Right to Win EP.5: Better Boards with Chris Hendriksen and Aaron Perrine - EP.280

Why It Matters

High‑quality boards are critical to the success of rapidly growing search‑fund ventures, directly impacting investor returns and the ability of CEOs to execute their growth strategies.

Key Takeaways

• Trust between CEOs and directors is foundational for board success.
• Search fund boom outpaces availability of experienced board directors.
• Board development program pairs emerging directors with veteran mentors.
• Norms and toolkits set clear expectations for effective governance.
• Investors commit to co‑creating high‑performing boards with entrepreneurs.

Summary

The fifth episode of the "Right to Win" series brings together Chris Hendrickson of Pacific Lake and Aaron Perrine of Trilogy to dissect how emerging search‑fund companies can build stronger boards. They explore board formation, the norms that should govern board‑CEO interactions, and practical steps for selecting directors who add real value.

A central insight is that trust—rooted in competence and availability—is the baseline for any effective board relationship. The rapid expansion of the search‑fund and ETA market has created a shortage of seasoned directors, prompting the launch of a board development program that pairs emerging directors with veteran mentors. Alongside this, the hosts have compiled a publicly shared toolkit of best‑practice norms, covering everything from meeting cadence to executive sessions, to bridge the gap between CEOs demanding more engagement and directors seeking deeper insight.

Chris highlights that “trust is competence plus reliability,” while Aaron stresses that investors will stand shoulder‑to‑shoulder with entrepreneurs to co‑create high‑performing boards. The discussion references the Stanford conference where these issues were spotlighted, and notes that the toolkit—now a living community document—offers concrete templates for board roles, lead director designations, and communication standards.

If adopted, these practices promise to elevate post‑acquisition governance, improve outcomes for search‑fund CEOs, and expand the pipeline of qualified directors. For investors, stronger boards translate into higher portfolio performance, while entrepreneurs gain the strategic oversight needed to scale successfully.

Original Description

In this episode, Alex Bridgeman is joined by Aaron Perrine and Chris Hendriksen to explore how boards can become a true competitive advantage for entrepreneurs. The conversation dives into the evolving role of boards within the ETA ecosystem, highlighting the growing demand for strong governance as the space expands. Drawing from recent industry discussions and their own experience, Aaron and Chris break down what separates high-performing boards from dysfunctional ones. They also share practical frameworks for building, managing, and evolving boards to better support CEOs over time.

They discuss:

- Why board quality and CEO relationships are declining and how to fix it

- What a high-performing board actually feels like in practice

- How to think about board composition, roles, and timing during formation

- The importance of trust, chemistry, and engagement between CEOs and directors

- Why board evolution, feedback, and executive sessions are critical for long-term success

Links:

Boardroom Toolkit - https://drive.google.com/file/d/1VQWhzrsAfNPBjJcuSNaqKiG_KpMAGfUh/view?usp=drive_link

Pacific Lake Partners - https://www.pacificlake.com/

Trilogy Search Partners - https://trilogy-search.com/

Topics:

(00:00:00) - Intro

(00:02:11) - Conference feedback and the state of Boards

(00:07:19) - What are your goals for the next year regarding Boards?

(00:12:36) - What does a well functioning board look like?

(00:18:00) - How can Searchers effectively form a board?

(00:25:27) - Best practices for forming a Board

(00:35:34) - What are the personal reasons that you’d be excited to join a board?

(00:43:20) - Recruiting new board members

(00:45:57) - Closing thoughts