From Gratitude to Growth: Evaluating and Evolving Your Advisory Board

Advisory boards are living organisms—dynamic, evolving, and essential to a startup’s success. Like any living system, they need to be nurtured. Once a year, every advisor deserves a check-in, thoughtful feedback from the founder, recognition for their contributions, and an opportunity to provide input on the company and the advisory board experience. It’s also a time to celebrate what the group accomplished together, reflect on individual impact, and discuss what’s ahead for the next chapter.

This blog is written for two audiences: startup founders managing or planning to build an advisory board and the advisors who serve—or aspire to serve—on them. At the end of every year, founders are juggling product deadlines, fundraising activities, and growth strategy. But amid the hustle, one of the most impactful investments they can make is setting aside a few hours to evaluate their advisory board. This isn’t just a box to check—it’s a vital leadership activity that strengthens relationships, invites honest feedback, and sets expectations for the future.

For advisors, this annual evaluation is just as valuable. It’s a moment to pause and reflect on your contributions, determine whether your expertise still matches the startup’s needs, and reaffirm your commitment—or gracefully step aside. When done right, this check-in becomes one of the most energizing and affirming parts of the year for both founders and advisors.

Why the Annual Evaluation Matters 

Your advisory board is not static—nor should it be. Just as a startup’s strategy, team, and traction evolve, so must its advisory structure. Annual evaluations exist to ensure mutual clarity, alignment, and momentum between founders and advisors.

• For Founders: This is your chance to clarify expectations, acknowledge contributions, and assess whether each advisor continues to align with your vision and needs.

• For Advisors: This is your opportunity to reflect on your influence, affirm your commitment, suggest improvements, or step back if your role has run its course.

A structured annual review helps everyone involved make informed decisions about how to move forward, identify where deeper support may be needed, and foster a culture of transparency and respect.

In this blog, we’ll cover:

• How to plan and manage the annual advisory evaluation

• What to measure and how to assess advisor impact (qualitative + quantitative)

• How to communicate decisions about reappointments, transitions, or terminations

• How to create an Advisor Emeritus program

• What to do when an advisor must be removed

• How to celebrate contributions and grow your board intentionally

• A downloadable, dual-sided evaluation template for founders and advisors

Let’s walk through how to make this process intentional, collaborative, and high-impact—for both sides of the table.

Planning for the Evaluation Process

Like any key business process, a successful advisory board evaluation begins with thoughtful planning. During your Q3 advisory board meeting, give your advisors a heads-up that evaluations will take place in Q4. If any advisor already knows their priorities will shift in the coming year and they may need to step down, encourage them to email you directly so you can plan accordingly and ensure a smooth transition.

Subject: Looking Ahead: Annual Advisory Board Evaluations Coming in Q4

Hi [Advisor’s Name],

As we look toward the final quarter of the year, I wanted to give you a heads-up that we’ll be conducting our annual advisory board evaluations in Q4. This process helps us reflect on what’s working, celebrate what we’ve accomplished together, and ensure our advisory board continues to align with the company’s evolving needs.

If you already know that your priorities may be shifting in the coming year—and you may need to step down from your role—I’d really appreciate a quick email letting me know. That will help us plan ahead and make sure any transitions are handled smoothly and respectfully.

I’m so grateful for your time, insights, and support—it’s truly made a difference this year. More details on the evaluation process will follow soon!

Warmly,

[Your Name]

Founders should set aside 2–3 hours total to prepare, send out evaluations, reflect on responses, and have follow-up conversations. Advisors should dedicate 30–60 minutes to complete their self-assessment and consider how their role might evolve in the year ahead.

Timing is everything. We recommend starting the evaluation process 4–6 weeks before the calendar year or fiscal year ends. This allows time for thoughtful reflection and timely follow-up conversations before setting goals for the new year.

