Four friends equally invested in a real-estate development with five other investors. One of the four friend, was voted to be on the board and a Small committee, due to his knowledge and added value in the development of the deal. However, today the three other friends are not getting enough information from him, and feel out of the deal. We have approached him several times, to be more open and to include us in the communications, where it does not happen. What should would you do?
Yes because he is representing your interest on the board.
What your friend is doing may or may not be intentional. It may be that he is just not good at it. In fact, without more information, I would hazard a guess that this is the most likely cause of the problem.
I would tell him that you want to start rotating the position periodically to determine which of you are best able to do the communication part of the job.
And you want to do the first rotation starting the next meeting.
Thank you for the feed back. I have actually passed it on to my other 2 partners and the rotation idea is Key, and elegant, and beneficial to all.
I would implement an internal audit process for all the investors in your company. This should include a weekly communication plan and risk assessment plan that incorporates specific, measurable, achievable, relevant and time bound information on a consistent basis.