1. Don't intake companies until financing is in the bank.
2. Have agreements for all intake companies before they start. A term sheet is not binding, and frankly, should only be used to reflect the business points in the agreement. Don't rely on it.
3. Recognize that they are dealing with unsophisticated entrepreneurs. Don't try to bullshit them with big words like "capital call." Help them help themselves.
4. Get more people on the board that understand investing. The principals are nice guys, but they are not bankable in the investing world. They need two more people like Boris Wertz on the board, not hide behind some bullshit advisory board.
5. The principals should take finance lessons.
1. Don't intake companies until financing is in the bank. 2. Have agreements for all intake companies before they start. A term sheet is not binding, and frankly, should only be used to reflect the business points in the agreement. Don't rely on it. 3. Recognize that they are dealing with unsophisticated entrepreneurs. Don't try to bullshit them with big words like "capital call." Help them help themselves. 4. Get more people on the board that understand investing. The principals are nice guys, but they are not bankable in the investing world. They need two more people like Boris Wertz on the board, not hide behind some bullshit advisory board. 5. The principals should take finance lessons.