Advisory boards have become a common way to bring in experts to advise a company’s management team in a non-binding manner. By creating an advisory board, many startups and private companies are able to benefit from the knowledge of others, without the formality, expense, commitments and legal responsibilities that come with appointing a director to the board of directors or hiring an executive officer.

In this post, Evan Youngstrom explains the what, why, who, when and how of advisory boards so you can determine if creating an advisory board is right for your company.

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