Linda Wang is Founder of Cambrian Law Group (cambrianlaw.com). In this video she shares three keys to preserving relationships in new companies.
- Address issues & relationships early on
- Be as clear & detailed as possible
- Document everything
As a startup attorney, I routinely work with a startups that have founders I have been friends for many years and so it's really important to preserve this personal relationships as well as, you know, nurturing these professional relationships in the startup because the most important thing in the startup is the relationships and the people in it.
And the issues that come up over and over are what the expectations of each founder. What are the expectation of each founder in terms of equity, compensation, commitments and even job titles.
So the three keys preserving this professional and personal relationship are timing, you want to talk about these relationships and these issues as soon as possible. And clarity, you want to be as specific as detail as possible. And the third one and the most important one is documentation, you want to have everything written down and if I were you I'll go see an attorney and write this down in a contract.
By addressing these issues head-on and as early as possible you can avoid a lot of issues down the line for your company.