LLC stands for Limited Liability Company, a type of business structure that
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If something feels unethical don’t do it, even if people tell you it’s fine! Show some moral courage.
Don’t worry VC’s will do the same to each other or you for that matter. That said, there aren’t many secrets in the Valley.
Not taking money is not swindling.
Do you feel like you swindle the bank when you don’t take out a loan or credit card if it is offered to you?
I have this issue with family. They want to invest a small amount, which will not do anything at this stage. I try to tell them I’m in the stage of needing money from sources with connections to startup mentors and actual contributors to the day to day growth. My taking their money at this stage is just too risky and I dont want to strain the relationship if the startup doesnt go.
It doesnt matter what I say. They just look at me like I dont want to share the pie with them & they think Im being shady. Its like they are begging me to take it. I told them you’d have better odds in vegas betting on black or red. Be thankful I’m not taking your money. Its no where near enough to get me to the next level.
So why not start a promissory note pole for them that places funds in a separate savings account to be called upon when needed. If the company goes somewhere, you’ll need the money, if it doesn’t, give it back.
This is great advice, cash is king. The option to get some liquidity could really help operating expense down the road.
You are fortunate to have more investors wanting you than you can take on.
As someone less fortunate, I can tell you all is fair when dealing with investors. They will not hesitate to manipulate a founder into any position they desire at any given time. They do that all day every day. Most of them give 0 fucks.
Don’t feel bad for even a minute.
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