I have recently acquired a ophthalmology / telehealth solutions company. The company was founded by an ophthalmology but that person exited from the ownership structure but remains an advocate and ambassador for the company. This person does not have any role in the company and does not meet with us on a formal basis although they are always accessible talk to.
As it stands, we have no professional medical representative in the company. So I want to form an advisory board. The advisory board I'm envisioning would be composed of ophthalmologists, optometrists, health/hospital administrators and maybe one of my contacts from the business world. I'm thinking about 4-5 people max. I already have some willing participants. We would initially meet quarterly and discuss business and product strategy. They would also help us open doors.
I've never done this before and I'm wondering about the customary practices for rewarding advisory board members. I'm sure some will elect to do this for their resume but do they also need to be compensated in some manner (flat fee per meeting, stock options...)?
Any suggestions from people who've done this sort of this would be appreciated.