Boards of Advisors in Small Businesses

Cover Letter

James L. Beam 
Chairman of the Board 
Kentuck Distilleries 
1442 Loop Road 

Dear Mr. Beam: 

The purpose of this letter is to request your participation in a research study that examines the use of a Board of Advisors by small and medium sized businesses. The enclosed survey is intended to gather information about the use and effectiveness of a Board of Advisors. Results of the study will be the basis of a paper that my colleagues and I will submit to a journal such as The Small Business Journal. 

In contrast to an organization's permanent Board of Directors, which establish policy and manage the corporation's affair on behalf of the shareholders, a Board of Advisors is created to provide advice and counsel on any number of issues to the President/CEO and senior management. A Board of Advisors provides essential expertise or critical analysis that might not otherwise be available to the organization. Management can choose either to accept or reject the recommendations/advice of a Board of Advisors whereas management must adhere to the decisions of a Board of Directors. 

Your participation in this research project will require no more than 15 minutes of your time to complete the questionnaire. The success of the study depends upon achieving as high a response rate as possible. I would appreciate your attention to this matter and the return of the completed survey in the enclosed self-addressed stamped envelope. Please be assured that your participation in this study is completely confidential. 

Thank you for your cooperation and participation in this study. If you desire a copy of the results of this study, please enclose a note with your return correspondence. If you have any questions regarding this project, please feel free to contact me by e-mail at 6320akersm@vms.csd.mu.edu or by phone at (414) 288-1453. 

Sincerely, 

Michael D. Akers, Ph.D., CPA, CIA, CMA, CFE 
Associate Professor and Charles T. Horngren Professor of Accounting