Citizens JMP Reaffirms Their Buy Rating on Pegasystems (PEGA)
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According to TipRanks, Walravens is a 5-star analyst with an average return of 8.5% and a 51.34% success rate. Walravens covers the Technology sector, focusing on stocks such as Salesforce, NICE, and Oracle.
In addition to Citizens JMP, Pegasystems also received a Buy from William Blair's Jake Roberge in a report issued yesterday. However, on the same day, Barclays maintained a Hold rating on Pegasystems (NASDAQ: PEGA).
PEGA market cap is currently $8.72B and has a P/E ratio of 49.52.
Based on the recent corporate insider activity of 148 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PEGA in relation to earlier this year. Last month, John Gerard Higgins, the Chief, Client &Partner Success of PEGA sold 11,830.00 shares for a total of $1,209,380.90.
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Frontdoor Announces Second-Quarter 2025 Financial Results
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Frontdoor, Inc. (NASDAQ: FTDR), the nation's leading provider of home warranties, today announced its second-quarter 2025 results. Second-Quarter 2025 Summary Revenue increased 14% to $617 million; comprised of a 2% increase from price and a 12% increase from higher volume primarily driven by the 2-10 acquisition Gross profit margin increased 130 basis points to a second-quarter record of 58% Net Income and Diluted Earnings Per Share increased 21% to $111 million and 26% to $1.48, respectively Adjusted EBITDA (1) increased 26% to $199 million Share repurchases totaled $150 million YTD through July 2025 Updated Full-Year 2025 Outlook Increasing revenue range to $2.055 billion to $2.075 billion Increasing gross profit margin range to 55% to 56% Increasing Adjusted EBITDA (2) range to $530 million to $550 million 'Frontdoor continues to perform exceptionally well, and we delivered another quarter of outstanding financial performance," said Chairman and Chief Executive Officer Bill Cobb. 'We organically grew Direct-to-Consumer member count 9%, we are successfully scaling non-warranty revenue and the 2-10 integration is ahead of schedule. In short, we are delivering on our strategic objectives and continue to position the business for future success." "We generated nearly $200 million in Adjusted EBITDA in the second quarter of 2025, underpinned by excellent operational execution supporting our margin structure," said Chief Financial Officer Jessica Ross. 'With strong first half results combined with increasing confidence in the second half, we are raising our full-year outlook and returning record amounts of cash to shareholders through share repurchases." Second-Quarter 2025 Results Revenue increased 14% to $617 million and was comprised of a 2% increase from price and a 12% increase from higher volume, primarily driven by the 2-10 acquisition. Renewal revenue increased 9% due to the impact of the 2-10 acquisition and higher price realization, partially offset by lower volume; Real estate revenue increased 21% due to the impact of the 2-10 acquisition; Direct-to-consumer revenue increased 12% due to the impact of the 2-10 acquisition and higher volume, partially offset by lower price from our discounting strategy to drive new home warranty member growth; and Other revenue increased 63% due to the growth of the New HVAC and Moen Programs and the addition of New Home Structural Warranty revenue. Period-over-Period Net Income and Adjusted EBITDA (1) Bridge (In millions) Net Income Adjusted EBITDA Three Months Ended June 30, 2024 $ 92 $ 158 Impact of change in revenue 51 51 Contract claims costs (1 ) (1 ) Sales and marketing costs 3 3 Customer service costs (2 ) (2 ) Stock-based compensation expense (2 ) — Acquisition-related costs 4 — Other general and administrative costs (9 ) (9 ) Depreciation and amortization expense (12 ) — Restructuring charges 1 — Interest expense (10 ) — Interest and net investment income (1 ) — Provision for income taxes (4 ) — Three Months Ended June 30, 2025 $ 111 $ 199 Expand Second-quarter 2025 Net Income increased 21% to $111 million and second-quarter 2025 Adjusted EBITDA (1) increased 26% to $199 million. The table above shows the change versus the prior-year period, and includes: $51 million from higher revenue conversion (3). $1 million of higher contract claims costs (4), excluding the impact of claims costs related to the change in revenue. The increase in contract claims costs primarily reflects: Low-single-digit cost inflation across our contractor network, replacement parts and equipment; A lower number of service requests per customer, primarily driven by $5 million of favorable weather; and Favorable claims cost development of $4 million, compared to a $5 million favorable claims cost development in the second quarter of 2024. $3 million of lower sales & marketing costs, primarily due to timing. Changes in customer service costs, acquisition-related costs, other general and administrative costs, depreciation and amortization expense, and interest expense are primarily due to the 2-10 acquisition. 