Board Director | Advisory Board Member

My name is Larry Putterman. I’m a successful entrepreneur who specializes in helping other business owners improve their company’s growth and stability.

Do you need an Independent Board Director who can help your company grow?

As a board director and advisory board member, I have helped organizations in many industries achieve stellar success. To learn how, watch my powerful three-minute video. Below are my 4 top Board blog posts.

Does your company need Fresh Eyes?

Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution. I will work with you to look at where you want to go and help you find the best way to get there.

My Most Recent Articles

How Selling My Company Made Me A Better Board Director

How Selling My Company Made Me A Better Board Director

I have had many experiences that have helped me become a better board director, business leader, and advisor. One of the most important was selling our business to a public company. Selling a business to a public company is like being in a room with an 800-pound gorilla. They have more resources, more lawyers, and more staff than you have.

The general partner of an M&A firm was on our board, so we were ready to go when we received the offer. We set up a secure data room for all documents. The company was a synergistic buyer. It necessitated the coding of sensitive information such as customer data, etc. The more information we provided, the more they wanted. They threatened to walk away several times, and we thought about ending the negotiations many times. You need a good M&A firm to get you through these low periods. The process seemed endless, but we successfully got the deal done. A lesson learned is to hire a great team of advisors. It can be expensive but is always well worth it.

I recommend the following:

1. Insist that your M&A firm find other buyers. The best situation for the seller is to have a bidding war.

2. Conduct due diligence on the buying company. It is important to know everything about the buyer, especially if you intend to stay with the company or have contingencies.

3. Get a deal where most or all of the cash is upfront. You have to be happy with the cash you get when the deal closes. Any contingencies based on sales and customer retention may sound good initially, but may not happen. And, if you take stock, the stock may go down before you can sell it.

The most important advice I can give is: Selling your company is stressful, and you should make sure you understand and agree with everything in the final agreement before you sign on the dotted line.

What other recommendations can you give?

For more on boards, read my article: 6 Reasons Why Every Board Needs “Fresh Eyes”

P.S. – Do you need an Outside Director, Advisory Board Member, Trusted Advisor, or Interim CEO?  Someone who can help you see your business and your goals through “Fresh Eyes.”  Contact me and I will work with you to look at where you want to go and help you find the best way to get there.  Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.

What Companies Miss When It Comes to Cybersecurity

What Companies Miss When It Comes to Cybersecurity

As a board director with cybersecurity experience, I always advise a company that no matter what they do the company will be hacked.

Gartner research suggests that 60% of companies that lose their data are not in business after five years and according to the U.S. Cyber Security Alliance, 60 percent of small companies that suffer a cyberattack are out of business within 6 months.

A company must decide the data that they must protect and the data that they want to protect. The cost is usually prohibitive to protect all the company data. Depending on the size of the company, each company will take a different approach. The common denominator is: All companies must have a cybersecurity policy and all employees from the receptionist to the C-Suite executive team must be trained in this policy.

Here are a few questions for management to ponder:

  • Do you know what information you need or want to protect?
  • Is your data not only archived, but also organized for rapid retrieval?
  • What is the relationship between onsite and backups or cloud-managed data?
  • Do you have a data security plan and policy?
  • Are all employees trained and continue to be trained in this policy?
  • What happens if your customer’s data is compromised?
  • Do you have the proper in-house staff and outside consultants? (PR, Lawyer, technical personnel in case of attacks)
  • Does your company practice what to do if hacked? (like a fire drill)
  • Does your company have proper backup procedures?
  • How long would it take to get back up and running after being hacked?
  • Does your company try to restore its data at least once a year? (This can be done through a simulation.)

Obviously, the better handle you get on all of your data and the systems and people that manage this data, the better off you will be in the event of a cyberattack, data breach, or hardware or software malfunction.

What questions are still unanswered in your company?

For more on preventing cybercrime, read my article: 8 Strategies for Dealing with Cyber Risks

P.S. – Do you need an Outside Director, Advisory Board Member, Trusted Advisor,  or Interim CEO?  Someone who can help you see your business and your goals through “Fresh Eyes.”  Contact me and I will work with you to look at where you want to go and help you find the best way to get there.  Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.

9 Reasons to Hire an Interim CEO

9 Reasons to Hire an Interim CEO

A company without a CEO can flounder and crash. Companies that lack CEO leadership are like a ship without a rudder.   An Interim CEO fills this leadership gap. An Interim CEO is an individual who is temporarily chosen to act as CEO and fills the gap between a CEO...

Working with Dad: 13 Rules for Success

Working with Dad: 13 Rules for Success

Working with your Dad in a family business can be the best decision you have ever made or the worst experience of your life.For a successful relationship, both parties need to put their egos aside and think about what’s best for the company.For me, it was the best...

7 Ways Outside Directors Benefit Private And Family Businesses

7 Ways Outside Directors Benefit Private And Family Businesses

Boards without outside directors do not make objective decisions. Boards need outside directors to see all sides of a problem and find the best solution.Outside directors bring incredible value with their “fresh eyes.”I believe boards that have not brought somebody...

Why Business Survival Demands Disruptive Innovation

Why Business Survival Demands Disruptive Innovation

“Disruptive innovation leads to the creative destruction of businesses that once seemed pre-eminent and secure.”  Steven Blank Disruptive innovation is creating new products or services that did not exist before.  The innovation creates a new market that disrupts an...

I worked with Larry as he built and then sold Safedata. Larry’s successful leadership was grounded in disciplined objectivity and a broad skill set. Larry recognizes no two businesses are alike, but good corporate governance (action plans and accountability) is an essential ingredient to success.

Peter Dorsey

President, The Business Development Company

Larry is a strategic leader who manages for results. We worked together on a marketing campaign for his company where he drove innovating thinking and consist improvement in the campaign. He was able to quickly grasp the nuances of online marketing and work with the team to deliver results, while maintaining a strategic focus.

David Reske

Founder & President, Nowspeed, Inc.

Larry brought his analytical approach to every aspect of the business. After carefully observing the sales team in action [and] current marketing materials, he put in place a carefully crafted, highly effective marketing program that drove fully qualified leads to the sales team, essentially transforming the sales process. I highly recommend Larry and would be honored to work with him again in the future.

Joann White

Manager, Client and Broker Relationship Systems, FM Global

Larry has been an advisor to our Company for the past 6 months. During this time he has provided actionable advice on Business Strategy, Business Operations, and Marketing. The advice and suggestions provided led directly to improvements in our accounts receivable operations and were incorporated into our customer outreach strategy. Larry is approachable, has always made himself readily available, and brings years of business experience to every conversation.

Tim Chapin

Founder & CTO, CDC Software

How Savvy A Leader Are You?
Do you wonder if your skills as a leader
can truly take your business to the next level?
Do you wonder if your skills as a leader can truly take your business to the next level?

Board Director | Advisory Board Member

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