Originally aired August 6, 2016
Episode 4: Planning a Legal Strategy for Your Growing Company
1- Know how and when to select and retain counsel. Before you talk to anyone about your company, idea or product/service, you should always speak with an attorney. They can advise you on next steps and how to protect yourself. By the same token, don’t wait until you’re in trouble to contact an attorney. Doing so will end up costing you more. And when you do seek counsel, make sure you have all of your organizational documents in place.
2- Don’t focus on the cost (expense). Understand it is an investment in value and protection for your company. Legal counsel should be thought of like insurance. It’s there to protect you when you need it, not just when you’re in trouble or run into difficulties.
3- An attorney can work to protect you, but cannot be the CEO or run your company for you. Just because you have an attorney, it doesn’t mean that he or she is doing the work for you. Their job is to make sure everything is above board and to steer you in the right direction if you veer off course. Not to step in and handle the day to day for you.
4- General compliance matters so don’t make excuses. Never try to sweep things under the rug because it will bite you in the end. Ignorance doesn’t absolve you. Also make sure you are protecting your IP (intellectual property). When you’re seeking funding, investors want to know that you are the legal owner and/or have the legal rights to what you are seeking funding for.
Lenore Horton is an attorney, growth consultant, and serial entrepreneur on a mission to prove that legal services are more than just a cost center for growing companies. Having founded her own law firm with offices in Washington DC and New York City, Lenore’s clientele focuses on startups and entrepreneurs facing The Next Big Thing, with a particular focus on marketing agencies and technology-based companies. Hailing from the Deep South, Lenore holds two law degrees, has been trained at top NYC firms & steeped in academia, and cherishes her expat life in Monaco and Germany. Greatest achievement: being self-motivated. Her bio in 6-words: Descendant of history. To be continued…
In the News:
– Facebook Brings Female Entrepreneur Campaign To Taiwan. Facebook has brought its ‘She Means Business’ campaign to Taiwan, but a lot more needs to be done to level the playing field.
– The Sobering Lesson of a Good Jobs Report. The implication is that growth in output per worker — productivity — is lagging. Underlining the point, the current recovery has so far relied on consumer spending much more than investment, which remains in the doldrums. Comp-anies that don’t invest don’t get more productive.
– Few Small Businesses Take Advantage of Mini-IPOs. Some companies aren’t prepared for all the marketing required to attract potential investors
Shatter Fund starts to help women-tech entrepreneurs– Tech entrepreneur turned venture capitalist Shelly Kapoor Collins said Tuesday that Propeller Venture Capital’s new Shatter Fund will help facilitate the creation of more female-owned tech startup companies.
Mogul Chix is kicking off with the Weekend Intensive in Miami, FL September 24-25, 2016. Our Weekend Intensives are designed to help you solve those pressing business growth problems and get objective feedback, while helping you prepare your company to become investment-attractive. This intensive will give you a glimpse into what it would be like to be part of the Mogul Chix experience, understand what it takes to become an investment worthy company, and give you a look at the possibilities for your company to grow and scale. The cost is $899 per person, and an additional $250 if bringing a partner or co-founder. Or get a Saturday ($500) or Sunday ($300) Day Pass. Registration information is available at www.mogulchix.com/weekend-intensive/.
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Adrienne Graham is the Founder of Mogul Chix (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is a growth strategist for high growth companies. She provides Strategic Business Growth consulting services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.