Having an advisor when starting your business is an asset.
$600 + Tax
Advisor Agreements are used by businesses to secure advising services in exchange for some combination of cash and/or equity. These agreements define the advisor's duties, how they will be compensated and what happens if the advisor fails to fulfill their responsibilities.
Motivate your advisors.
Advisors who are being compensated with either cash or equity have a high incentive, as well as an obligation to spend more time and energy helping your business grow.
Reduce your risk.
Advisor Agreements provide a clear deal so everyone knows what the advisor is expected to contribute to the company. If they fail to meet their obligations, the Agreement will clearly outline the consequences.
Conserve your runway.
Compensating advisors with equity or stock options can secure top talent for an early-stage or struggling business while conserving cash flow.
First, you'll have a kick-off call with your Good Lawyer to discuss your current situation. After the call, your lawyer will carefully complete your Agreement. They will share a copy of the final document.
1. Project kick-off call to gather information, advise you and answer questions
2. One custom Advisor Agreement
3. One round of minor revisions if necessary
Pick a time to discuss your Agreement with a Good Lawyer.
Talk to a lawyer about your business goals and the Advising relationship at hand. Your lawyer will be able to advise you and draft an Agreement with the right terms for your situation.
You will receive a digital copy of your customized Advisor Agreement ready to distribute and sign.
Get your paperwork done the easy way so you can get back to running your business.
Compensation depends on many things, including the qualifications of the advisor, their level of involvement in the company, and your business goals. Your lawyer will be able to provide some industry-standard options that can help you decide what to offer and ask for in return.
You can expect to receive your finalized Advisor Agreement within 1 week. If your needs are more complex than usual, it could take longer, but your lawyer will always let you know.
There are very few Advisor Agreements available online and even fewer that will work in a specific industry and legal jurisdiction. Like any contract, the specifics of the deal are important and using a general agreement will make it difficult, if not impossible to adequately capture all the nuances of your relationship with an advisor. If you’re unsure about a template you found online, you can book a Contract Review and a lawyer will help you understand the template.
Generally, no, you don’t need a local lawyer to draft an Advisor Agreement. Advisor Agreements should cover you across the whole country, but if your business has some nuance that requires local expertise, your lawyer will let you know and Goodlawyer can set you up with another lawyer who can help.
Yes, absolutely. You can use the Goodlawyer platform to send messages and files. If substantially more communication is needed, your lawyer may request another call.
Goodlawyer is an interactive online service that makes it faster and easier for clients to find and hire legal help solely based on their preferences. We are not a law firm, do not provide any legal services, legal advice or “lawyer referral services” and do not provide or participate in any legal representation.