TeamandAdvisors
TimNorrisMarch10,2016
MyCompany
It’sbeenalongroad
Youwanttochangetheworld
butyoucannotdoitalone.
Yourcompanywillfailifyoudonothiretherightpeople
WhatisyourjobasCEO?
AsaCEOyouwilldrivethevision,hirepeople,andraisemoney.
OhandEVERYTHINGelseinthebeginning!
Youareconstantlysellingtoeveryone:investors,employees,vendors,etc.
HowDoYouFindTheRightTeam?
• Definethekeymilestonesforyourproject
• Definethetasksrequiredtoaccomplishthosemilestones
• WritejobdescripTonsfortherolesthatincludethosetasks
Whatdoesyourbusinessneed?
Developyourlistofstrengthsandweaknesses
DeterminewhichrolesYOUwillown
Nowgooutandfindtherest
YourcompanywillchangeoverTme
GrowthchangesEVERYTHING!
Co-Founders
“DoIneedone?”
(Hint:Probably)
It’snottheNUMBERofCo-Foundersyouhave,it’sWHOtheyarethatwilldetermineyour
success.
IfyouremembernothingelsefromthispresentaTon,rememberthis:
VS.
ProstoHavingaCo-Founder• Yousplitthework,risk,responsibilityanddecisions• ACo-Founderissomeonetoleanon• Theydon’tgetpaidunTlyougetpaid(usually)• Someonethathasyourbackwhenyouneedabreakorhavetodealwithotherissues• Theycomplimentyourskillset• Youhave2xthenetworkingpotenTal• AsoundingboardthatunderstandstheposiTonyouareinandcanofferguidance• Theycansaveyoufromabaddeal.
ConstoHavingaCo-Founder• Youneedto“getpeopleonboard”withyourideas• Theycangetintheywayof“great”deals• Youcan’tcontrolitiftheywanttoleaveorwhatchangesintheirlifemayforcethemtoleave.• Yousplitequity
Piaalls• YoufindoutyourCo-Founderisn’tascommibedasyou• Meltdownscandestroycompanies• LifesituaTonscanderailyourprogress• Onepersonfeelstheyworkharderthantheother• Success“changes”oneoftheCo-Founders• YourpersonalfinancialsituaTonisvastlydifferentfromyourCo-Founder’s
WhydoIlovehavingaCo-Founder?• TheyhavethoughtofthingsIwouldhaveneverconsidered• WearemuchstrongertogetherthenIcouldeverbeonmyown• Employeesaregreat,butnoonewilleverunderstandwhatyouaregoingthroughlikeyourCo-Founder• Youcanplaytoeachotherstrengths• Accountability
StructuringCo-Founderdeals • VesTngiscriTcalforallco-founders(3+yearTmeframeifeverythingelseisequal)
• ProtectagainstanyoneleavingatanyTme(howdoIdothis?)
• BuySellAgreementshouldbedevelopedasearlyaspossible,preferablybeforetoomuchworkisdone
VesTngschedulesandsefngupfrontexpectaTonsmakesthis
easier
TipsonHiring
Defineyourcorevaluesbeforeinterviewing
InterviewalotofcandidatesforallearlystageposiTons
Thinkaboutthecultureofthecompanyyouwanttocreate
• Beleeryofhiringpeopleoutsideoftheirspecialty
• Clearlydefineyourneeds,expectaTons,andthelifeofastartup
• InterviewwiththegoaloffindingoutwhatmoTvatesthem(Passionsoutsideofwork)
• Donotshyawayfromhiringfriends/familyaslongastheyaretheRIGHTfriends/family
• Donotcompromiseon“Key”requirements
• Theresumegetstheminthedoor,don’tbeblindedbyit
TipsonHiring
RedFlags
• ForCo-Founders,trynottohirepeoplewiththeexactsameskillsetsandstrengthsasyou
• NeversebleforanyonebecauseyouareimpaTentor“needtogetgoing”
• CulturefitcansomeTmesbeforgoben
Youhavetoknowwhentoletgoofthebadapples.
• Whenthingsstarttogosouth,addressissueshead-onandoien
• Inastartup,onepersoncanruinthecultureandsapenergyfromtheteam
• DocumentproblemsfromtheTmetheystart
DealingwithProblems
Mastertheartofthe“AwkwardDiscussion”
BoardofAdvisors• DoyouneedaBoardofAdvisors?
• AgoodAdvisorcandidateissomeonethathasabroadareaofexperTseinyourfield
• QuesTonstoaddresswithanewAdvisorcandidate:• Aretheyexcitedaboutyourcompany?• DotheyhaveTmetogiveyoutheabenTonyouneed?• Areyouintherightstageofyourcompanyforthisperson?• Whatlevelofaccountabilityareyourequiring?AretheyOKwiththatcommitment?
• BecarefulnottohaveTOOmanypeoplethatadviseyou
FinalThoughts
• Thesepeoplewillbeyourfamilyawayfromhome.YouwillspendmoreTmewiththem!
• Buildingacompanyishard,havingtherightpeopleWILLincreaseyourchanceofsuccess
• HiringtherightpeopleisthemostcriTcalattheverybeginningsodoitright.Youareleastabletohandleabadhireearlyonthanlater.
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