Board of Directors at Private Cos: Expert Insights from EisnerAmper Partner Ryan Keating

On June 23, Exec Edge hosted a fireside chat at Nasdaq MarketSite with Ryan Keating, Partner at EisnerAmper. The in-person interview was joined by Editor-in-Chief John Jannarone, and they discussed the significance of the board of directors at private companies, particularly startups. The discussion delved into the role of the board, how to prepare for it, and engage with it, among other topics.

The Importance of the Board of Directors

Ryan Keating emphasized the critical role that the board of directors plays in private companies, especially startups. He noted that while many startups focus on product development and market penetration, they often overlook the importance of having a strong board. A well-composed board can provide valuable guidance, support strategic decision-making, and ensure that the company is on the right track to achieve its goals.

The Role of the Board

The board's primary role is to act as a strategic advisor to the company's management team. It should provide guidance on critical issues such as corporate governance, risk management, and compliance. Additionally, the board should oversee the company's financial health and ensure that it is making sound financial decisions.

Preparing for and Engaging with the Board

To prepare for engaging with the board, it's essential to understand its composition and individual members' areas of expertise. Companies should also ensure that their management team is well-versed in the board's expectations and responsibilities. Effective communication is key to a successful relationship between the board and management team. Regular updates and open dialogue can help ensure that the board is well-informed and can provide valuable insights and guidance.

About Ryan Keating

Ryan Keating is a Partner in EisnerAmper's Outsource Accounting Services practice. With over 20 years of experience in venture-backed companies and large technology and management consulting firms, including Microsoft, Salomon Smith Barney, and PricewaterhouseCoopers, Ryan has advised and worked with over 120 early-stage venture capital-seeking and venture-backed companies. Prior to joining EisnerAmper, Ryan was the Founder and Managing Partner of Keating Consulting Group, a Silicon Valley-based financial professional services firm that offered interim CFO services and a full suite of accounting, HR, and back-office support services to early-stage companies and VC-backed startups.

About EisnerAmper

EisnerAmper serves clients across various industries, including sophisticated financial institutions, startups, global public firms, middle-market companies, governmental entities, high-net-worth individuals, family offices, nonprofit organizations, and entrepreneurial ventures. With offices in the US, UK, Israel, India, and other international locations, EisnerAmper provides professional services to clients with interests in financial services opportunities overseas. The firm fosters relationships with both clients and peer professionals who work together on their behalf. "EisnerAmper" is the brand name under which EisnerAmper LLP and Eisner Advisory Group LLC provide professional services.

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Watch the full interview below to learn more about the role of the board of directors in private companies and how to effectively engage with it.