Sun 29 Jan 2006
15 minutes on the phone with the company Attorney. Outside of the daily grind, wanted to ensure he was clear about what we wanted to do – also needed to understand the ramifications of my subsidizing this personally vs. the company. Certainly don’t want to leave the company open to any sort of liabilities [but pretty sure we’re going to be able to manage a process that doesn’t cause any issues like that]. Either way, need to know the parameters.
Attorney gave some additional important advice: get buy in from the new Board of Directors. Up until this point, the board has been small and easy to manage, but now that we have outside capital, there are 6 total members and a few with different considerations and expectations of the business. The last thing I want to do is create a rift with them – that I’m acting irresponsibly on behalf of the business. That said, I don’t think this is irresponsible at all. Fascinating, interesting…scary even, but not irresponsible – although it’s hard to explain to some folks.
Initially I thought about just launching this live, with just management and the company’s knowledge. But he’s right. Decide I’ve got to discuss with the new investors. Going to start with one, get his buy in, then focus on each of the rest.