Board of Directors and Advisors

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Transcript

Same thing goes for your board of directors and advisors and mentors. You want to choose them on the same things basically. And the difference between them and your employees is obviously they just vote on the bigger decisions in your company. once a month or once a week, whatever you decide, you definitely have to have quarterly meetings. They have to be more formal, you have to write down what's called board minutes and take notes for everything and send out documents and contracts to them and make sure that every time you make a decision, they have to vote on it and then you have to sign off on it. Anytime you change something in the company, like a big change, you need to present it to them host a vote make sure everyone is on the same page.

Same with hiring, firing, you want to always let them know who you're hiring, how much equity you're giving them, who you're firing and why they need to decide these things with you. They need to make sure that you're on the right track. They usually give you amazing suggestions and feedback, a lot of guidance, and you should listen to them. But also don't compromise your integrity. Your mission and your your overall vision and your ideas. Because sometimes they may not understand you completely.

But just remember, they're always there to support you. So talk it out with them if you have some sort of issue and see what their side of the fence looks like before you make any rash decisions, and I found that board of directors and advisors have been instrumental in my success over the years. So definitely leverage that resource whenever you get a chance. And speaking of resources, here are some of the resources that I've put together for you guys. Again, state websites are my go to resource but if you don't want to use them and you're lazy, go to legalzoom.com or Rocket Lawyer calm and work clerking, comm any of these and they'll automate your documents, they'll just ask you some questions. You pop it in there and you'll pay something extra but you know, a lot of people like to use those.

If you go to a college or university, there's usually a law department there and they are pretty good about not charging you for that stuff. So look into that because you may have that right on campus. I've had success with law firms in the past to defer the payment until a company succeeds and then you pay them so you can always do that. And there are other startup law programs out there. If you search online, you might find one in your local community, like a startup law program or like a an accelerator program or something that will help you do things free or cheap. And once you have all your documents in order, everything signed, your team is comfortable, everything is good, and you feel like everything is legitimate.

You can move on to a minimum viable product.

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