All right, it's time for startup basics.

Go to this week in startups.

Com slash basics.

We're doing our legal basics with Becky de Graw.

We've done a dozen of these over the years. She's with Wilson's. with hack life science, all the great companies, funds, myself, a bunch of folks, just a great firm,

and Becky's a straight shooter, she does this work every day, it's done it for a little bit, and

I wanted to talk today about kind of growing up as a startup.

You do your notes, you do your safes, you're raising money, you don't have a cap table yet,

but you got all of these loans and or promises for future equity, and now it's time.

The moment has occurred, you hit a million in ARR, 2 million in revenue, and I don't know,

Fred Wilson or Rule Off at Sequoia, some David Sachs, Bill

Gurley comes and says we're doing a price round. We want to join the board and

it's time to grow up and convert all those notes.

What do you need to do?

This is like an elite moment for startups

that most startups don't get to you, yeah?

Yeah, absolutely.

And thanks for having me and all the kind words, as always. And I will will I promise I'm not going to say this thing first to you

know try to plug lawyers but I will say get legal counsel involved get them lined up and get them up to speed that's one of the first things to do

Oftentimes we'll get brought in and I'll be like I have a signed term sheet

We are already behind the eight ball then, right? Like you really need to get your

counsel, whether it's us or someone else, get them involved early. Part of that process is just getting the company ready.

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