When you are raising money, you are essentially taking on a business partner. Possibly multiple business partners.
Not all partners are created equal
Some will be active, some will be passive, meaning some will just give you money while some will want an active role in the company
Who will do what?
It’s a good idea to know what want so you know find what you are looking for
You may not have the luxury of getting your ideal partner, in those situations you need to be prepared for what you are getting yourself into.
Remember those team projects in school where one kid does 99% of the work and one does almost nothing. Which one are you going to be?
Whatever you decide to do, make sure you get everything in writing. If things go wrong, as they often do, you can refer back to the agreements.
I also insist on establishing core values in order to define the principles the business will follow. The core values of most of my businesses are:
– Honest – We do what we say we are going to do
– Excellent – We over-perform and exceed expectations
– Creative – We find better ways of doing things
– Innovative – We leverage technology
– Generous – We support people, organizations, and causes that we believe in
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Questions or comments?