Given the breadth of Company Sizes Represented Here...

I'm involved with three companies (all small cap public companies) with sales between $75 and $300 million. We have 5 directors each of these Boards. When a company work well and you have the right executive team, the Board acts like a sounding board for the executives and discussion focuses on strategy and ways to enhance shareholder value. When the company struggles, the Board can easily get bogged down in challenging management to manage the business better. It's amazing how many companies are poorly managed. If executive are talking strategy before their internal house is in order, that is never a good sign. Finding the right board members to sort out what type of company you've got and how they can best contribute is the key.

I like your distinction between the BOD and BOA Wayne. I have typically worked with companies under $30M and more often than not, the successful ones are the ones that have at least a BOA. I feel, if done right, a BOA can add much needed knowledge and accountability to the management/owners of the business.

Therefore, from my experiences, I would recommend that a company at least forms a BOA when they are between $8M to $10M in annual revenues.