Comments by "John Coogan" (@JohnCooganPlus) on "What Succession Misses" video.
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Thanks! In this scene, it’s a board meeting, so you need a board seat to attend. If you start your own company, you automatically are on the board. If you start a company with co-founders, usually each co-founder would have a board seat, but it varies. Sometimes there’s just one founder with a board seat. Over time, as you raise money, each big investor will get a board seat in exchange for leading the round. Usually co-founders who aren’t the CEO will step off the board as investors join. Facebook is a good example. Zuckerberg is the only founder left on the board, but a bunch of major investors have seats. Like Peter Thiel, who led the seed round, still sits on the board.
Shareholders meetings are different, usually these are just remote presentations and you might only vote on a single issue. Warren Buffet’s Berkshire Hathaway is unique in that anyone who owns at least one share of Class A stock (this might have changed recently) can go and physically attend their shareholder’s meeting. A great way to meet other like-minded investors! But you can’t vote to remove Warren Buffet at that shareholders meeting, because the board of directors loves him!
Does that all make sense?
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