"Starting companies is a lot like launching rockets: if you're a tenth of a degree off at launch, you may be a thousand miles off downrange." - Craig Johnson
Proactively, legal advice can save money and time, facilitate deals, and remove later distractions on the launch to success.
𝘕𝘰𝘵𝘦: this post should not be used as legal advice. Seek expert advice to meet your specific needs.
𝗠𝗮𝗶𝗻 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀
Be aligned – Find an attorney aligned with your growth and budget while acknowledging they look out for your best long-term interests.
Be fair – Create fair agreements since egregious terms will cause delays and may sour otherwise valuable business relationships.
Be aware – Seek advice to prevent risks. Being bold is admirable, being ignorant is not. Know the risks, then decide how to proceed.
Be clear – Set expectations for a productive relationship through agreements that serve as a constructive tool.
𝗪𝗵𝘆 𝗘𝗻𝗴𝗮𝗴𝗲 𝗟𝗲𝗴𝗮𝗹 𝗔𝘀𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲
Entity – Build certain protections, such as being shielded from personal liability if your business is sued.
Intellectual Property – Put agreements in place and register any patents and copyrights to defend external and internal challenges.
Employment Policies – Protect your employees and your business by compiling and communicating fair policies.
Co-Founder Agreements – Guard against unexpected changes making the rules of engagement and separation clear.
Website – Describe and publicize the terms of use agreement and privacy policy for your website users.
𝗙𝗶𝗻𝗱𝗶𝗻𝗴 𝗖𝗼𝘂𝗻𝘀𝗲𝗹
Some thoughts on finding the right legal partners:
· Retain multiple lawyers for help on different matters.
· Some major firms are willing to offer startups discounted rates.
· Your investors, bankers, or accountants may have referrals
· You may engage individuals / small firms who typically charge less and better identify with your business circumstances.
Legal thinking can be complicated, expensive, and contemplative, but can help aim your trajectory. Add legal expertise to your fuel mix to boost your rocket.