Power tip: "Get the structure right from Day One", Gretchen Heinen
"Because I had a good attorney, our cap table was set up like magic."
Transcript
Ryan Castle: You're listening to Level 10 Leaders Power Tips, and I'm your host, Ryan Castle. Today we're revisiting a standout moment from our full episode with Gretchen Heinen of AuthSnap Inc. Her tip is on getting the structure right from day one. Let's dive in.
Gretchen Heinen: If I could tell anybody starting out on any journey: spend a couple of hours with a lawyer or a CPA or an attorney or someone in the field, just to get a feel for what you have to do to do this right. Building brick by brick, having the vision very far out, but then making sure that you're chunking the stages that you need and planning it out.
So I had a deck that I would show everybody I was going to bring onto the team. I'd say, this is where we're headed, this is what we want to do, are you in or are you out? And then, because I had a good attorney, our cap table was set up like magic. He said, listen, in five years you're going to need this structure right here. So be careful who you give equity to. Be careful what you do about this. This is how you need to structure it. This is how you'll win.
So from there I was able to just domino and build. This is where I think a lot of founders go wrong: they skip this critical piece, the structure of the house.
Ryan Castle: Thanks, Gretchen. To connect with Gretchen, go to level10.us/42. While you're there, be sure to check out more Power Tips. And thanks for listening.
Small, deliberate actions drive lasting progress. Let's get to work.
Follow the Level 10 Leaders Podcast on:
