I had to laugh today when I read Dave’s article. It’s not necessarily because I have had to deal with any media moguls, but I was approached a month or two ago by a firm that wanted to invest in Podcast Connect Inc., the small company I have started. We had some very nice discussions, and it was a very charming experience to a point.
After a face to face meeting in which they had flown out to Hawaii to meet with me from California I started having concerns. Have you ever had that gut feeling that something isn’t quite the way it should be. Being I am a father with 4 kids, I really did not have the budget to go hire a lawyer but was lucky enough to get connected to a firm here in Hawaii that specializes in these types of things, and they agreed to do me a favor and look over the contract and if I proceeded then I would be represented. I paid a retainer to make it all nice and legal and they reviewed the contract.
This contract/agreement/funding got marked up with a pen worse than any English paper I have ever turned in, and they made pen and ink changes that changed the wording so that I would not be selling my first born in the process. Sometimes the lure of large sums of cash can make your vision blurred.
Long story short the deal did not go through because I had a lawyer advise me on the positive and negative points, fortunately I did not get stupid and sign away my life. The next time around may be different, but the thought process behind my venture is to watch out for the little guys including myself.
Always get legal representation when contracts and money is involved. Dave is absolutely correct in his article. [Podcatch.com]