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Cash as of June 30, 2025 was $562 million and was comprised of $185 million of restricted net assets and $377 million of Unrestricted Cash. Capital Allocation Update Increasing target for 2025 share repurchases to approximately $250 million. Third-Quarter 2025 Outlook Revenue of approximately $605 million to $615 million. Adjusted EBITDA (2) of approximately $180 million to $190 million. Increasing revenue range to $2.055 billion to $2.075 billion. Key assumptions: 2-4% increase in realized price. 9-10% increase in volume. Approximately 10% increase in renewal channel revenue. Low single-digit increase in direct-to-consumer channel revenue. High single-digit increase in real estate channel revenue. Other revenue of $180 million to $190 million, an approximately $70 million increase versus the prior year. This is primarily driven by the addition of New Home Structural Warranty revenue, and increases in our New HVAC and Moen programs. Home warranty member count to decline 1-3% in 2025. Increasing gross profit margin range to 55% to 56%. SG&A range narrowed to $660 million to $670 million. Increasing Adjusted EBITDA (2) range to $530 million to $550 million. Capital expenditures lowered to approximately $35 million. Annual effective tax rate lowered to approximately 24%. Second-Quarter 2025 Earnings Conference Call Frontdoor has scheduled a conference call today, August 5, 2025, at 7:30 a.m. Central time (8:30 a.m. Eastern time). During the call, Bill Cobb, Chairman and Chief Executive Officer, and Jessica Ross, Chief Financial Officer, will discuss the company's operational performance and financial results for second-quarter 2025 and respond to questions from the investment community. Participants can register for the conference call by clicking Once completed, each participant will receive access details via email. Additionally, the conference call will be available via webcast which will include a slide presentation highlighting the company's results. To participate via webcast and view the presentation, visit The call will be available for replay for approximately 60 days. To access the replay of this call, please call 877-481-4010 and enter conference passcode 52693 (international participants: 919-882-2331, conference passcode 52693). To view a replay of the webcast, visit the company's About Frontdoor, Inc. Frontdoor is the industry leader in home warranties and new home structural warranties, and a leading provider of on-demand home repair and maintenance services. As the parent company of two leading brands – American Home Shield and 2-10 Home Buyers Warranty – totaling more than two million members – we bring over 50 years of experience in the home warranty category, a cultivated national network of independent service contractors, and a reputation for delivering quality service and product innovation. American Home Shield, the leader in home warranties, gives homeowners peace of mind, budget protection and convenience, covering up to 29 home systems and appliances from costly and unexpected breakdowns. 2-10 Home Buyers Warranty is the leader in new home structural warranties, providing home builders with coverage for structural failures. These two brands, together with Frontdoor's cutting-edge non-warranty services, provide an unbeatable combination that meets the full suite of homeowner repair and maintenance needs. For more information about Frontdoor, Inc., please visit Forward-Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, projected future performance and any statements about Frontdoor's plans, strategies and prospects. Forward-looking statements can be identified by the use of forward-looking terms such as 'believe,' 'expect,' 'estimate,' 'could,' 'should,' 'intend,' 'may,' 'plan,' 'seek,' 'anticipate,' 'project,' 'will,' 'shall,' 'would,' 'aim,' or other comparable terms. These forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Such risks and uncertainties include, but are not limited to: changes in macroeconomic conditions, including inflation, tariffs and global supply chain challenges and changing interest rates, especially as they may affect existing or new home sales, consumer confidence, labor availability or our costs; our ability to successfully implement our business strategies; the ability of our marketing efforts to be successful and cost-effective; our dependence on our first-year direct-to-consumer and real estate acquisition channels and our renewal channel; changes in the source and intensity of competition in our market, including risks related to the development, deployment, and use of artificial intelligence in our business and industry; our ability to attract, retain and maintain positive