How to ace diligence & avoid common mistakes with Scott Orn | Kruze Consulting Startup Finance Basics

This Week in Startups

Jason Calacanis

Technology

4.4 • 1.3K Ratings

🗓️ 22 January 2021

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Check out Kruze Consulting: https://kruzeconsulting.com/twist
FOLLOW Scott: https://twitter.com/scottorn
FOLLOW Jason: https://linktr.ee/calacanis

Transcript

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0:00.0	Hey everybody welcome to this week in startups one of the things we're doing in
0:07.8	2021 as a service to the founders who listen to this program is startup basics.
0:14.0	Why are we doing this?
0:15.1	Because startups ask me the same questions
0:18.3	over and over and over again.
0:21.3	And these are questions about
0:23.7	legal issues accounting HR
0:26.9	these issues come up over and over again and I can tell you that if you get your
0:30.8	accounting issues wrong your finance issues wrong your accounting issues wrong, your finance issues wrong, your legal issues wrong,
0:35.3	your HR issues wrong, my God, the cleanup work, the downstream issues when you do diligence with a venture capitalist can be colossal.
0:46.8	I've seen deals fall apart because somebody didn't do their IP assignment.
0:52.8	That's why we had Wilson's Incini.
0:54.2	My friends over there, my attorneys over there,
0:55.6	help us do a startup basic series around legal issues.
0:58.7	I've seen deals fall apart because somebody made an HR claim because they were unfairly fired and the person didn't have
1:05.8	insurance and they got sued and they didn't have the right liability insurance.
1:09.7	My goodness, the stories I could tell after 200 plus investments.
1:14.6	Well, one of the things that you have to have to get right
1:20.4	is due diligence. Most people don't know what due diligence is.
1:24.6	It's essentially a process of making sure all the representations you made about your
1:28.9	startup are correct so that the person who's going to buy your company or invest in it feels comfortable and they've done their due diligence.
1:37.0	They've checked the boxes they're supposed to check.
	...

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