An alternate universe: The small, young company board, Deloitte, July 2021
The term “best practice” is often applied to corporate governance, but to the extent that the term suggests that there is just one way of doing things, it’s of questionable value. Each company is different in terms of its history, culture, and other qualities. In particular, practices that work for larger, more mature companies may not work well (or at all) for smaller, younger companies. Accordingly, boards should adjust their practices and procedures to achieve their goals.

The Key Ingredient to Effective Virtual Annual Shareholder Meetings, Nasdaq, June 2020
Among the many consequences of the global health crisis, there has been a rapid proliferation of virtual annual shareholder meetings.  Going forward – in those states where virtual meetings are permitted – companies will have to determine whether to return to meetings with a physical component when it is safe to do so or stay with the virtual-only format. Buy-side support for virtual-only meetings will principally hinge upon one thing: transparency.

Board Composition Through An Investor’s Lens, Nasdaq, January 2020
According to Activist Insight, the majority of shareholder activist campaigns in 2019 were waged against companies with market capitalizations below $2 billion, and most of those overtures involved corporate governance issues. The moral of the story for small-cap boardroom occupants is clear: the buy-side is intent upon what you are doing, and how you are doing it.

Direct Listings Are Not a Magic Elixir, Directorship, December 2019
Forget what some capital markets neophytes on Sand Hill Rd are saying, direct listings are not a cure all.

The Case for Deregulating Small Caps, Directorship, September/October 2019
There are roughly now half the number of companies listed on the Nasdaq Stock Market and the New York Stock Exchange as there were in the mid-1990s, and there is no shortage of dire media pronouncements about what it all means. The alarmists tend to share the same economic biases, and the arguments in favor of more exchange listings gloss over some market exigencies.

Small-Cap Boards Can’t Afford to Ignore CEO Communication Skills, Directorship, July/August 2019
Seasoned small-cap fund managers are forensic observers: they parse everything they read and hear. Many have learned that small-caps are risky enough on a good day, but when the company is also run by a CEO who is a poor communicator, the risks escalate.

Top 5 Ways You Can Benefit From Your Competitor’s IPO, Nasdaq MarketInsite, June 2019
While IPOs are seminal finance and marketing events for companies transacting them, issuers that are already Nasdaq-listed can also benefit from their newly-listed competitors in five ways that are often overlooked.

Effective Storytelling Starts With Plain English, Nasdaq MarketInsite, June 2019
If your company’s storytelling acumen is high, your test subjects will quickly and accurately grasp the zeitgeist of your company.  If they struggle, it’s likely that lots of small-cap investors – many of whom are generalists – don’t sufficiently understand what your company does either.

Why Today’s Founder CEO’s Should Google Google, Directorship, May/June 2019
When 19th-century economists like Irving Fisher pioneered the concept of “highest and best use” Silicon Valley founders were facts not in evidence. Even so, the real estate term is just as applicable to how smart investors assess companies, and why founders should continually reassess their roles.

Small-Cap Takeaways From Facebook’s Year of Falling Face-First, Directorship, March/April 2019
Aside from operating fundamentals, erosion of trust with investors can happen when the company’s primary “messenger” is increasingly viewed as untrustworthy. In public companies, the messenger is usually the CEO.

A Resolution For Governance Experts, Directorship, January/February 2019
In the United States, nearly all governance thought leadership is focused on Fortune 1000 companies. The problem is that this content isn’t as applicable to the boardrooms of this country’s other 14,000 public companies as governance experts think.

What Most Small-Cap Leaders Get Wrong About Trading Volume, Small-Cap Institute, December 2018
Here are five critical concepts about trading volume that small-cap officers and directors routinely misunderstand, hurting shareholders in the process.

5 Financing Mistakes Small-Caps Make, and the Industries That Hope It Continues, Small-Cap Institute, October 2018
Though you would never know it from reading The Wall Street Journal or watching CNBC, the industry of providing growth capital to small-cap companies is larger in many years than the IPO market.

Boardroom Lessons from Theranos, Directorship, July/August 2018
If you come across a company that seems too good to be true, remember Theranos.

Uber’s Problems Should Forever Change the Way Smart Founders Think About Boards, Medium (guest post), June 18, 2018
Many founders do not realize the importance of boards, who need to bring strategy, accountability, and diversity of thought to their business. Most exemplary were the issues at companies like Uber or Theranos.

The Challenges of Small-Cap Governance, Directorship, May/June 2018
Cover Story: Here’s what you need to know before traveling the high-risk, high-reward path of small-cap company directorship.

ESG and Diversity Aren’t Buzzwords… They’re Good Business, Nasdaq MarketInsite, April 2018
Small-cap companies need to give more attention to environmental, social, and governance (ESG) policies and plan for diverse boardrooms.

Why Small-Cap Boards Should Adopt Stock Ownership Guidelines, Directorship, March/April 2018
The number of smaller public companies with SOGs for directors is comparatively small, but growing fast. Small-caps should get ahead of this curve.

Considerations for High-Growth Company Boards in the New Year, Directorship, January/February 2018
Governing pre-initial public offering (IPO) and small-cap public companies is a radically different challenge than governing enterprise-scale companies.

How Onboarding Helps Position Small-Cap Boards for Success, Directorship, November/December 2017
There is a reason every high-performing company takes director onboarding seriously: A little preparation goes a long way.

3 Reasons Small-Caps Should Actively Engage in Nasdaq’s “Revitalize” Blueprint, Nasdaq MarketInsite, October 2017
Adam Epstein, Principal at Third Creek Advisors, discusses three capital markets challenges impacting small and medium growth companies.

More Middle-Market Companies Are Adding Women to Their Boards, Directorship, September/October 2017
What’s driving some middle-market companies to appoint female board members who are neither CEOs nor CFOs? Two words: digital transformation.

Three Blunt Reasons Most People Don’t Get A Board Seat, Directorship, July/August 2017
Even well-credentialed candidates in search of their first board seats can benefit from this advice.

Avoiding Common Mistakes When Purchasing D&O Insurance, Directorship, May/June 2017
Many companies that are small-cap or pre-IPO struggle with purchasing D&O liability insurance.

Memo To Small-Cap Boards: Don’t Outsource Proxy Statements, Nasdaq MarketInsite, May 2017
It’s incumbent upon small-cap companies to communicate clearly about issues investors care most about.