to think that my job was to hackle from the cheap seats and try and place stop to see o no, you know that you just being an you're there to be supportive of the CEO offer advice and a good director. Just listened for the first couple board meta. And what you want is a poll.

You want them to reach out to you for advice. You want to be a resource around your area of expertise for other management. In addition, you're they are to represent shareholders in the community and you need to read the board book thoroughly ly ask questions.

I used to send the board book to a colleague, is a professor accounting. I think what am I missing here is is so far uncomplicated, what are what stands out to? What should I be which I ve been quiring about or asking.

But being a good director, good corner governance I think is really um really interesting. And managing the board, having a diverse set of viewpoint, someone who represents a look, smells and fields. I mean, he was all White dudes for a long time, despite the fact the two thirds of their customers and eighty percent of their athletes are non n White.

They figured that out. And now they have a much more diverse board that represents their stakeholders. That's what you need to do.

And you need have deep domain expertise, special on the born sheet accounting Operations because there need to be people in the room that can kind of smell bullshit and go. Now that doesn't sound right. What about this? And also be a resource for the CEO and management.

But I love corporate governance. What you dare to do, you're a fiduciary. Thank you so much for the question. Super thoughtful, super thoughts.

Question number two is i'm looking for your advice on midale ma between loyalty to ones team and preserving your own individual sanity. The background is unfortunately recently sold the company for an amount that secures my retirement and takes care of my family is future. The issue is that the new buyer is paying off the old shareholders through a combination of a guaranteed amount that was already paid a close close and that part of loan was enough to take care of me as a major shareholder and a contingent amount based on team performance that will be paid out over several years if the team hits collective top line revenue targets. Now here's the problem in my dilema.

I'm still a large revenue producer for the firm and my old team who are amazing colleagues, someone whom my work with for decades has told me that if I were to leave early, they probably won't hit that out here revenue number and won't get the contingent distributions. What that means for me is i'd have to stick with the firm for a number of years when, to be honest, I don't feel like this places for me, just as you didn't when you sold your your firm. So do my obligations rest with my old team, or do I prioritize my own mental well being and desire to start that next chatter of my life? Your advice greatly appreciated. Thanks.

thanks. Anonymous, if you hate your job, you're not onna. Be very helpful to the company or to your employee.

I think there's probably in middle ground here. I have some experience here. My firm is acquired by gardener, and we got a big shock of money up front.

And then I earn out. And I think i'm the only person that didn't stick around and earn out wasn't based on targets. He was based on time.

Sounds like you have specific targets and you feel responsible for hitting those targets subset. Your employees can recognize the upside from there turn out. I get that and that's very noble. There's got to be in between maybe stick around trying to hit earn out, maybe also just very transparent saying i'm problem and to move on at the end of this year, at the end of next year and see if you can get them, you know what they need.

But also a good manager suppose people to replace themselves in the fact that you have become in dispensable means it's not a well run farm and quite Frankly, you have not managed IT as well as you should have. In germany, they forced every senior manager to take at least four weeks off on a row because they don't want firms that are two dependent vial. So I would say, okay, but let's say it's at the end of the year, they get to earn out based on targets.

Um this year is almost up, maybe go fifteen months, make IT cleared everybody that this year and next year of your problem, move on, try and set the the division up for success by replacing yourself or mattering or advancing other people who can help you but boss, life's going fast and you have an obligation yourself in your family. You'll be a good guy but don't be a good and IT sounds like they have already makes some good money and yeah and enjoy yourself move on to the next thing. When my friend was acquired by we had a three year earn out.

I lasted nine months, nine months. I just the culture was just not IT was just oil and water and no bad people and it's it's a it's a very successful firm IT just wasn't wasn't I did not know how to Operate in a big company. I like IT.

I felt like I was losing time to go do something else I enjoyed. And so I wanted out. Everyone else stayed the full three years because there was a lot of money. I had made a lot, a lot of money on closing and wasn't as tied to the company financially as some of these other folks. But IT sounds like you want to move on, be good to your team, figure out a way to get them some additional compensation, be transparent.

You're thinking about your next thing and figure out away such that you leave the Operating group strong, everyone and the company to pit a lot of money feels like they are getting a return on the reinvestment and employees get to make their money. But boss, don't be a mother. We have one quick brick. But for a final question.

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Welcome back, question number three.

Hey, proj, this is got from central washington. I'm a big fan and i've been following your talks about the evolution of masculinely, the modern man and much of the resonate with me. I'm a forty one year old former Greenberry officer who transition into wealth management as a financial planner about a decade ago.

Now i'm a husband to physician and father to two daughters, which LED to another transition is a primary caregiver homemaker. I've recently earned my MBA, and while I drive to learn and grow still strong, i'm wrestling with pata, continue contributing financially. The traditional employee out isn't a fit right now due to my commitment to supporting my partner and being fully present for my daughters.

What advice would you give to someone in my position? Ambitious, but navigating a different path. The contribution in confinement, especially in the context of how you talk about the modern man. thanks. I look forward to hearing your answer.

First stop. I don't IT sounds fast, safe, but thank you for your service. And cheese's cries when an impressive person knew, are the Green barriers. Less than one percent of the army wears a Greenberry boss. I think a lot of us, a lot of man kind of at this age are trying to figure out away, not to reinvent themselves, but stay economically relevant. I'm not talking about the way the world should be on talking about the way the world is in, that is, men are disproportionate evaluated on their economic well bang as a provider, and women are just proportionally and unfairly evaluated based on their aesthetics. I don't have a silver bullet here other than to say, are their support groups or are there circles a former of veterans who try and help each other out finding canada?

Second act, I also, I immediately think that I, when I hear of a guy, your background, what I immediately want and what I think you would have tremendous, get tremendous divition around, as I would love for you to be around Young man and he, is there a way for you to be a high school substitute teacher, to be a coach, uh, to be in some sort of recruiting for the armed services. But just you around Young mh, and ideally makes some money. But I just go to social.

I think people come out of the service, have incredible grit and a code, are really honourable, generally speaking, and in great shape, and have a fidelity to the flag, which I think we need more of among Young people. So just selfishly, I think, well, I wouldn't be great to get an visual like this involved around Young man. If you're at home, you're going to need some sort of remote work.

I don't know what your tactical skills are, but what I would say is put together what I call a kitchen cabinet, finds some people be very transparent, looking for some advice. I'm trying to figure my next thing. I know if I call you a ticket for coffee every once in a while, every morning, I am going to send up two or three cold or blind emails or calls to other people have served, or people, people want to help you people realize the commitment and sacrifice that you made for our countries.

So are generally inclined to take your call. If it's not a great job at some point, just try some shit and see where IT goes, right? The way to make a discount money is by starting just to make money.

And if you're good, they're going to see IT. They're gonna to hold on to o also, this sounds kind of wear, but trying to identify some small businesses in your area and call them and say, and I had to lead i'm together. I'm obviously very discipline.

I need some flexibility. Israel role for me again, thank you your service that's after the episode. If you'd like to submit a question, please email L A voice recording to office hours of proto media a com again, that office showers of profit, immediate outcome.

This upper service produced by Jennifer sanchez and Caroline shaGreen and drew brows is our technical director. Thank you for listening. That property pox network. We will catch you on saturday for no more. No mouse as right by georgian, and please follow our property mark part whatever you get your pods for new episodes every monday and thursday support for property comes from sex com season doesn't have to be a where sax surprise your sister with a clue brace the bag or if you've got ta sophisticated SE, pick out a gucci scent for your partner that fits their personality you can start making the house special with a .

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