Wednesday, March 23, 2016

Getting Your New Company Off the Ground

I spent the morning with an interesting pair of women who are putting together a new real estate venture. They started out with their accountant (a good start), who had done the incorporation filings for them with the New York Department of State. After the filings, they got their pretty black binder with all of their corporate filings in them and the blank forms that come with it. But now what? They had no idea what to do next and that is what brought them to my little corner of Brooklyn.

The two of them, lifelong friends, knew how to do their real estate work, but had no idea how to get all of the corporate work set up. As we sat down with a table full of forms and paperwork, the clients had a glossy look in their eyes and no idea what the next steps were. They couldn't even figure out where to put the documents that they had into the tabs in their binder.

So the beginning of our morning was to get a lay of the land, see what documents the accountant had filed and figure out what else they needed. We discussed their goals, their future plans, their business plan and marketing goals. That discussion led to our discussion of their shareholder agreement and bylaws. After that we moved on to hiring decisions, contracts for customers and vendors, collections policies and corporate planning for the future.

When I looked up, we had spent 2 hours plotting out the future of an exciting and hopefully growing real estate venture for these two individuals and had an action plan for the documents and next steps that they need. These meetings remind me of the entrepreneurial spirit that many of my clients have and the limitless possibilities for their futures.

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