This was an earlier IEEE Boston Entrepreneurs’ Network panel presentation I chaired that covered –
- Why business alliances are important to entrepreneurs, early stage companies and investors?
- How strategic alliances can be used and structured to obtain first funding directly or indirectly?
- How they are used and structured to gain credibility, to leverage sales growth and to penetrate new markets?
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Finding a co-founder or recruiting a core team is hard work. It is a long, dragged out process and you have the right to be picky and should be picky. Ultimately, choosing a co-founder is like choosing a spouse. A business partnership truly is a marriage. You will have to make compromises when it comes to money, ideas, scheduling and so much more. Look for someone who can bring something different to the table, if you are more tech-savvy look for someone who is business oriented. A successful partnership is one where each co-founder has their own area of expertise and when you combine those two separate areas you’ll find you have yourself a successful duo. Don’t jump the gun and enter into a partnership just because you like what you see right of the bat. “Date”, get to know who your potential candidate is and if they share similar views, if they’re trust worthy and loyal. After a few months of feeling them out – then take the next step and propose a business plan together.
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Joining a board of directors as an executive can be rewarding, yet has its pitfalls. Boston Executive employment attorney Robert Adelson serves the role of an employment advisor to help executives weigh the costs and benefits of joining a board, as well as negotiates their compensation package. The many benefits of joining a board include but are not limited to lucrative stock and options, networking opportunities and access to a new source of information. However, despite these rewarding benefits, an executive who joins a board takes on a large task – one which, if left unfulfilled can expose them to shareholder lawsuits.
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Employment agreements and equity arrangements are the “golden keys” that unlock “golden handcuffs”. Signing bonuses serve as the key to open the door to hiring. Vesting options, bonuses and other “golden handcuff” benefits make executives more reluctant to leave their current position for a new one. However, signing bonuses are often used as a tool of persuasion – urging an executive to sign with a new company. Signing bonuses are crucial when accompanying a job offer that has a lower salary than an executive wants.
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Negotiating pay raises and better employment terms is a touchy topic in the business world. At times, its often hard to know when it is and is not appropriate to renegotiate you’re employment contract. Aaron Sacker* a VP sales accepted a position that offered less in terms then he originally wanted, however out of pure necessity Aaron Sacker took the job and relocated himself and his family across the country. Two years later, after victory was achieved and Aaron Sacker had mastered his new position, improving the company along the way, Attorney Robert Adelson helped him re-open negotiations that were originally denied in the initial employment contract. Due to Aaron Sacker’s success with his current company, more promising opportunities were presented to him. However, because of Aaron Sacker’s devotion to his current company and role as a key player Attorney Adelson and him decided to re-negotiate his employment terms with his current company before choosing to accept another offer. Aaron Sacker knew the value he brought to the company and with the help of Robert Adelson, voiced this to his employers who agreed, and did not want to risk losing Aaron Sacker. Re-negotiation, in those circumstances, offered the best course or both sides.
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