Here’s a suggested timeline:

Date	Action
Week 1	Founder sends out evaluation forms to each advisor (digital format via Google Forms, Typeform, or editable PDF)
Weeks 2–3	Advisors complete and return evaluations
Week 4	Founder reviews feedback and completes their evaluation of each advisor
Weeks 5–6	30-minute 1:1 conversation with each advisor to share insights, express gratitude, and discuss next steps

Format Tips: Use a digital form that’s easy to complete (like Google Forms) and review. For founders managing more than 3–4 advisors, a consistent template (see below) keeps things efficient. Avoid overcomplicating it—focus on meaningful questions that evaluate outcomes, communication, and alignment.

Why This Process Works—For Everyone

• For Founders: It forces strategic thinking about your board composition, helps identify where new expertise is needed, and builds stronger relationships with existing advisors.

• For Advisors: It provides a clear platform to share feedback, highlight wins, raise challenges, and decide if continued service fits their bandwidth and interests.

Most of the time, this process is extremely positive. Founders are reminded just how much support they’ve received. Advisors feel seen and appreciated. It’s also a critical moment for mutual learning—where each party receives constructive feedback that can improve decision-making, communication, and collaboration moving forward.

Evaluating Impact: What to Measure

A great advisory board isn’t just filled with smart, experienced people—it’s a group that delivers measurable and meaningful value. The annual evaluation is your chance to take stock of that impact in both quantitative and qualitative terms.

Founders: This is where you assess how each advisor contributed to the business this year. 

Advisors: This is your opportunity to reflect on how you’ve supported the founder and what influence your involvement has had on the startup’s growth and direction.

Quantitative Metrics

These are objective indicators of advisor engagement and impact. Each one tells a story:

• Meeting Attendance: Did the advisor consistently show up prepared and engaged?

• Event Participation: Did they attend key events, panels, customer gatherings, or investor meetings?

• Business Development: Did they help secure new customers, partnerships, or media opportunities?

• Investor Connections: Did they make introductions that led to funding conversations or closed investment?

• Revenue Influence: Were they involved in conversations that directly supported deal flow, contracts, or strategic pricing?

• Recruiting Support: Did they help recruit top talent or refer key hires?

• Time Contribution: Did they go beyond meetings—reviewing materials, answering founder calls, or mentoring team members?

Tip for Founders: You may not realize how much behind-the-scenes effort your advisors are putting in until you ask. The evaluation provides visibility. 

Tip for Advisors: Be honest in assessing your engagement. If your availability changed or priorities shifted, note it—and explain how you might re-engage differently going forward.

Qualitative Impact

Numbers matter, but so does presence, mindset, and strategic influence. These open-ended reflections matter most in evaluating whether the advisory relationship is still fruitful.

• Did the advisor challenge the founder in a productive way?

• Was the advisor a strong communicator, available when needed?

• Did they add emotional or intellectual support during tough moments?

• Did they help refine or expand the founder’s strategic thinking?

• How did they strengthen team dynamics, company values, or culture?

• Did the advisor follow through on what they said they were going to do and on time?

For Founders: Think about how this person showed up—not just in wins, but in stressful moments. 

For Advisors: Reflect on where you made a meaningful difference, even if the results weren’t immediately visible.

Reappointments, Transitions & Difficult Conversations

Once evaluations are complete, it’s time to have honest and respectful conversations about what comes next. Advisory board roles are not forever—and that’s a good thing. As your company evolves, so must the people who guide it. This is where founders must lead with clarity and empathy, and advisors must respond with self-awareness and professionalism.

Renewing the Relationship

For many advisors, the evaluation process affirms their value and reignites their enthusiasm. If the relationship is working well, founders should extend a clear invitation for the advisor to stay on for another year.

For Founders: Be specific. Say, “We’d love to have you continue next year—your insight on product development has been essential, and we expect that need to grow.” Set expectations for what continued service will look like. If changes are coming (e.g., more meetings, a different focus), share those now.

For Advisors: Reflect before accepting. Consider your capacity, alignment with the startup’s direction, and ability to commit at the level needed. If you're excited to continue, say so—and note any areas where you hope to contribute more.

