Brent Constantz explains how advisory boards build credibility for companies and why a solid operating plan matters when you're preparing to go public or get acquired.
I learned another important lesson, and I'm learning it over and over again in anything I do. When you come up with crazy ideas, you have to gain credibility, no matter how good the crazy idea is. And so what I've always done is assemble fantastic advisory boards. So at Norion, I had an advisory board with president of the Marion Academy of Surgery, the president of Orthopedic Research Society, you know, the most famous endocrinologists on the planet. People like that who could back up everything we're doing, work with us, some of them would come in house and work with us for a long period of time. The other thing, and this would probably be the most valuable thing I learned in all these experiences, is I learned how to craft an operating plan for a company. And this is a plan that. That's put together by the company with not just the classic mission, but objectives, goals. Goals that have lives of three or four years. And under each goal, there'd be milestones with a date and an action that we would accomplish every quarter. And every quarter, I'd take most of the company off site and we'd make a new quarterly operating plan, and then we'd stop planning and go do it. And it's been, in all my companies, incredibly effective in terms of accomplishing things and moving things fast and having everyone bought into it and assigning accountability to everybody. And the operating plan ended up being a very important thing. Norian teed up their S1 in 1996. And you, you know, when a company gears up to go public, especially in the days that we have now with Sarbanes Oxley, you can't be a startup anymore. You have to be. You're going to be living in a completely different world. And everything about a company changes when you try and take it into a public arena. Orient ended up getting acquired. And. And something that happens when you tee up a public offering is you're ripe for acquisition. And when you have a lot of cash in the bank and you've got a great company, that happens.
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