Editor’s Word: Every week Maynard Webb, former CEO of LiveOps and the previous COO of eBay, will supply candid, sensible, and generally stunning recommendation to entrepreneurs and founders. To submit a query, write to Webb at [email protected].
Q. A brand new board member provided to introduce me to a potential buyer we’d love to have, however it might be too quickly in our life cycle. What do I do?
—Founding father of an early-stage startup
It is a nice drawback to have. It tells me that you’re heading in the right direction when you’ve a board member who desires to be supportive and useful.
And there’s a easy clear up: Inform the board member that you just admire the chance however that you just’d like to come again to them when you find yourself extra ready.
If somebody is providing you a giant reward, you need to settle for it solely when you may totally ship on its promise. In case you can’t, take a rain examine. There’s no hurt in that and I don’t assume it can concern your board member about the place you might be. Quite the opposite, it can make them admire your thoughtfulness.
As a founder, it’s up to you to assess the corporate’s readiness. Right here is how I like to recommend doing so:
- Assume by what would occur if the shopper have been very serious about working with you.
- Might you win the business?
- Might you execute on it if you happen to gained it?
Typically founders assume they’re ready to leap on this sort of alternative, even when they aren’t. That signifies that they burn by good leads. In lots of circumstances, it’s usually a sign of the product not being proper but, or the individuals or programs not being in place and ready to deal with the calls for or scale as mandatory. I commend you for pondering this by and being trustworthy with the place you might be. That’s invaluable as a result of what you want, greater than anything, just isn’t a foot within the door, and even successful a buyer’s business, it’s having a delighted buyer who will stick with you and evangelize your service.