Do I need a lawyer to sell percentages of my company and set up a formula for how my investors get?
We've been in the clothing business as a side project for 3 years. We are in 40 stores and are growing rapidly. Until this time we have funded everything ourselves however we are looking to sell a small percentage of the company to raise the capital it will take to grow our business. It will lower some of our debt and be beneficial in a lot of ways. We have numerous people interested however I am hesitant to pull the trigger on getting anyone else involved in this crazy business, especially friends. Are there any books that you guys reccomend?
Developers and sponsors often have to raise large sums very quickly from multiple sources at a time. To do that efficiently, they typically bundle up all of the information on a given capital raise into an all-in-one-package for investors.
Many entrepreneurs want to go directly to the source the moment an idea strikes or at the first sign of growth, but you need to first prove the business to yourself before asking others to believe in it.