relations with third-party contractors and vendors; increases in parts, appliance and home system prices, and other operating costs; changes in U.S. tariffs or import/export regulations; our ability to attract and retain qualified key employees and labor availability in our customer service operations; our dependence on third-party vendors, including business process outsourcers, and third-party component suppliers; cybersecurity breaches, disruptions or failures in our technology systems; our ability to protect the security of personal information about our customers; compliance with, or violation of, laws and regulations, including consumer protection laws, or lawsuits or other claims by third parties, increasing our legal and regulatory expenses; weather, including adverse conditions, Acts of God and seasonality, along with related regulations; our ability to underwrite risks accurately and to charge adequate prices to builder members, as well as our ability to effectively re-insure a large portion of those risks; the availability of reinsurance to manage a substantial portion of our potential loss exposure for our new home structural warranty business; evolving corporate governance and disclosure regulations and expectations; our ability to protect our intellectual property and other material proprietary rights; negative reputational and financial impacts resulting from acquisitions or strategic transactions; a requirement to recognize impairment charges; third-party use of our trademarks as search engine keywords to direct our potential customers to their own websites; inappropriate use of social media by us or other parties to harm our reputation; special risks applicable to operations outside the United States by us or our business process outsource providers; risks related to our acquisition of 2-10 Home Buyers Warranty (the '2-10 HBW Acquisition'), including the risk that the 2-10 HBW Acquisition may not achieve its intended results; any liabilities, losses, or other exposures for which we do not have adequate insurance coverage, indemnification, or other protection; increase in our indebtedness as a result of financing the 2-10 HBW Acquisition; a return on investment in our common stock is dependent on appreciation in the price; inclusion in our certificate of incorporation a forum selection clause that could discourage an acquisition of our company or litigation against us and our directors and officers; the effects of our significant indebtedness, our ability to incur additional debt and the limitations contained in the agreements governing such indebtedness; increases in interest rates increasing the cost of servicing our indebtedness and counterparty credit risk due to instruments designed to minimize exposure to market risks; increased borrowing costs due to lowering or withdrawal of the credit ratings, outlook or watch assigned to us or our credit facilities; and our ability to generate the significant amount of cash needed to fund our operations and service our debt obligations. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this news release. For a discussion of other important factors that could cause Frontdoor's results to differ materially from those expressed in, or implied by, the forward-looking statements included in this document, refer to the risks and uncertainties detailed from time to time in Frontdoor's periodic reports filed with the SEC, including the disclosure contained in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in Frontdoor's periodic filings with the SEC. Except as required by law, Frontdoor does not undertake any obligation to update or revise the forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review Frontdoor's filings with the SEC, which are available from the SEC's EDGAR database at and via Frontdoor's website at Non-GAAP Financial Measures To supplement Frontdoor's results presented in accordance with accounting principles generally accepted in the United States ('U.S. GAAP'), Frontdoor has disclosed the non-GAAP financial measures of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Unrestricted Cash. We define "Adjusted EBITDA" as net income before depreciation and amortization expense; goodwill and intangibles impairment; restructuring charges; acquisition-related costs; provision for income taxes; non-cash stock-based compensation expense; interest expense; loss on extinguishment of debt; and other non-operating expenses. We believe Adjusted EBITDA is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by variations in capital structures, taxation, the age and book depreciation of facilities and equipment, restructuring and acquisition initiatives and equity-based, long-term incentive plans. We define 'Free Cash Flow' as net cash provided from operating activities less property additions. Free Cash Flow is not a measurement of our financial performance or liquidity under U.S. GAAP and does not purport