Part 5 Management challenges
The final part of this book—apart from the last anecdote, which is about the joy of finally having that long-sought-after exit—is about some challenging management topics. The anecdotes in this part are as follows:
- Startup boards: The good, (how to prevent) the bad, and the ugly
- Board observers: Observe only, please
- Investor communications: They needn’t be cod liver oil
- Heaven forbid if you must downsize
- Heaven forbid if you must wind it up
- Acquisition: Your financial dream come true
I begin this part with two anecdotes about startup boards. More of mine have been challenging than were smooth, easy sailing. I thought telling the stories of some of those more difficult boards might help you avoid the issues I had to deal with. Of course, every board is unique, so yours may be difficult in a different way from mine. Observers on boards are, in my opinion, always challenging. But it’s still possible to minimize those challenges, as I discuss. Communicating well with your investors is important and can be very easy if you make it consistent and part of your routine.