When It’s Time to Transition Out with Grace

Sometimes, it becomes clear—on one or both sides—that it’s time to move on. This could be due to misaligned skill sets, shifting priorities, or simply a natural endpoint.

For Founders: When initiating a transition, lead with gratitude. Frame it as the end of a chapter, not the end of the relationship: “

Your contributions this year were invaluable, especially helping us navigate our rebrand. As we focus more heavily on international expansion next year, we’ll be looking to bring in someone with global operations experience. I want to thank you for everything and talk about how we can recognize your service moving forward.”

For Advisors: If you feel your role has run its course, express appreciation and step down with grace: 

“This year’s evaluation helped me realize I don’t have the bandwidth to contribute at the level you need. I’m incredibly proud of what we accomplished and would be happy to support your transition to a new advisor.”

Creating an Emeritus Program

When an advisor has served well and steps away in good standing, an Emeritus Advisor title is a powerful way to honor their contribution while keeping the door open for future engagement. Their name remains listed on your website or pitch deck (as a “Former Advisor, Emeritus”), and they may be invited to occasional events or check-ins.

Founders: Use this designation sparingly and intentionally. It should reflect meaningful past service and goodwill moving forward.

Advisors: Receiving an emeritus designation is a testament to your impact. If offered, consider staying connected to the founder in a low-lift way—occasional feedback, light networking, or being available for questions.

When Removal Is Necessary

In rare cases, a founder may need to end an advisor’s term due to inappropriate behavior, neglect, breach of trust, or conflict of interest. This should always be handled swiftly, clearly, and with professionalism.

Founders: Document your concerns and efforts to address the issue before making the decision. Then communicate your decision directly, without blame, and thank the advisor for their past service.

Advisors: If you’re asked to step down under these circumstances, respond professionally. You may not agree with the decision, but how you exit matters—for your reputation and the founder’s peace of mind.

Recognizing and Celebrating Your Advisors

Evaluations aren’t just about performance—they’re also about gratitude. Your advisors have volunteered their time, expertise, and networks to help you succeed. Whether they stay on or step down, take time to celebrate what they’ve contributed.

For Founders: A simple, sincere thank-you goes a long way. So does public recognition. Consider:

• A personal note or email reflecting on specific ways their advice helped move the business forward.

• A short speech or toast at your final board meeting of the year.

• Recognition on social media or in a company newsletter, especially for those rotating off the board.

• A small token of appreciation, like a handwritten card, custom gift, or framed milestone photo.

• Emeritus status for advisors concluding service on good terms (see previous section).

Celebrating contributions reinforces the value of the advisory relationship and leaves people feeling good about their service—an important step whether you're inviting someone back or saying goodbye.

For Advisors: Use this moment to share appreciation too. A founder’s journey is lonely and high-pressure. Let them know you’ve noticed their growth, resilience, or leadership evolution. A kind word or quick message can deepen the relationship, even if your term is ending.

Tip: Make celebration part of your final 1:1 evaluation conversation. End on a positive, forward-looking note, even if difficult transitions were part of the discussion.

Looking Ahead: Evolving Your Advisory Board

Advisory boards are not meant to be static—they should grow and change alongside your company. After you’ve completed evaluations, celebrated your advisors, and confirmed who’s staying or stepping down, take time to reflect on what the next version of your advisory board should look like.

For Founders: Your company is likely facing new challenges this year—maybe you’re preparing to raise a Series A, expanding into new markets, or launching a second product line. Ask yourself:

• What new skills or industry expertise do we need?

• Where do we need fresh perspectives—customer insight, operations, policy, tech, DEI?

• Are there redundancies on the board or gaps in knowledge?

• Should we consider adding a new advisor or rotating someone off?

This is the perfect time to recast your vision for the advisory board and make space for new voices who can help take your company to the next level.

For Advisors: Be proactive in asking the founder how their needs are changing. If your expertise isn’t as relevant anymore, consider helping the founder find a new advisor who can offer what’s needed next. That’s a generous and classy move that shows you care more about the company’s success than your title.

