Friends of your parents are having dinner in your home. The friends are interested in launching an entrepreneurial venture and are expressing some of their views about doing so to your parents. You’ve been asked to join the conversation given that you are pursuing a major in entrepreneurship at your local university. As it turns out, your parent’s friends are involved with two other couples who will join them as founders of the proposed venture. They indicate to you that the other couples have expressed a desire to establish a founders’ agreement as part of the launch effort. They also say that they see no reason to establish such an agreement given that the three couples are close friends and have been for years. How would you respond to the position about a founders’ agreement that your parents’ friends are taking? What would you say to them to encourage the establishment of a founder’s agreement?
Answer to relevant QuestionsThe “You Be the VC” 7.1 feature focuses on GiveForward, a crowdfunding platform through which people can provide financial and emotional support to individuals who are having difficulty covering their out-of-pocket ...What are some of the actions Jack and Sarah took prior to the meeting with the attorney that are appropriate for them to have taken? Describe actions the founders of CoachUp (Jordan Fliegel) and Charity:Water (Scott Harrison) took to lead by example with respect to establishing an ethical culture. Besides cash flow difficulties, what other problems can a firm experience by growing too quickly? What are the major categories of assets and liabilities on a balance sheet? Briefly explain each category.
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