11. David Rosen on the importance of boards in private companies
David Rosen has been a CEO, served in other C-suite capacities has served as a board member and is a life-long entrepreneur – and has developed a passion about the importance of boards in private companies. As a result, helped found the Boston Chapter of The Private Directors Association (PDA), a national organization whose focus is to support the owners, board directors, investors, and C -suite executives to improve their board caliber as well as the governance practices for private companies. Thanks for listening! We love our listeners! Drop us a line or give us guest suggestions here. Links http://www.linkedin.com/in/davidarosen PDA Boston Quotes “I won't start a company without creating a board almost from the beginning.” Big Ideas/Thoughts There are a lot of governance needs is on the private company side, which is why I believe the PDA is so important. There is more money on the balance sheets now, as of 2019, in private companies, then there is in public companies, while the number of publicly traded companies since the .com bubble is almost half for what it is today. The private capital formation into companies has been a tremendous driver of activity and wealth not only in this country, but worldwide I advise my clients from the beginning that they should think about board governance- after they've learned cashflow balance sheets and cost of goods sold it is time to start focus on governance issues It really behooves a board to understand the skill sets that are required for the current and long-term future of a business, which may be different from what it was three-five years ago.