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!
Our mission at VentureWrench is to help you achieve your entrepreneurial dreams. Our curated library of the best resources to help entrepreneurs, Library.VentureWrench.com, is live. Sign up now for your free account!