{"ok":true,"canonical_url":"https://dealroom.so/glossary/advisory-board","api_url":"https://dealroom.so/api/public/glossary/advisory-board","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"advisory-board","term":"Advisory board","group":"People and paperwork","definition":"A group of external experts offering non-binding strategic advice to a company's management. Buyers might form or inherit one to gain insights and guidance on business operations or growth.","what_it_means":"An advisory board is distinct from a formal board of directors and has no fiduciary duties. Consider establishing one post-acquisition for strategic guidance, especially if you're new to the industry. Their insights can be invaluable.","url":"https://dealroom.so/glossary/advisory-board","official_sources":[],"related":[{"slug":"business-plan","term":"Business plan","url":"https://dealroom.so/glossary/business-plan"},{"slug":"key-principal","term":"Key principal","url":"https://dealroom.so/glossary/key-principal"}],"related_questions":[{"question":"Is member or board consent needed for an SBA partner buyout?","url":"https://dealroom.so/sba-7a/questions/is-member-or-board-consent-needed-for-an-sba-partner-buyout"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Advisory board","url":"https://dealroom.so/glossary/advisory-board","source_type":"DealRoom Data"}}