I Need an Attorney!

Okay...so my wife and I have a really cool internet business idea that we want to bring into reality.  We have good reason to believe our idea can make very large profits if we can put all the pieces together and implement the process properly.  Therefore, we really need an attorney who can; understand our vision and see the potential success, be willing to give us basic advice and look over a few contracts, and in return we offer an ownership stake in the business.  Is this a normal "business" practice if the business model and potential for profits exist?  Does anyone have any recommendations or referals of a good attorney that may be interested in hearing more details?  
 
We really fell there is a lot of money to be made on this deal and we`re sure others will feel the same once they know about it.   
 
Any feedback is much appreciated.
 
 
Tabor884/22/2008 10:46 AM

Comments

  • Innovator7Innovator7 Posts: 9subscriber
    My law firm works for an equity percentage of my company 1-solar
    But I won CCTO competition they sponsored, reviewed by business plan, and think my company will do well.
    Have you applied for a patent for your internet business method and written a business plan?
  • Tabor88Tabor88 Posts: 3subscriber
    Thanks for the advice. It`s nice to know that there are firms out there who are open to this option.
     
    We are in the process of writing everything out.  As far as a patent is concerned, we`re not too sure what we have in mind could be patented, at least not within a reasonable budget and timeframe.  After researching patent options we have concluded it may be best to get things started and maybe look into that at a later time.  For now we hope well written NDA`s and Non-Competes will get everything going safely. But of course those types of  issues are why we need an attorney in the first place.
     
    We hope to penetrate 1% of our very specific and completly un-tapped target marget within the first two years, which would gross somewhere between $20-50mil in revenue.  At least that is our vision and game plan for the time being. 
     
    Pass this along to your firm and see if they would be interested in learning more. 
     
    Have a great day and thanks for your advice!
     
     
     
     
     
     
     
     
     
     
    Tabor884/22/2008 10:44 AM
  • 05mustang05mustang Posts: 2subscriber
    Sounds like a great idea. Let me know if the firm Innovator recommends doesn`t pan out for you. I know a great firm that works with startups for an equity stake as well. They come highly recommended.
     
    Best of luck.
  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member
    Although I understand the motivation - I`m not a big fan of using equity to pay for services. Here are some points I tell my clients to consider:

    Since (as a start up) it`s difficult to establish your stock price - most companies ultimately "overpay" for the services they receive.
    The only way the provider can survive is to convert your (or another client`s) stock into cash - possibility of a conflict.
    This payment agreement, changes the relationship (sometimes significantly) You may be "married" to that provider for "life".
    Do you really want your attorney , accountant, etc to be your business partners?
    If you need to convert equity into capital to pay for services - then I think you are better off to get an investor and use their money to pay for services.
  • Tabor88Tabor88 Posts: 3subscriber
    Robert,
     
    Great advice!  We appreciate it very much. 
     
    We have considered the investor route as well.
     
    But, how do we present our ideas to prospective investors and be certain they will not use our ideas as their own?  Wouldn`t we need an attorney to prepare sound contracts before we disclose our information to anyone?  Or should we only consider investors that we already personally know and trust?
     
    Look forward to hearing back from you.
    Tabor884/22/2008 3:48 PM
  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member
    Tabor88,
    Your question is one we are often asked by clients.
    My general answer is - prepare your "presentation" so that you don`t disclose too much too soon, whether you know the person or not.
    Also, we`ve learned that most investments in early stage companies come from people within 2 degrees of the entrepreneur..
    You might want to consider a crawl, walk, run approach to capital.
  • mtradesmtrades Posts: 0subscriber
    Hi,
    I personally have a home business and I have a legal plan through Pre Paid Legal. I signed up at www.legalserviceplans.info I pay $35/month for the coverage and I get unlimited legal consultations on any business topic + free contracts review and business coresspondence reviews. This is really cool. I faxed all kinds of contracts and the attorney told me exactly what to change, what more to include and what to exclude. Best of all, you can use the plan for 1 month only to get all questions answered and cancel afterwords if you do not need to coverage. Wishing you success with your business!
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