While much of the preceding discussion focuses on first-time board seekers, individuals who already serve on one private equity (PE) portfolio company board often take a different approach when seeking their next roles. Having already gained hands-on governance experience, you’re in a stronger position to demonstrate value—but you also face new considerations, like managing time constraints across multiple seats and leveraging your board track record effectively. Below is a suggested roadmap for current PE-backed directors who aspire to add a second directorship to their portfolio.
1. Leverage Your Existing Board Experience
Highlight Specific Accomplishments
- Demonstrate Tangible Impact: Articulate how your expertise contributed to EBITDA growth, improved operational metrics, or strategic milestones in your first board role.
- Focus on Governance Skills: Emphasize success stories around committee work, handling crises, or collaborating effectively with other board members.
- Cite Lessons Learned: Boardrooms value directors who can show they’ve grown from past experiences, whether that’s improved communication styles or refined strategic acumen.
Seek Endorsements from Peers and the PE Sponsor
- References: Request a quote or a formal recommendation from your current board chair, CEO, or private equity sponsor contact. Their vouch can carry significant weight in the PE community.
- Board Peer Networking: Your fellow directors, especially those on multiple boards, might know of upcoming opportunities or be willing to connect you with relevant companies or search firms.
2. Reflect on Your Current Role and Future Goals
Revisit Your Personal Value Proposition (PVP)
- Evolve It Based on Lessons: Now that you’ve lived the realities of a PE board, which functional areas did you excel in more than expected? Did you discover new passions or refined niches where you excel?
- Narrow or Broaden Your Focus: Perhaps your first board role revealed you have a knack for mentoring early-stage executives or you enjoyed working in restructuring scenarios. Adjust your PVP to reflect these deeper insights.
Consider Workload and Balance
- Time Allocation: Serving on multiple PE boards can be demanding, especially if both are in high-growth or crisis phases. Are you prepared for potential spikes in responsibilities?
- Strategic Fit: If your first board is more mid-market industrial, maybe you’re looking to diversify by targeting a technology or consumer brand. Conversely, you might seek a second role that closely complements your existing industry expertise.
3. Refine Your Search Strategy
Double Down on PE Relationships
- Your Sponsor Network: If your first board role came through a PE sponsor, leverage that relationship. Many private equity firms own multiple portfolio companies that might need new directors.
- Other PE Connections: While you may have built trust in one PE ecosystem, consider broadening to other firms by showcasing your proven track record in a similar role.
Elevate Your Visibility
- Industry Speaking Engagements: Participate in conferences, panels, or roundtables where PE professionals gather. Mention your current board experience as a credential.
- Professional Publications: Write or co-author articles or thought pieces reflecting on governance challenges, operational turnarounds, or digital transformations you helped oversee. This attracts interest from search firms and potential board contacts.
Continue Building a Target List
- Pivot or Complement: Decide if you want your second board to be in the same sector—cementing your brand as a specialized expert—or in a related area that broadens your scope.
- Refined Filters: If you have stronger preferences now regarding firm size, stage, or culture, apply those filters to a new, more tailored list of potential boards.
4. Leverage Existing Board Activities for Networking
Collaboration with Advisors and External Experts
- Audit, Compensation, or Strategy Consultants: Individuals who present to your current board often have networks spanning multiple PE-backed companies. Subtly let them know you’re open to additional board opportunities.
- Legal Counsel and Bankers: Service providers who frequently work with multiple portfolio companies can share leads or insights about boards that might be expanding.
Fellow Directors as Bridges
- Board Peer Introductions: Directors who serve on two or three other boards can be invaluable in connecting you to future opportunities. A heartfelt conversation about your aspirations may yield unexpected referrals.
- Reciprocal Recommendations: If another board seat arises in your current circle, you might recommend a colleague; they’ll be more inclined to help you when you seek your own second seat.
5. Ensure You Maintain Excellent Performance on Your Current Board
Avoid Overcommitment
- Protect Your Reputation: Adding a second seat prematurely—before you’ve solidly demonstrated value in your existing role—can dilute your impact on both boards.
- Respect Time Balance: Make sure your first board responsibilities remain your priority until you’re confident you can handle dual seats without compromising either.
Leave a Mark on Current Initiatives
- Highlight a Signature Achievement: If you’ve led or championed a major initiative—like a digital transformation, supply chain optimization, or leadership development—document those outcomes. This success story becomes a cornerstone of your second board pitch.
- Stay Engaged: Board colleagues are more likely to recommend you for other roles if they see consistent dedication and insight from you.
6. Handling Interviews for Your Second Board
When approached or introduced to a potential second board role, be ready to address:
- Balancing Two or More Boards: Prospective boards will want assurance that you have the bandwidth and can prioritize effectively in crisis situations.
- Lessons from First Board: Share relevant insights about what worked, how you influenced positive outcomes, and how that experience directly benefits this new board.
- Success Stories and Setbacks: Feel comfortable talking about challenges or mistakes you encountered. Being candid about learning from tough situations underscores your maturity as a director.
7. Example Scenario: Transitioning from Your First to Second Board
Suppose you joined your first board role at a mid-market consumer goods company and led a crucial e-commerce expansion project. Over two years, sales grew significantly, you formed a strong bond with the PE sponsor, and you gained a reputation as a “digital transformation champion.” Now:
- Refined PVP: You shift your statement from theoretical (“I can help consumer brands go digital”) to proven (“I helped deliver a 30% uptick in online sales by orchestrating a digital strategy for a PE-backed consumer brand”).
- Network Engagement: You circle back to other PE firms you know, share your success story, and specify you’d be ideal for similar expansions or complementary brand transformations.
- Balancing Act: You confirm you have enough time for a second role, especially since your first board company is now more stable.
