TEN COMMANDMENTS
(PLUS ONE) FOR START-UP COMPANIES:
1.
Thou
shalt not underestimate either the days or the gold required to get thy goods
to market.
2.
Thou
shalt first have a good idea, a true market and a strong team (and a
praiseworthy business plan) to gain favor in the eyes of the money-changers.
3.
Thou
shalt not incorporate before thy time, but once incorporated thou shalt render
all necessary corporate observances.
4.
Thou
shalt not part with thy ownership foolishly; and thou shalt provide, in the
beginning, for the buy-sell rights governing each owner’s rights in thy
company.
5.
Thou
shalt not reveal thy company’s jewels (or intellectual properties) to strangers
in the road without first protecting thy rights therein.
6.
Thou
shalt put all thine understandings in writing; and thou shalt not first sign a
contract with thy brother (or thy sister) and afterwards hasten to thine
attorney to inquire, “What doth this mean?”
7.
Thou
shalt not grant exclusive rights to any potentially slothful partner or
licensee without first agreeing upon minimum performance requirements and a
reversion of rights to thyself.
8.
Thou
shalt not succumb to the “Inventor’s Syndrome,” but must be willing (before the
Apocalypse) to “let go of the baby” and to acquire wisdom beyond thyself.
9.
Thou
shalt not seek legal advice for thy business from the divorce lawyer in thine
Elders Quorum, nor tax and accounting advice from thine Uncle Louie; but,
rather, inquire freely after the best of counselors.
10.
Thou
shalt beware of all sorcerers, soothsayers, alchemists, charlatans, schemers,
smoothies, and gold-chained promoters; and thou shalt shun all deals that are
“too good to be true;” for, verily, they usually are.
11.
Thou
shalt be honest in all thy doings, for a noble reputation shall be thy greatest
treasure.
©
copyright 1999 William L. Fillmore
wfillmore@fslaw.com