to be an alternative to net cash provided from operating activities or any other performance or liquidity measures derived in accordance with U.S. GAAP. Free Cash Flow is useful as a supplemental measure of our liquidity. Management uses Free Cash Flow to facilitate company-to-company cash flow comparisons, which may vary from company-to-company for reasons unrelated to operating performance. We define 'Adjusted Net Income' as net income before: amortization expense; restructuring charges; loss on extinguishment of debt; other non-operating expenses; and the tax impact of the aforementioned adjustments. We believe Adjusted Net Income is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by items listed in this definition. We define 'Adjusted Diluted Earnings per Share' as Adjusted Net Income divided by the weighted-average diluted common shares outstanding. We define 'Unrestricted Cash' as cash not subject to third-party restrictions. For additional information related to our third-party restrictions, see 'Liquidity and Capital Resources — Liquidity' under the heading 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in our 2024 Annual Report on Form 10-K filed with the SEC. See the schedules attached hereto for additional information and reconciliations of such non-GAAP financial measures. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors' evaluation of Frontdoor's business performance and are useful for period-over-period comparisons of the performance of Frontdoor's business. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with U.S. GAAP. In addition, these non-GAAP financial measures may not be the same as similarly entitled measures reported by other companies. © 2025 Frontdoor, Inc. All rights reserved. The following terms, which may be used in this press release, are trademarks of Frontdoor, Inc. and its subsidiaries: Frontdoor®, American Home Shield®, HSA™, OneGuard®, Landmark Home Warranty®, Streem®, 2-10 HBW®, and related logos and designs. All other trademarks used herein are the property of their respective owners. (1) See 'Reconciliations of Non-GAAP Financial Measures' accompanying this release for a reconciliation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Diluted Earnings per Share, each a non-GAAP measure, to the nearest GAAP measure. See 'Non-GAAP Financial Measures' included in this release for descriptions of calculations of these measures. Amounts presented in the reconciliations and other tables presented herein may not sum due to rounding. (2) A reconciliation of the forward-looking Adjusted EBITDA outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. (3) Revenue conversion includes the impact of the change in the number of home warranties as well as the impact of year-over-year price changes. The impact of the change in the number of home warranties considers the associated revenue on those plans less an estimate of contract claims costs based on margin experience in the prior year period. (4) Contract claims costs includes the impact of changes in service request incidence, inflation and other drivers associated with the number of home warranties in the prior year period. The impact on contract claims costs resulting from year-over-year changes in the number of home warranties is included in revenue conversion above. Expand Frontdoor, Inc. Condensed Consolidated Statements of Financial Position (Unaudited) (In millions, except share data) As of June 30, December 31, 2025 2024 Assets: Current Assets: Cash and cash equivalents $ 562 $ 421 Marketable securities — 15 Receivables, less allowance of $4 and $4, respectively 10 10 Prepaid expenses and other current assets 37 42 Contract assets 11 — Total Current Assets 620 488 Other Assets: Property and equipment, net 68 73 Goodwill 972 967 Intangible assets, net 412 448 Operating lease right-of-use assets 7 8 Long-term marketable securities — 38 Deferred reinsurance 68 65 Reinsurance recoverables 9 9 Deferred customer acquisition costs 12 11 Other assets 3 2 Total Assets $ 2,172 $ 2,107 Liabilities and Shareholders' Equity: Current Liabilities: Accounts payable $ 106 $ 71 Accrued liabilities: Payroll and related expenses 33 44 Home warranty claims 91 74 Other 54 28 Deferred revenue 104 123 Current portion of long-term debt 29 29 Total Current Liabilities 416 369 Long-Term Debt 1,157 1,170 Other Long-Term Liabilities: Deferred tax liabilities, net 38 49 Operating lease liabilities 19 20 Unearned insurance premium 238 233 Unpaid losses and loss adjustment reserves 13 12 Long-term deferred revenue 20 12 Other long-term liabilities 18 4 Total Other Long-Term Liabilities 346 329 Commitments and Contingencies Shareholders' Equity: Common stock, $0.01 par value; 2,000,000,000 shares authorized; 88,086,073 shares issued and 73,111,103 shares outstanding as of June 30, 2025 and 87,434,468 shares issued and 75,314,243 shares outstanding as of December 31, 2024 1 1 Additional paid-in capital 