2021 PDA Year in Review

2021 was a year of tremendous growth and change for PDA – the appointment of my predecessor, Alan Aldworth, ushered in a series of major initiatives to fundamentally position PDA to realize its central mission and goals.

These initiatives included the following:

Significant use of a key on-line business network/platform to attract new individual members, along with a standardized approach to connect with potential individual members across all the Chapters.

  • Re-introduction of the corporate membership program.
  • Development of a major revamping of PDA’s website, portal and data base platforms.
  • Initiation of quality, online educational courses that include a Certificate in Private Company Governance
  • Availability of quality podcasts including interviews with leading business owns/leaders.
  • Significant expansion of PDA’s Chapter network.
  • Added focus on generating advisory and fiduciary board opportunities for individual members.
  • Addition of professional staff to support key initiatives and better utilize valuable volunteer capacity.

As a result of the initiatives described above and the great support of the Board, staff and volunteers, PDA has made good progress in realizing its key goal: Enhancing the value and sustainability of privately held companies through effective governance. These initiatives have also positioned PDA for further growth and the development of new and improved products and services for its members and the broader private company community.

Individual Memberships

As of this writing, active individual memberships grew almost 89% over the last year, and are currently forecast to cross the 3,000 level during 2022. This substantial membership growth was attributable to effective utilization of the LinkedIn Sales Navigator program to connect with potential members who meet the profiles of individuals principally being sought by PDA for membership: Current or former senior executives, board members/chairs or owners of private companies, and the firms that provide advisory services to these individuals and companies.

Going forward, continued utilization of the LISN program along with other tools to build membership are planned, along with strong efforts at member engagement and retention: in-person, hybrid and virtual events and programs at the Chapter level continue to be developed, along with regular membership communication. Individual members are the most important asset of PDA – they differentiate our organization from its competitors with their commitment, experience and varied skill sets, and they also afford PDA the ability to provide business owners and leaders with guidance on the best practices in good governance.

Corporate Memberships

This strengthened offering to private companies includes discounted individual memberships, and other benefits relating to cybersecurity and board search. In turn, these companies potentially offer PDA new opportunities relating to individual members, board opportunities, and sponsorships.

Sponsorships

With the addition of six Chapters and the receding of Covid during at least most of 2021, Chapter sponsorships collected last year increased almost seven times from 2020; national sponsorships in 2021 totaled more than three times expectations. Sponsors are a key and highly-valued source of support for PDA, especially in the context of program delivery and creation.

Revamp of Website, Portal and Data Base Platforms

As of this writing, a major effort is underway to upgrade PDA’s website, portal and data platform, with the following objectives: improve the appearance and functionality of the website, augment the website as a ‘doorway’ through which many individuals have their first exposure to PDA, and significantly improve the quality of membership data and the analytical tools available to evaluate that data. Some portions of the revamping have already been completed – the remaining elements are scheduled to be upgraded/initiated in early 2022.

Education and Programming

PDA inaugurated on-line courses in 2021, including the popular Certificate in Private Company Governance and ESOP Governance Essentials. Two podcast programs were begun: Governance Illuminated, with interviews of major business owners/ leaders, and ESG Insights. More than 130 webinars or virtual events were completed or planned across PDA in 2021, up almost 70% from the previous year; in-person events were up more than 130% between recent 12-month periods of 2020 and 2021.

Board Opportunities

PDA continues to expand its offerings of board opportunities to its members, increasing the number of specific positions offered in the most recent twelve-month period versus the comparable period of a year-ago. PDA recently developed an alliance with an on-line talent platform to source more such opportunities.

Chapters

During the course of 2021, the number of Chapters grew from 16 to 22, with Arizona, Colorado and Metro DC joining most recently. Chapters are where PDA interacts most directly with its membership, offering opportunities to those members to connect and network with their respective peer groups and broaden and deepen their skills through various program offerings.

Staffing

During the course of 2021, in addition to the CEO other staff members who joined PDA included the following: leaders for marketing, business development, education and technology; specialists in graphics and LISN; and, administrative support within the Chapters and for select National committees and for events across the organization. PDA also created a fulltime position responsible for over-all operational activities within PDA.

Volunteers and Committees

PDA is very appreciative of all of the volunteers both within the Chapters and at the National level. Leadership of both the Chapters and Chapter Committees, along with the Chairs of National Committees and all of the volunteers supporting all of the Committees are an essential component of PDA’s ability to deliver value to its membership. As of this writing, National committees included the following: Board Opportunities; Cybersecurity; Diversity, Equity and Inclusion; ESOPs; Membership; Private Equity; Private Company Advisory Group; Programming; Resources/ Education; and, Sponsorship.

Financial

PDA’s liquidity continued to be strong throughout 2021, with gross revenue almost doubling year-to-date from the similar period of a year ago, powered in the most part by the very substantial increase in individual memberships and reaching an annual level of more than $1-million.

• • • After serving as Acting CEO of PDA for about 2 1/2 months, I was pleased and honored to be named the CEO of PDA on November 17 of last year. It has been not only a professional but a personal pleasure to work with so many people who are enthusiastically committed to the success of PDA and its principal mission centered on private company governance. To all of you, I want to convey my warmest thanks for your support and dedication, and extend my best wishes to each of you and your families for the best of holiday seasons and a happy and healthy 2022.

 


  

ABOUT BUDD BERRO, CEO

Budd Berro was named to the position of CEO with the Private Directors Association® in November of 2021, having been appointed Acting CEO two months earlier. He served in various capacities within PDA at both the National and Charlotte Chapter level, and he has extensive finance and governmental experience. He has served on nearly ten boards, including non-profits, business alliance and economic development organizations and a residential real estate management company. Budd received an undergraduate degree in economics from the State University of New York (Purchase) and a master’s degree in business administration with a concentration in finance from Columbia University.

 

 

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