"I would love to get involved as a board member."
A lot of successful people love the idea of sitting on the boards. You get to advise, get involved, engage in strategic quandaries; without the burden of leadership (sponsor/chairman/CEO/W-2 executive). Being a board member is viewed as fun & gratifying.
The easiest way to get invited onto a board is through investing in the company. Upon investing, you can ask for or even require a board position.
There are two types of board members:
(1) Lead/anchor investors (>>$1m), who are on the board to steward and oversee their investment. They're usually not compensated (the stock performance is sufficient incentive and compensation!).
(2) Independent board members, who are solicited for their expertise / track record / etc. These board members usually participate as small investors ($50-200k) as skin in the game, and typically receive a compensation (~$3k/mtg + stock options).
If your goal is to be considered as a compensated, independent board member: invest, request a board seat, and suggest your comp. An attractive board member is someone who can not only help the company post-closing, but someone who has a profile that helps elevate the sponsor's pitch pre-closing to the seller, prospective investors, and other stakeholders.
Successful personal branding means forming a distinct, strong & memorable identity. If you're on expert on something, then you're a great board candidate for deals that fit that bill, and you become value-additive in two ways: as smart investor money and as an advisor.