167 152 Retained earnings 678 530 Accumulated other comprehensive loss (13 ) — Less treasury stock, at cost; 14,974,970 shares as of June 30, 2025 and 12,120,225 shares as of December 31, 2024 (580 ) (444 ) Total Shareholders' Equity 254 239 Total Liabilities and Shareholders' Equity $ 2,172 $ 2,107 Expand Frontdoor, Inc. Consolidated Statements of Cash Flows (Unaudited) (In millions) Six Months Ended June 30, 2025 2024 Cash and Cash Equivalents at Beginning of Period $ 421 $ 325 Cash Flows from Operating Activities: Net Income 148 126 Adjustments to reconcile net income to net cash provided from operating activities: Depreciation and amortization expense 44 18 Deferred income tax benefit (4 ) — Stock-based compensation expense 17 15 Restructuring charges — 1 Payments for restructuring charges (5 ) (3 ) Other 3 1 Changes in: Receivables (1 ) (1 ) Prepaid expenses and other current assets (10 ) (4 ) Deferred reinsurance (2 ) — Deferred policy acquisition costs (1 ) — Deferred customer acquisition costs (1 ) — Accounts payable 35 30 Deferred revenue (11 ) (7 ) Accrued liabilities 11 (2 ) Unpaid losses and loss adjustment reserves 1 — Deferred insurance premiums 6 — Current income taxes 22 13 Net Cash Provided from Operating Activities 251 187 Cash Flows from Investing Activities: Purchases of property and equipment (14 ) (22 ) Business acquisitions, net of cash acquired 3 — Purchases of available-for-sale securities (6 ) — Sales and maturities of available-for-sale securities 60 — Net Cash Provided from (Used for) Investing Activities 42 (22 ) Cash Flows from Financing Activities: Repayments of debt (14 ) (8 ) Repurchases of common stock (135 ) (58 ) Other financing activities (3 ) (4 ) Net Cash Used for Financing Activities (153 ) (71 ) Cash Increase During the Period 141 93 Cash and Cash Equivalents at End of Period $ 562 $ 419 Expand Reconciliations of Non-GAAP Financial Measures The following table presents reconciliations of Net Income to Adjusted Net Income. Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share amounts) 2025 2024 2024 2023 Net Income $ 111 $ 92 $ 148 $ 126 Amortization expense 12 1 25 1 Acquisitions-related Costs 2 6 4 6 Restructuring Charges (0 ) 1 0 1 Tax Impact of Adjustments (3 ) — (7 ) (1 ) Adjusted Net Income $ 122 $ 100 $ 171 $ 134 Adjusted Earnings per Share: Basic $ 1.66 $ 1.28 $ 2.31 $ 1.72 Diluted $ 1.63 $ 1.27 $ 2.27 $ 1.71 Weighted-average Common Shares outstanding: Basic 73.5 77.7 74.1 78.0 Diluted 74.7 78.1 75.4 78.5 Expand The following table presents reconciliations of net cash provided from operating activities to Free Cash Flow. Six Months Ended June 30, (In millions) 2025 2024 Net cash provided from operating activities $ 251 $ 187 Property additions (14 ) (22 ) Free Cash Flow $ 237 $ 164 Expand The following table presents reconciliations of Net Income to Adjusted EBITDA. Three Months Ended Six Months Ended June 30, June 30, (In millions) 2025 2024 2025 2024 Net Income $ 111 $ 92 $ 148 $ 126 Depreciation and amortization expense 21 9 44 18 Restructuring charges — 1 — 1 Acquisition-related costs 2 6 4 6 Provision for income taxes 36 32 46 43 Non-cash stock-based compensation expense 9 8 17 15 Interest expense 20 10 39 20 Other 1 — 1 — Adjusted EBITDA $ 199 $ 158 $ 300 $ 229 Expand Key Business Metrics 2025 2024 Number of home warranties (in millions) 2.09 1.95 Renewals 1.58 1.50 First-Year Direct-To-Consumer 0.31 0.26 First-Year Real Estate 0.20 0.18 Increase (Reduction) in number of home warranties (1) 7 % (6 ) % Customer retention rate (1) 79.7 % 76.6 % Expand (1) Customer retention rate is presented on a rolling 12-month basis in order to avoid seasonal anomalies. As of June 30, 2025, excluding the 2-10 home warranties acquired on December 19, 2024, the reduction in home warranties was two percent, and the customer retention rate was 78.3 percent. Expand
Forbes
27 minutes ago
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Landing Your First Board Seat: Seven Practical Steps
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As the U.K. Corporate Governance Code reminds chairs, they must give NEDs space to hold 'full and frank' discussions outside management's earshot. If you thrive on daily operational control, think twice; if you relish strategic foresight, risk choreography and ethical stewardship, read on. But make sure you give yourself a readiness reality check. Recite, in one breath, the top three statutory duties of a director in your jurisdiction. If you hesitate, book a governance course before you apply. 2. Target the right board and the right moment. In 2024, one in three (34%) S&P 500 directors appointed were first-timers. That's encouraging, but choice beats chance. Public versus private equity-backed, family-owned versus charity, U.S. versus continental Europe—each context dictates liability, regulation and culture. Early in my search, I fixated on TV networks (my CEO background). Ironically, I only broke through when I widened the lens to adjacent technology, media and telecommunications segments. I joined a NASDAQ gaming company and a U.K. technology firm where my audit-chair skills were differentiating, not duplicative. Write a two-sentence board vision statement that nails sector, stage and where you add asymmetrical value. Then, sanity-check it with a couple of sitting directors. 