A fellow who's really experienced and recognized in an industry and role critical to our company's market has approached us offering his help. We would certainly welcome his input and, if he was willing and we had the money, would hire him as an executive-level employee. Discussions are early, but it's clear that we can't afford him at his going rate, so we're talking to him about coming on as a board member. He has asked us a number of questions about "formalizing" the relationship, and suggested a relationship that sounds more like a consulting project than a volunteer advisory role (let's be candid, a board spot can be hugely important for the company, but often pays little in tangible benefits to the board member -- it's a volunteer position).
MY QUESTION OR ASK: who should be on the board and who should be project-based consultants? Has anyone else grappled with this dilemma and how did they work through it? I would love to hear how people addressed the compensation side of this question as well.