Am I about to get screwed?
Hi elphas! I'm a cofounder of a SaaS startup that's starting to get some attention from possible acquirers. I'm still really early in my startup career so I feel REALLY lost when it comes to knowing how to handle all the tax stuff, legal stuff, paperwork...knowing what I should be requesting from my cofounder to make sure my share of the deal is protected. Knowing what I should prepare on my end for any tax implications... Long story short, something shifted in the last week or so, and I have a very uneasy feeling about how things stand at the moment. I could potentially end up without the equity % that was agreed upon. If anyone has absolutely any recommendations for people I can reach out to (who I will gladly pay for their time!!) PLEASE let me know. Low-key freaking out a little bit! 🙏 🙏 Thank you so much!!!
AllieB·Jan 30, 2021AllieB·Jan 30, 2021I would suggest that you rake your mind and find the person that knows the most about business in your circle or who works in your circle who will have a vested interest in taking care of you based upon relationships, not money, and ask them to help you pull together an advisory panel. In the midst of that, find a lawyer, right now. If that fails...there should be a women's business council or a women's chamber of commerce chapter somewhere near you that call them and ask for immediate mentoring/advice....have you checked your linked in contacts to see who knows who? you might have some 2nds or 3rds who can help you and then you have someone who can introduce you...Sorry I don't have a recommendation. i am new too but these are the tricks I'd try if I were in your shoes...
MyrnaKing·Jan 30, 2021MyrnaKing·Jan 30, 2021Hi @AllieB Grat suggestions here - do ALL of them! To reframe your thinking....you need a lawyer, who is on tap, and familiar with your equity promise, and all current and future start up activities. You need this like you need a doctor, a dentist, a spiritual advisor. Your significant business and career work product and equity simply must be protected from this day forward! And it's a wake-up call from your quest stomach that always gets us into motion! You didn't make a mistake so much as you are now ready to "play for keeps"!
AllieB·Jan 30, 2021AllieB·Jan 30, 2021Oh...there are also consultants available on Upwork....if you have a network on twitter, they may be able to recommend someone for you...
Thank you, these are great ideas, I will start trying all of these right now...
Hi, I’m a former Mergers & Acquisitions investment banker (I used to advise executives on selling their companies). I’m more than happy to hop on a call to hear about your situation and let you know what general steps you should take. Feel free to message me directly!
I'm consistently bowled over by this community and the willingness to help one another :-).
Thank you Sarah! Just DM’d you!
I am no lawyer, but was a founder and also have advised /invested in hundreds of founders.Feel free to DM me and I can jump on a quick call.
I work with startups and have seen this a few times in the past and sadly learned the hard way now what too look out for and what not to do. Happy to get on a call this weekend/next week and help in any way I can!
Hi, I would love to take you up on your offer to talk. I’ll DM you! Thank you!
I’d highly encourage you to talk to legal counsel that isn’t representing your company, to have them make sure your best interests are represented. We have a phenomenal startup lawyer, let me know if an intro would be helpful.
Hi, I’d love an intro to your lawyer, I’ll DM you! Thank you so so much!
Hi there! I also have attonry contacts that can help you with this. DM me if you'd like their contact information or a direct introduction.
Hi Simone, this would be so helpful, thank you! DMing you now
@usha200 - former SEC and major law firm corporate and securities attorney, 2x founder (one exit). Message me if you’d like to walk you through it. Good luck!
Hi Alexandra, thank you so much for the offer to talk, I will DM you now!
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