3. Close your gaps deliberately. Boards hire for three things, in my experience: governance fluency, committee-ready expertise and sound judgment. Map yourself against the skills matrix of your dream board and plug holes quickly. For instance, I focused on getting the right credentials by taking relevant courses. I also gained proxy experience through senior advisory work for two startups and later for my current company. Finally, I leveraged my coaching credential and facilitation expertise to show I could orchestrate board dynamics, not dominate them. But remember: Credentials don't buy you a seat, though they can often buy you the conversations. 4. Build a board-ready brand. As an article published by the National Association of Corporate Directors put it, "The role you're playing in the boardroom is decidedly different from that of your executive career in that you're overseeing—serving as a resource for management—and not managing the business yourself." Your collateral must echo that shift. In your board resume: • Open with a crisp board value line, such as 'Independent director, audit-chair ready, digital growth lens.' • Swap executive verbs for governance verbs, like "guided," "scrutinized," "safeguarded" and "facilitated." • Spotlight oversight outcomes, such as 'Oversaw $2 billion cyber roadmap and cut residual risk by 38%.' • Surface committee credentials and governance training. Translate the same narrative to LinkedIn and a 90-second elevator pitch. Rehearse it until it sings. Gather feedback and iterate. 5. Activate a purpose-built network. Board hiring is a 'tap on the shoulder' market. Start with three concentric circles: search firms that specialize in board placement; peer directors, such as those in alumni groups, professional director associations, etc.; and allies with proximity, such as your auditor, your company board, general counsel, investors and private-equity firms. Audit your network map quarterly. In my first year, I set a quota of four new board-relevant coffees a month. Many were dead ends; one introduction led to the chair who finally sponsored me. 6. Run a disciplined search process. Treat your board hunt like a capital-raising round: • Deal Flow: Track roles through board-recruitment platforms and networks. • Pipeline Calls: Keep CRM-style notes, and follow up every 90 days with insight, not asks. • Interview Prep: Convert executive war stories into crisp challenge-action-result vignettes that show oversight judgment—especially around audit, risk and strategy. A word on geography: Director liability, regulatory clearance and time zones matter. Don't accept more travel than your bandwidth, or your family, can bear. 7. Pace yourself, and choose wisely. Your first board will brand you for years, so thorough due diligence is non-negotiable. Before you say "yes," make sure you: • Speak with at least two independent directors and one key executive to test cultural fit and appetite for your challenge style. • Request the last four sets of board minutes, committee charters and the latest board-evaluation summary. Look for patterns of unresolved issues. • Review directors and officers (D&O) insurance limits, litigation history and auditor letters. • Ask how new voices are integrated. Will your contributions be welcomed or filed under 'other business?' I recommend walking away if the chemistry feels toxic, the company is a single-issue activist battle you're unequipped to fight or you need the fees to pay the mortgage (desperation shows). I didn't join a prestigious media board because my skills overlapped the CEO's; three months later, I accepted a tech audit chair role that stretched me and complemented management. It paid dividends in learning and reputation. The Hard Truth Expect rejection—lots of it. I kept a spreadsheet titled 'Not Yet.' Entry No. 17 was a major organization where I lost in the final round; entry No. 28 was the NASDAQ gaming company that said yes. Every 'no' sharpened my narrative. Gather a support squad, celebrate micro-wins and remember: Boards hire on fit and timing, not just merit. Closing Thought Board service is the culmination of your strategic, financial and leadership strengths—but only if you treat the search itself as a strategic project. Follow the seven steps, embrace the hard truth about rejection and your next 'declined' email may soon turn into 'welcome to the board.' Forbes Business Council is the foremost growth and networking organization for business owners and leaders. 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