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- The service provider you hire should have expertise specifically
in the area in which you are seeking assistance. You do not want your
service provider learning on your job. For example, some attorneys who
are general business attorneys may claim to have the expertise to implement
a stock option plan when in fact they have very little experience with
the array of relevant issues, including federal and state security laws,
tax laws and employment rules. A lack of familiarity with these matters
on the part of the attorney can produce problems for you down the road.
- Consider whether the service provider (individual
or firm) can grow with you and has the knowledge to help you as your
company grows and your equity plans become more complicated. In making
this decision it is important to balance the extra costs associated
with a hiring a larger, more experienced firm vs. the lower cost of
hiring a smaller firm.
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The service provider should have a good understanding
of the norms and issues within your business industry. It makes little
sense to hire a consultant that has experience working with manufacturing
businesses when you are in the information technology industry.
Base your selection of a service provider on recommendations
or references from someone who has gone through the same situation that
you face. If this is not possible make sure you get references from
your service provider and contact at least a couple of them. This should
improve your chances of hiring a service provider that can meet your
needs.
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