Part of building a successful team, includes building a successful team of resource providers. Here are some tips on service and resource providers.
- You need strong legal counsel, accounting/audit and tax accounting support and banking
- You really really need a “venture attorney” – a law firm that regularly handles rounds of funding from venture capitalists and experienced angels.
- If they offer to write a PPM or “placement memorandum”, just say no!
- You may also need marketing, PR, social media management and advertising
- In some cases, such as law, consider having multiple providers, especially for specialized work
- Intellectual property, real estate
- Great for backup if you have a time crunch
- Feel free to have them compete for business for a specific, big ticket items such as prosecuting a group of patents
- Ask for discounts – You’re small, they know it and the folks who “get it” will work with you on price, in exchange for loyalty in the long run
- Some firms, especially smart law firms, will take equity in lieu of some fees or significant fee reduction
- Be Loyal to the small handful of firms you pick – they are part of your team!
- Refer and Recommend, they help you, you help them.
- Make friends with your banker, they should add value!
- Generally, your local “business banking services” are NOT what you are looking for – go to a venture bank
- Make the bank earn your business!
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