By Mike Shannon
If you're a CEO, you've likely spent sleepless nights working to close that crucial round of financing. But what often gets overlooked is what comes next: the first board meeting after that deal is done. Believe me, this meeting can set the tone for your relationship with the board, and it’s one you want to get right.
In today’s article, I’ll share insights on how to approach that pivotal first board meeting, how to handle the inevitable gap between what was pitched and what’s happening on the ground, and the role of transparency in building trust with your investors.
The Reality Check After Financing
Coming off a successful financing round can feel like reaching the peak of a mountain. But in reality, that’s just the beginning. If you’ve just closed funding, especially with a high valuation, the expectations from your investors are equally high. My co-host Corey Ferengul summed it up perfectly: "You are held to what you pitch on. If you pitched it, you're held to it."
That first board meeting will often highlight the gap between what was promised and what the current numbers look like. And guess what? That’s okay. In my experience, the investors already know things might look different—they just don’t want surprises.
Preparing for the First Meeting
So how do you make sure that first board meeting goes smoothly? It all starts with preparation. I remember my own experiences being a mix of excitement and anxiety. Here are the key things I’d recommend:
Review the original pitch: Go back to the materials and numbers you presented during the financing round. This will be your baseline.
Identify discrepancies early: Be honest with yourself and your team about where you’re behind and why.
Plan the narrative: It’s not just about explaining the numbers, but also giving the board confidence in how you’re going to close any gaps. As Corey wisely advises, "The relationship you have with the investor is going to dictate how much flexibility you have to work with."
Be Transparent, But Strategic
One of the trickiest aspects of a first board meeting is balancing transparency with optimism. As Corey put it in our episode, "I’m a believer in transparency, but transparency can go too far during financing." What he means is that while honesty is essential, you don’t need to expose every single flaw right out of the gate. Focus on what matters most—what the board should be watching and how you plan to address those key areas.
Transparency also builds credibility. Investors are more likely to trust you when you’re upfront about challenges but also present clear solutions. Corey and I both believe in "dreaming big" during the fundraising stage, but you also need to be able to explain how you’ll turn those dreams into reality.
Engage the Board
Another key part of making the first meeting successful is leveraging your board members' experience and insights. It’s easy to feel like you need to present everything yourself, but remember, board meetings should be a two-way street.
Corey has seen this play out in multiple companies and reminds CEOs: "A good board meeting is a time for your people to shine." Let your leadership team get involved and present on areas where they have the most knowledge. This not only shows the strength of your team but also allows the board to engage directly with them.
Closing Thoughts
The first board meeting after a financing round is critical. It’s a moment to establish trust, clarify your plan, and open a dialogue that will support your company’s growth in the coming months. Prepare thoughtfully, communicate clearly, and use the meeting as an opportunity to build stronger relationships with your investors.
If there’s one final takeaway, it’s that no one expects perfection. Investors know that the best-laid plans don’t always unfold exactly as expected. What they do want is to see a CEO who’s honest, prepared, and capable of navigating the inevitable challenges.
-Mike Shannon
Host of Opening the C-Suite
CEO & Co-Founder at Impruve
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