Liza and Amit’s meetings started off as informal chats, but Liza has become increasingly impressed with his progress.
Amit has recruited more staff and taken on projects for larger clients, leading Liza to see investment potential. She’s taken on a more formal advisor role in return for a share in the business if it reaches a certain turnover.
However, Liza realises that Amit’s business is rapidly expanding to the point where he needs more specialised advice. She knows a growing business needs advisors with expertise in finance, marketing and risk management. Setting up an advisory board seems like the best option.
She suggests a couple of contacts from her network who are interested in becoming advisors too.
Amit can’t afford to pay the advisors at this stage, but for now both are happy to give time and advice for free.
They’re keen to see Amit’s work succeed, and they know Amit’s skills may be useful to them in future. In time, he may be able to repay them in kind.