Below you can find the Top 5 “Do’s and Don’ts” from the seminar:
Klas Bäck – Vice President Strategic Business Development, Digital River World Payments
1. Learn the differences in the US market versus Sweden, then embrace them.
2. Partner with an experienced law firm and CPA firm that understands your situation.
3. Learn to understand the concept of Liability
4. Manage your cash flow tightly. You are going to need it more than you think.
5. Understand how to articulate your value proposition the way your customers would like to buy it here.
1. Don’t make promises you can’t keep
2. Don’t forget to learn local rules and regulations
3. Don’t forget a good insurance policy
4. Don’t expect things to work in the US just because they work in Sweden.
5. Don’t be vague or waste time with lack of focus in your business dealings. When you speak to a potential client you should be able to answer the three WHY’s: Why is this relevant? Why should we do it? and Why now?
Göran Eriksson – President and founder of esi Techtrans
1. Start develop a local market and grow from that
2. Find local mentor(s) at outset
3. Participate consistently, for years, in your business networks
4. Select appropriate law firm and CPA firm that can participate in your business development
5. Be frugal with your start up money – it will take 2-3 times longer then you think
1. Don’t incorporate in Delaware because “all” Swedish companies does that
2. Don’t pick a company/product name that is taken in another state
3. Don’t sign away exclusive distribution rights for the entire US market
4. Don’t base your view of the US and US markets on Swedish media
5. Don’t buy into “American sales hype”. If it sounds too good, it probably is
Erik Von Zeipel – Lawyer and partner in Seyfarth Shaw Attorneys LLP Los Angeles
1. Do establish a relationship with a reputable law firm before starting a business.
2. Do establish a relationship with a reputable accounting firm.
3. Do discuss your business with your attorneys and accountants. There may be unforeseen legal or tax consequences.
4. Do put agreements in writing. “An oral agreement is not worth the paper it’s written on.”
5. Do try to resolve disputes before they go to litigation and costs escalate.
1. Don’t delay in informing your attorneys when a problem arises. Rights and options are lost with the passage of time.
2. Don’t take legal advice from non-lawyers. What worked for another may not be appropriate for you.
3. Don’t assume that you will win a dispute just because you are right. It costs money to be right.
4. Don’t “over lawyer” deals to death. Be willing to accept some business risk.
5. Don’t break the law.