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How do you tell advisors and mentors you no longer need their “support”?

I have a product that I have technical hurdles building and getting to market because of funding woes. So, naturally I decide to go out and focus on customer acquisition to pay and the sale of other items that are in line with my product offering.   Since making the decision to do this and not going back to work for the man, some of the “advisors” I have are throwing obstacles my way in terms of development of these customer checks telling me I need to focus on getting investors instead.

I don’t want to solely focus on investment money because I have rent due today.  Plus, if I go get a job, it’s going to eat too much of my time I would rather invest in my business and myself.

One of the advisors has made a total of 3 introductions – none of these has been helpful in any way whatsoever.  I don’t want their advice and two of my mentors has given better advice than the two advisors in question.  So what’s their separation pay for time served?

 

 

 

  • Can you share what your initial deal was with these advisors was: compensation, equity, pay per session, hourly rate, etc…???

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  • Think it always worthwhile to keep relationships alive. If you have promised equity you should honour that, and fees to what you have contracted. Worth seeing what you can get in return for this, as it may be giving the advisors a better idea of what you expect is all that is needed.

    If there are minimal promises, a plan to do a brainstorming meeting every three months to a year with these people who will have tried to help in the early years of your company treats them with respect. Yet everyone is busy and will understand you need to focus, and that you are choosing to spend more time with those who are helping you get results.

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  • I had an advisor which did me a huge favor and had me sign a contract which vested. If you are giving equity to an advisor than it needs to be treated the same way as a cofounder. This might be helpful for the future but I am not sure if there is anything you can do about it now. If you promised equity you should give it because you reputation depends on it. Even if you don’t like or need their advice.

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