Kathy MurrayBiz Growth Exec-Angel Investor-Advisor

An experienced and creative business growth executive, angel investor, and consultant. She is currently Chair of Executive Forum, President of Harvard Business School Women's Association of NY and Founder of McMorran Strategists, LLC. Earlier, my senior management positions were at PwC, Aetna and FARO.

Recent Answers

Introverts can be the best sales people...because selling is a process and as long as you follow the steps, you can sell. It is just learning the steps, creating your "pitch" and then, doing it over and over again. The "pitch" can be via social media so it can be done from the quiet of your home or office...

Deliver what you promise...whether it is in your business or personal life. Everyone can "talk"; everyone has "ideas" - the unique person is the one who can execute.

The number one business book to work through is "Seven Habits of Highly Effective People" by Stephen Covey...It is so basic. Read it over 6-7 months...doing the exercises at the end of each chapter. And if you read it in the past, re-read it. The book is all about how to lead a balanced and successful life.

Compensating an advisor can take a variety of directions. It is always best to have an agreement with an advisory board member...even if it a one-pager outlining the roles & responsibilities of the Advisor and the firm. Popular compensation models:
1. Equity - in the form of warrants that vest over time...allows time to show that the Advisor can add value. Generally 1% or less.
2. Compensation - A fee that is based on per meeting or other event...again based on some value-add activity.
3. Mentorship - Some individuals do just want to provide advice...would still be clear about the role they play as free advice may or may not be helpful.
4. Angel Investor - A number of angels making an investment in your firm will be interested in being an advisory board member.
5. Regardless, you should compensate the individual for reasonable travel expenses for meetings and business development .

Selecting and compensating an Advisory Board member is the same process as selecting and any one on your team - handle it with care and respect!

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