Why Private Companies Are the Smart Path to the Boardroom, with Peter Herschend
For-profit private companies are often overlooked by aspiring directors. But they shouldn’t be, explains Peter Herschend.
Most people seeking a paid board role focus on public companies.
But they’re missing a much bigger market: private for-profit companies.
There are less than 4,000 public companies on U.S. stock exchanges. But there’s a multiple of that in the private space.
Many of the large private companies operate with the same rigor as their public peers. And the board compensation can be just as lucrative. But you can be spared many of the headaches and litigation risks associated with public companies.
In today’s episode, we’re diving into this space. Peter Herschend is the co-founder of Herscend Family Entertainment. This is a large organization with 11,000 employees. And it’s run in the same best-practice vein as a public entity.
Peter shares not only the particulars of how a private company is run but the standards every company should follow when selecting board members. We hear how Peter’s firm selects board members. This is great advice for anyone thinking about how to position themselves for a private company board role.
If you’re an aspiring director, you’re much more likely to land your first paid board seat with a private company. So let’s dive into the episode and hear Peter’s practical advice.
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