Last week, a founder in our network discovered that their potential advisor had been involved in three failed startups – not as an advisor, but as the cause of their downfall. This information would have been invaluable three months earlier, during the vetting process. Through our work at Do Not Work With (DNWW.io), we’ve learned that thorough advisor vetting isn’t just about checking boxes – it’s about understanding the complete picture of who you’re inviting into your company’s inner circle.

Let me walk you through the comprehensive process of evaluating a potential advisor, building on lessons learned from thousands of advisory relationships in our database.

Step 1: Understanding Their True Track Record

When we evaluate someone’s track record, we need to look beyond the surface-level achievements they present. A proper track record evaluation is like an archeological dig – each layer reveals more about who this person really is and how they operate.

Begin by examining their claimed accomplishments in detail. For each company they mention, you should understand three key elements: their exact role, the tangible impact they had, and how others involved remember their contribution. This goes far deeper than checking LinkedIn or their personal website.

For instance, when we recently vetted an advisor who claimed to have “scaled three startups to successful exits,” deeper investigation revealed that while technically true, in two cases they had joined post-acquisition and played minor roles. This wasn’t necessarily disqualifying, but it changed the context of their experience significantly.

Step 2: Conducting Comprehensive Reference Checks

Reference checking is an art form that goes well beyond calling the names they provide. Think of reference checking as creating a 360-degree view of someone’s impact and working style. You need to speak with people from all angles of their professional life.

Start with their provided references, but use these conversations to identify others who have worked with them in different contexts. The goal is to talk with people who have seen them in various situations: during successes, during crises, when working with technical teams, when dealing with investors.

When speaking with references, focus on specific scenarios rather than general impressions. Instead of asking “How was it working with them?” ask about particular challenges they faced together and how the advisor approached them. This gives you concrete examples of their problem-solving style and working methods.

Step 3: Evaluating Alignment and Motivation

Understanding why someone wants to advise your company is just as important as verifying their capabilities. This evaluation requires both direct conversation and indirect verification. We need to understand not just what they say about their motivation, but how their pattern of behavior supports or contradicts their stated intentions.

Start by having an in-depth discussion about their vision for the industry and what excites them about your company specifically. Pay attention to how much research they’ve done about your business and market. An advisor who hasn’t taken the time to develop a deep understanding of your space before discussions might be more interested in the role than in actually helping your company succeed.

Look for alignment in three key areas: industry vision, working style, and value creation approach. Someone might be highly capable but have a fundamentally different view of how value is created in your industry. Such misalignment often leads to friction later.

Step 4: Testing Their Network’s Reality

Many advisors are brought on for their networks, but there’s often a significant gap between claimed connections and actual relationships that can benefit your company. We need to verify not just the existence of these relationships but their depth and accessibility.

One effective approach is to run a small pilot project. Ask them to make a few key introductions before formalizing the advisory relationship. This tests both their willingness and their ability to activate their network on your behalf. Pay attention not just to whether the introductions happen, but how they happen and how the people on the other end respond.

Document the results of these test introductions: How quickly did they occur? What was the quality of the interaction? Did the introduced parties seem to have a strong relationship with the advisor? This gives you real data about their network’s value to your company.

Step 5: Designing the Trial Period

Even after thorough vetting, the best way to truly understand if an advisor is right for your company is through a well-structured trial period. This isn’t just about giving yourself an easy way out – it’s about setting up the relationship for success by establishing clear expectations and metrics from the start.

The trial period should be designed with specific deliverables and interaction patterns. Create a clear framework for what success looks like during this period. This might include:

• Regular check-in structure: How often will you meet and what format will these meetings take?
• Specific project goals: What tangible outcomes do you expect to see during this period?
• Communication expectations: How available should they be between formal meetings?
• Value metrics: How will you measure the impact of their advice and connections?

Understanding Warning Signs

Throughout this vetting process, remain alert for warning signs that might indicate potential issues. These signals often appear subtle at first but can be identified through careful observation and documentation. Pay particular attention to how they handle small commitments during the vetting process – these often predict how they’ll handle larger responsibilities later.

Use tools like DNWW.io to check if others have reported concerning patterns or behaviors. Remember that past behavior tends to predict future actions, especially in advisory relationships where trust and judgment are paramount.

The Long-Term View

Remember that thorough vetting isn’t about finding perfect advisors – they don’t exist. It’s about finding the right advisors for your specific company at this specific stage of growth. Take the time to do this process right. A rushed advisory relationship can create years of challenges, while a well-vetted advisor can become one of your company’s most valuable assets.

The goal is to build a relationship that creates lasting value for both parties. By following these steps and maintaining high standards during the vetting process, you significantly increase the chances of finding advisors who will contribute meaningfully to your company’s success.