Many start-ups face similar challenges. Founders find themselves wearing many hats in the early stages and may not be able to fill all of those needs alone. The options to obtain help or guidance typically come with an unaffordable price tag or a loss of equity. As entrepreneurs, the Loop Legal attorneys established a better option. Here is how our advisory board services work:

1.Qualifying

The Loop Legal advisory board services are not a fit for every start-up. We have found that they work well with clients who are:

  • Able to succeed with a viable service, good, or technology
  • Looking for an ongoing relationship with an attorney
  • Willing to listen and implement critical feedback
  • Working with or willing to hire other professionals as needed (i.e. accountants, marketing)
  • Demonstrating commitment to building a successful business

2.Expectations

We believe in the objectives of our advisory board clients and are willing to take a risk on them during the early stages. Our attorneys offer these services because we want to grow a relationship with solid long-term clients. To help pivot out of the early cash-poor and time-rich beginning, we work with these clients to:

  • Set clear timelines
  • Hold regular focused meetings to discuss and monitor progress
  • Provide clear action items that must be accomplished
  • Identify lessons from wins and losses

3.Pricing

Advisory Board Services are tailored to the specific client and typically involve an all-inclusive monthly fee. The price is not a requirement to dilute the founders’ equity, but instead a fixed fee schedule that can include success bonuses contingent on achieving set goals. The fee schedule generally mirrors the following business phases:

  • Beyond Ideation. Focus on laying the basic groundwork or cleaning up existing agreements. Pricing is at its lowest during this phase and is an all-inclusive fee.
  • Pre-Trigger Phase. Services shift to focused efforts to finalizing all the legal or compliance details to get the business launched. Pricing is moderately increased during this time.
  • Shortly After Trigger. Attorney provides services to help founders leverage the launch for long-term success. Success bonuses may be due.
  • Ongoing Phase. Attorney was present through the launch and has a unique understanding of the business objectives. Services shift to helping business maintain success on a fixed retainer.

Interested?

Schedule an appointment today to see if these services are a fit for your start-up.