What to include in a startup advisor agreement.
Startup businesses need mentors and advisors to help them grow. One way to attract them is a well-crafted startup advisor agreement.
A startup advisor is someone with experience in the technology or market of your new startup, and they can be an invaluable part of an entrepreneur’s success. They may want a stipend or an equity stake in the new company for the work they contribute, so you need a startup advisor agreement to spell out all the details.
Crucial components of an advisor agreement.
The agreement between you and your startup advisor should be a formal document signed by all parties, and it should be specific about the types of advice you need and how and when you need it. You should write it to protect both sides of the agreement so you can turn to it if disagreements arise.
The agreement should include the advisor compensation startup date to avoid confusion about when to begin paying for information. The kinds of information you need, how much you will pay, and how the payments will be distributed, like shares or cash, should be clear. It’s a good idea to include a paragraph about the circumstances under which you may terminate the relationship if things don’t work out.
Agreement document management.
Choosing the right apps to create, edit, share, and manage documents will help your startup stay flexible and agile. Look for tools that keep you organized and secure. Pick a document management app with functionality and features created for small businesses and entrepreneurs.
After you’ve customized an agreement for an advisor, you can use Adobe Acrobat DC to convert your agreement to PDF and share it with them. You can also do this using Acrobat online services. Your advisors may live anywhere, so it’s essential to have a convenient, easy to share, yet secure method for executing your agreement.
Take a moment to discover what more you can do with Acrobat DC to streamline your new business processes.