Building for the Future

Make your advisory board evolution part of your company’s annual rhythm—just like budgeting, strategic planning, or performance reviews. That way, it becomes an ongoing asset, not an afterthought. Keep in mind the size and expertise of your board is relevant to the stage and needs of your company.

Founders who treat their advisory boards with intentionality, openness, and mutual respect build a culture of excellence and long-term loyalty. Advisors who engage with honesty, adaptability, and generosity deepen their impact and legacy.

When both sides commit to reflection and growth, the result is a dynamic, forward-thinking board—and a stronger, more resilient startup.

Founder + Advisor Annual Evaluation Template

Purpose:

This evaluation exists to ensure the founder understands the needs of the advisor and the advisor understands the needs of the founder and the organization. It allows both parties to reflect on impact, realign expectations, and decide how to move forward.

Instructions:

• Each person should complete their section independently.

• Schedule a 30-minute conversation to discuss responses.

• Treat the conversation as an opportunity to reflect, give gratitude, and grow together.

SECTION 1: Quantitative Metrics (To be completed by the founder)

Advisor Name: ______________________________________________________________

Evaluation Period: ___________________________________________________________

Please provide data and observations where applicable:

Area of Contribution	Notes / Metrics
Meeting Attendance Rate	e.g., 4 out of 5 board meetings attended
Event Participation	e.g., Attended 2 fundraising events
Connections Made	e.g., Introduced 3 potential customers, 1 new partner
Capital Raised with Advisor Support	e.g., Helped close $100K pre-seed round
Deals or Clients Influenced	e.g., Played key role in securing one major customer
Special Projects Contributed	e.g., Led branding brainstorm, reviewed pitch deck

SECTION 2: Qualitative Reflections

A. To be completed by the Founder:

1. What value did this advisor contribute that had the most impact this year?

2. How has this advisor’s guidance influenced your decisions or growth as a founder?

3. Are there any areas where you hoped for more engagement?

4. Do you want this advisor to continue next year? Why or why not?

5. What support or clarity can you offer to improve the relationship if it continues?

B. To be completed by the Advisor:

1. Where do you feel you had the greatest impact this year?

2. What challenges, if any, did you face in staying engaged or effective?

3. Do you believe your expertise still aligns with the founder’s needs?

4. Would you like to continue serving on the advisory board next year?

5. What feedback do you have for the founder to strengthen their leadership or communication?

SECTION 3: Looking Ahead (Joint Discussion)

After reviewing both evaluations, discuss the following:

• Should the advisor continue for another year?

• If yes, are there changes needed in expectations, communication, or focus areas?

• If no, how can we celebrate and honor the service given?

• Should emeritus status be considered?

• Are there other advisors we need to recruit to fill emerging needs?

OPTIONAL: Final Agreement

We have completed our evaluation and agree to the following:

• ☐ Continue the advisory relationship for another year

• ☐ Conclude the advisory relationship at this time

• ☐ Transition the advisor to Emeritus status

Signatures (optional for record-keeping):

Founder: _________________________________________________  Date: __________

Advisor: __________________________________________________  Date: __________

Build the Board You Deserve

At The Startup Ladies, we believe that startups—and the people building them—deserve the kind of support that’s thoughtful, strategic, and full of heart. Your advisory board isn’t just a group of people with impressive résumés. They’re your sounding board, your advocates, your reality check, and sometimes your biggest cheerleaders. But even the best relationships need time, attention, and honest reflection.

Founders, this is your moment to lead with clarity and confidence. Evaluating your advisory board is not just a management task—it’s a powerful opportunity to say thank you, to ask for what you really need, and to shape the team that will help take your company to the next level.

Advisors—whether you’re new to this or a seasoned pro—this is your chance to reflect on the value you bring, realign your energy with what the founder needs most, and be part of something that truly matters.

When both sides show up with intention, transparency, and care, you build more than just a strong board—you build a culture of trust, momentum, and mutual respect.

So go on—make the time. Celebrate the wins. Have the real conversations. Build the board you deserve. 💪