I’m flying out to Michigan this morning for a board meeting at ‘SmallCorp’. It’s a trip I’ve made many times over the last 9 years.
‘SmallCorp’ is an automotive industry supplier with thousands of employees and operations in 11 countries. They are only small in comparison to some of the giant MegaCorps I worked directly for over the course of my career.
Related (2015) – MegaCorp & SmallCorp
This will be a BIG board meeting on a couple of levels. First, the company is celebrating it’s 50th Anniversary. That’s a huge accomplishment and one that deserves a huge celebration which is planned for next month.
Second, it will likely be my final meeting at the company – as I have just given formal notice of my resignation at the end of my current term. At the close of 2024, I will have completed 3 terms of 3 years each.
Related (2020): Board Trip To SmallCorp
I’m a bit wistful about leaving the board. It’s a small group of very smart, strategic thinkers who are charged with charting the best course for the company. Every trip to Michigan is like meeting up with old friends. We have a dinner, talk business (and politics), and review the company’s strategy.
We have faced a lot over the last 9 years … the global pandemic, industry shift to EVs, the chip shortage / supply chain challenges, and the UAW strike. The board has also seen the passing of three esteemed directors & shareholders – including two of it’s founding family members. Given everything we’ve faced, I’m proud that the company is bigger, stronger, and more innovative than it was at my first meeting back in 2015. They have earned a big 50th Anniversary party!
In some ways, I feel like I am retiring early all over again. While having a board role is quite different than having a job, like a job – you are always thinking about the issues & priorities. It is going to feel quite different not having that going on in the back of my mind.
Related (2020): Board Meeting Busy Time
In addition to resigning this board seat, I left the Big 10 University MBA board I was on last year, and just left the chairmanship of our metro zoo. I decided a couple years ago that 2024 would be the end of my formal board work … and here I am.
I recently spoke with the recruiter who helped placed me on the SmallCorp board 9 years ago and he was quite surprised that I was calling it quits from board work at age 58. He was just as surprised 8 years ago when I walked away from MegaCorp and made my FIRE escape. I was proud when he said to me, “You are a unique guy – a real original – many people talk about retiring early and living the good life, but almost no one actually does it. Good for you!”
What commitments / formal roles have you recently given up? What are you thinking of leaving?
Image: Fotor AI Image
MrFireStation 
Ditching my HOA board ASAP!
I am interested in corporate boards, however, you mentioned a recruiter, do you have any suggestions of places to look for recruiters to join corporate boards? I have a variety of nonprofit charity boards in the past.
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I have friends that have served on HOA boards and I know that can be difficult. It’s important that neighborhoods are run well – but everyone has a different vision & wants to let you know when you are out walking your dog!
Corporate board roles are paid ‘jobs’ so there are recruiters, just like there is for executive search. Sarbanes-Oxley put a lot of requirements on board appointments for public companies to ensure directors are fully qualified. Russell Reynolds has the biggest, national board search practice that I am aware of.
The recruiter that reached out to me 9 years ago, belongs to the PDA – Private Directors Association, which serves privately held companies. You can join PDA as a prospective Director and learn about roles that member companies are searching for.
Hope that helps!
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One interesting aspect of retirement is that it is unique to each individual. I find myself in year five of retirement busier with work than ever in that time. I don’t do any marketing besides speaking at a conference once every 18 months or so. My “work” doesn’t have heavy deadlines and I only take what interests me.
I applaud you for stepping down from a paid Board position. I actually think that it is healthy for an organization to have rotation among the board and ten years is enough tenure, unless the person owns or controls a large amount of shares.
I am actually going onto the board of my HOA next month. There are 111 units in our six story condo building. I tend to think these positions should be filled by young people to learn the soft skills for their career. In my HOA case many owners are from places where rental living is the norm. I won’t be the oldest on the board, but I will be one of the few who has owned and maintained a house and worked in municipal government so that helps. I also recognize that this 15 year old building is at an expected stage of life from the standpoint of a developer having used materials and mechanical components which were designed to last for the period of time that they were responsible for repairs and replacements.
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I completely agree with you on board rotation. For me, nine years was plenty. There wasn’t much I would say in a meeting that I hadn’t already said before!
It sounds like you have a terrific background for an HOA board. Similarly, the board of the condo association where we bought in Florida has very experienced people. Understanding the engineering / mechanic side and the financial side is key.
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Condos in Florida are showing up in the news lately, because many are having to pay the piper to catch on on deferred maintenance. Florida is really on top of this now because of the Surfside Condo collapse. A good HOA that understands engineering and construction is critical. Sounds like you have a good one.
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Klaus, you have no idea how many questions I was asked after the Surfside Condo collapse if that could happen to our six-story building. Many explanations concerning age of structure (Surfside I think 60 years) versus 2009, Salt water versus low humidity, deferred maintenance vs. attention to detail.
As critical as I am concerning governmental intrusion into life, maintaining condo structures is a good regulation. California requires inspections of major structural and mechanical systems periodically. They also require financial studies for funding obligations. Most condo owners bristle over increases in HOA fees and think like apartment renters. Proper maintenance and funding needed maintenance is essential to the long-term health and value of a building. Note that this did not happen in the Surfside Condo debacle. That collapse was predictable.
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… a lot of them were built in a rush. Still 7K people moving to Florida every week (2023). That doesn’t include part time snowbirds like us that still have residency somewhere else.
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I am simpatico with your comment. I hate government intrusion as well. This all gets back to having technically proficient people on the board who understand property management and maintenance. One would imagine that communication would also be key, so that the owners understand what they are paying for and why.
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