If you're going to have a board, get ready to open your books, strategy and management to serious scrutiny. If we make the time to be at your company and listen to your problems, we expect you to make the same commitment. That means giving us the information well in advance so that we have the time to review it. And if playground equipment we make suggestions, we don't expect to be blown off.

"If you're not willing to listen to input from other experts or peers, then don't bother wasting everyone's time," says Gleason. "That's why directors resign."

Oh, we expect to be paid for the effort too. In cash. And perhaps a bit of equity. The largest public companies pay their board members up to $200,000 a year. Those at a smaller, privately held company might settle for 5% to 10% of that amount, depending on the size of the operation. And don't forget to pick up the tab for the inflatable bouncers directors and officers insurance too.

Not getting what you're paying for and want to give us the boot? You'll need a majority vote among the remaining board members to do it, so you best choose wisely. (Hint: Bringing on people you actually like helps a lot.)

If you want the benefits of a brain trust without the attendant hassles, you may want to create a board of advisers. Directors and advisers can perform the same functions, while advisers don't require the same legal standing and compensation. For more on this, check out "How To Set Up An Advisory Board."

Gene Marks is owner of Marks Group, a technology consulting firm, and game machines author of The Streetwise Small Business Book of Lists.

Received wisdom says entrepreneurs--control freaks by nature--should assemble a trusted, independent board of directors who can lend valuable strategic perspective; connect business owners with vendors, partners and lenders; and help craft effective compensation structures and internal controls.

I have the honor of sitting on wholesale akoya pearl a few boards, and working with those who sit on them, and I've got news for you: Boards aren't all they're cracked up to be.
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"People told me a good board would help me manage my business--bad advice," says one of my clients who prefers not to be named here. "It's been nothing but a large pain in the butt."

You'd think Peter Gleason, managing director of white akoya pearl the National Association of Corporate Directors would beg to differ about the merits of having a board. "It's definitely not for everyone," he admits.

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Publicly held companies are required to akoya pearl necklace have a board of directories, ostensibly to protect the rights of shareholders. (We know how that has worked out for the likes of Enron, Merrill Lynch and host of errant names in recent years.) Privately held firms often have no such mandate (some states require it), though they are being encouraged to join the band.