Some of the comments in track changes were V funny, and so embarassing!
The Coolest Business Plan Ever...
Make tons of changes to your document, pass it to your 'advisors' for advising, get back their edits, make more changes, save and send the document to me without accepting all changes and stripping out all the notes and comments.
How To Ruin Your Chances With Investors
Posted 14 May 2008 - 09:45 PM
Posted 14 May 2008 - 10:57 PM
I'll bet the authors of the document have a sick feeling right about now, wondering if they've jeopardized the deal.
Working on these types of documents is excruciatingly difficult with so many chefs in the kitchen. I remember when we took a company public, about 10 years ago. There were 40 of us sitting at a big, long table, mostly high-powered (and very, very intelligent) accountants, lawyers and investment bankers trying to craft the IPO Prospectus. I remember thinking, everybody at this table is making $800 an hour, except me. It was a $100 million deal, and of course, everybody wanted it to be perfect.
We'd go for hours on end, sometimes discussing one sentence. "I think it should read, 'could be'." "No, I definitely think reads better as, 'should be'." I rolled my eyes at how petty these comments were, thinking at the time, "Guys, we have a hundred pages more to go, shall we move on?"
I remember on one session, I worked for 20 hours straight. Went home, slept for two hours and returned for another 20 hour session. Very exhausting, but not much choice when so much money is on the line.
These things literally go through hundreds of revisions before being finalized. It's not that surprising that every once in a while, the redlined comments are not inadvertently removed.
Edited by Respree, 14 May 2008 - 11:02 PM.
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