With a clear Personal Value Proposition (PVP) in hand, the next step is identifying the specific companies where you could meaningfully serve as a board member. Developing a target list of firms helps you focus your search, organize your networking efforts, and communicate clearly to potential connectors what kinds of organizations you’re looking to join.
1. Why Create a Target List?
- Clarifies Your Search: Rather than casting an overly wide net, you direct your efforts toward companies that align with your expertise and interests.
- Enhances Networking Conversations: Presenting a well-thought-out list of target companies helps others understand your objectives and potentially offer introductions or additional leads.
- Sets a Tangible Goal: A list of specific companies allows you to track progress and measure the effectiveness of your outreach over time.
While it’s not guaranteed you’ll find a board seat with a firm on your list, having it increases your likelihood of connecting with the right opportunities—and signals seriousness and clarity about where you can add the most value.
2. Building Your Long List
Initially, cast a wide net of all potential companies that match your PVP. Brainstorm liberally, then refine later. Here’s how you might start:
Industry Alignment
- Look at public lists of companies in your sector: trade association directories, Fortune or Inc. rankings, and specialized industry publications.
- Review private equity portfolios in that sector, or companies that have recently received investment and might be seeking board-level experts.
Company Size and Stage
- Narrow down by revenue range (e.g., $50–500M if you have mid-market experience) or employee count.
- Decide if your strengths fit best with early-stage growth companies or mature ones seeking operational improvements or turnarounds.
Geographic Footprint
- If your PVP hinges on international expansion, target firms looking to enter or scale in your region of expertise.
- Consider local proximity if you prefer in-person engagement, or confirm they typically hold virtual board meetings if distance is a factor.
Recent News and Signals
- Track relevant M&A activity, new product launches, or expansions. Companies undergoing transformations often seek fresh board talent.
- Investigate any significant leadership changes or recent funding rounds—these can also trigger board composition shifts.
Collate these initial findings into an Excel spreadsheet or CRM tool, noting basic details: industry, location, size, ownership structure, key contacts, and reason for inclusion.
3. Suggested Filters to Narrow the List
After building a broad list, apply filters to prioritize the companies where you see the strongest potential fit:
- Alignment with Your PVP: Do they exactly match the profile you highlighted? For instance, if you offer supply chain optimization for industrial manufacturing, remove software firms or consumer goods companies that are too far outside your scope.
- Growth or Strategic Challenges: Identify signs the company faces the kind of strategic problems you excel at solving.
Examples:
A manufacturing company publicizing their push into new global markets.
A healthcare provider announcing heavy investments in technology.
- Recent Ownership or Financing Changes: PE-backed organizations may be more likely to refresh their boards. If you spot a firm in a portfolio of a private equity sponsor you know, it’s a potential target.
- Cultural Fit: If the company’s values, business model, or leadership style clash with your approach, it might not be a fulfilling experience. Clarity about culture can come from company mission statements, public interviews of executives, and anecdotal information from insiders.
- Board Composition Gaps: Try to glean from company press releases or leadership bios if they might be missing expertise in your domain. If you see a board with minimal digital or geographic diversity, for instance, there could be an opening for your skill set.
- Accessibility: It may be realistic to look for companies where you have some direct or second-degree connections. If you have zero pathways in, it’s still okay to keep them on the list—but weigh your time accordingly.
4. Using the List in Networking Conversations
When meeting with mentors, colleagues, or new contacts, share this target list (or a subset) and ask: “What do you think of this list?”
Why This Question Works
- Open-Ended Approach: You’re not pressuring them to introduce you right away; you’re seeking their perspective. This non-intrusive tactic often sparks more genuine offers of help or alternative suggestions.
- Invites Additional Ideas: They might say, “If you like Company A, you should also consider Company B,” or point out that “Company C is going through a big transformation—you’d be perfect for that.”
- Demonstrates Seriousness: Having a written or well-articulated list shows you’ve done your homework and are not just casually fishing for random referrals.
Potential Outcomes
- Introductions Offered: If they have direct ties to a specific firm on your list, they may proactively offer an introduction.
- Refining the List: They might add companies or remove ones that aren’t a good match, helping you refine your target further.
- Insider Insights: Sometimes, your contact knows insider happenings (e.g., “Company D is about to merge,” or “That firm just replaced its CEO—might be needing new board expertise.”).
5. Realistic Expectations and Flexibility
- Long-Term Approach: Landing a board seat with a specific target company isn’t always immediate. The position must open up, and the timing has to align with the company’s strategy.
- Embrace Adjacent Opportunities: While you may set out to join one of these named firms, your networking or updated references might lead you to a similar enterprise that wasn’t initially on your radar.
- Frequent Updates: Update or expand your list as industries evolve and your own experiences shift. A dynamic list ensures you remain responsive to market signals and new relationships you forge.
6. Example Scenario: Building a Sample List
A prospective director with a PVP focusing on digital transformation for mid-market consumer brands might create a list of 15–25 companies with $100–500M in annual revenue, known for strong consumer-facing products but lacking robust e-commerce channels. Using trade association databases, LinkedIn searches, and investor news, they compile:
- Company A – recently raised PE funds, publicly discussing a new e-commerce launch.
- Company B – had strong brick-and-mortar presence, rumored to be pivoting online.
- Company C – acquisitions by a PE sponsor who often reshuffles boards soon after.
… and so on.
They take this list into networking meetings and ask for thoughts. Some contacts might add names of emerging brands, or let them know that Company D just hired a new CTO and might soon look for digital-savvy board members.
7. Practical Steps
- Research in Batches: Spend a few dedicated sessions researching 10–20 companies each time. Aim for a consistent method of capturing data to compare them effectively.
- Manage the Data: Use simple spreadsheets or project management tools to track key points: company name, industry focus, approximate revenue, ownership info, known contacts, next steps.
- Engage Regularly: Every month or two, revisit your list. What new information do you have? Can any contact supply an update on those organizations?
- Refine Based on Feedback: As you share the list in conversations, revise it. If multiple people mention a firm you hadn’t considered, investigate and possibly add it. If a company from your list no longer fits (e.g., they changed direction or were acquired), remove them.
