the photo blog about travel, history, and business
Think about it. They fly in looking for prospects. They hover around their candidates. They probe. They question. They challenge.
And then most of the time they fly off.
Most of the time, you are not in their sweet spot. You need more sales or profit. Your team is incomplete. You are a milestone short of where you need to be. Or, your financial reporting is insufficient.
But once in a blue moon they swoop in and stay. They offer money. Lots of money. They have contacts and experience. You celebrate.
But then come the terms and conditions. Their expectations are high. They want a lot of stock and their own special kind of stock. They don't want control but certain important things will require their consent.
And then there are the rights they want. Odd sounding things like preemptive rights, first refusal rights, tag along rights, co-sale rights and anti-dilution rights.
And, they want a seat on your board so they can monitor your progress and ask more questions. Regular financial reports with comparisons and detail will be required.
There interest is genuine. Their presence will be a new constant in your life.
So, what makes them this way?
To protect yourself and benefit from their presence you need to get into their mind. You need to think like a VC. More about that in our next post.
Image copyright Clinton Richardson. Taken at the Roswell, NM, museum.
Travel, business and history with original photos.
Clinton Richardson - author, photographer, business advisor and traveler.
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