Opportunity Lost – to be on a Board of Directors

November 7, 2008
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The above picture is what the vast majority of Boards (especially FI boards) look like today. White, male, over-50. That’s a problem. How do you expect some perspective with a board like that? How can you expect to cater to upcoming generations?

With that being said, I have recently been looking around for a board to be on for either a bank or a credit union. I didn’t care which as long as it was a place I could make a difference and the institution wanted my feedback (for better or worse).

To my surprise, I was offered that opportunity a month ago by a credit union that was small but growing and wanting to take a chance on me. I’m humbled by that. Needless to say, I was excited and to ensure proper consideration was done my last hurdle was my clients. I didn’t want to do anything that hurt our relationship so I sent out this email to my top 10 clients asking them for their opinions:

Hi XXXXX,

I wanted to take a couple minutes of your time to ask an important question for you as a client of The Garland Group. I have been positioning lately to get on a Board of Directors (for either a bank or credit union) to help an institution grow its member base by helping them understanding the strategies of Web usage and the affinity the Gen X/Y’s of the world have for it and expect from the bank or CU. Boards are inherently older and out of touch with a lot of these issues and I want to be that ‘fresh blood’ for them.

With that said, I’m curious if you would have any problems with me being on a bank or credit union board at all? I would put a line in the sand and not offer our compliance services to them but I wanted to see if you, as a client of ours, had any issue with it? I wanted to approach you open and honestly and would hope for the same candor in return. Thanks for your opinion in regards to this, let me know when you can!

Some responded by saying things like “That’s your business, go for it!” but the majority had an issue with it. And I can understand their viewpoint. Their concern was that I would no longer have an unbiased, objective opinion and that it could hindered what services we currently offer them and they could no longer be a client of ours. Again, I understand their viewpoint so I, unfortunately, had to turn the position down.

I hope to find some other boards, in other areas, that I could be of use as I believe we still have the same problem no matter the industry. So as I continue my search if you are looking to put your mark on a Board, holler at me, I’d love to be able to help you.

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  • ruideorry
    Nothing seems to be easier than seeing someone whom you can help but not helping.
    I suggest we start giving it a try. Give love to the ones that need it.
    God will appreciate it.
  • @Doug - Thanks for the offer (I maybe contacting you). I had a question for you that I wanted you to expand on (back on the blog if you could for everyone's benefit).

    What did you mean that technology is a burden for your CU? In what ways? Figuring out what's out there or how to implement/choose from what is? Do you feel you're limited due to your size or geography?

    Let us know! Your perspective is an interesting one to have!
  • Brad,

    It's really hard for me to understand why any client would not want you to expose yourself to this industry in a direct way. WOW! I would almost be willing to beg you to serve on our board of directors. Do you think you could serve in an advisory board capacity? We are located in Mississippi, $22 million in assets, 15 employees, 2 offices. Technology is a great burden for us on any given day.

    Currently, I'm trying to open a personal website and I find even that difficult. I feel any credit union having someone such as you serving on a board or an advisory board would be incredible. I hope you find what you're looking for and if you're ever interested in us, feel free to hit me up.
  • @Andy - I obviously agree with you. I would also argue that everything is some form or fashion whether for "fun" or "work" bleeds into every decision you make so every person is affected by their customers, vendors at all times.

    Unfortunately, either way, our company couldn't lose that cash flow for me to take a volunteer position...it would not only affect me, it would affect my employees.
  • @Janine - Thank you, that means a lot to me. I would definitely be interested in a school board. Our company is all about opening channels for education. Seems like a good fit!
  • Andy
    I think your clients were foolish and short sighted in their reaction. Having founded a company that served thousands of banks and credit unions my previous business ended up under regulatory scrutiny. The lessons learned from walking the walk were invaluable. It doesn't matter how many organizations you've helped, subtle dynamics unveil themselves when you get inside of an institution. By serving on a board you could both provide them the insight you suggest, but critically gain insight into the problems Garland Group endeavors to solve on a daily basis and provide your clients with better service. Given the strict code that one must employ when serving in a board capacity to act as a responsible steward of that institution on behalf of all members/shareholders, I hope that your clients trust in your character and reconsider their reaction.
  • I applaud the way you handled this, even though the results make me sad. A transparent, high road will always serve you well. Our industry's loss.

    I have no doubt the right opportunity will present itself. Perhaps a school board or a charitable organization will provide the perfect opportunity.
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