The management team is where you discuss you (and your partners) experience. Don't be shy, but don't over do it either! If you had success with a particular project, or venture, put it in there. If you had a failure don't be afraid to put it in there, but this can be a slippery slope. If you do acknowledge previous failures make sure you add lessons learned. All investors know that a majority of entrepreneurs fail a few times before they succeed and that most business ventures fail within the first three years; a key to a successful venture is learning from failed ventures. In short, this section is a resume written out in sentences.
The management team of SI Co will consist of Susan Trip and Brendon Trip. While they do not have direct management experience, Brandon has served as foreman on many jobs. Brendon is currently in the Alton electrician local IBEW 649. He is currently working for JF Electric. His technical experience includes 14 years working as a union electrician, and he is a certified electrician. Since he has been an electrician for many years it ensures that he is very knowledgeable about what he does. Through the years he has developed many contacts with contractors and suppliers. These contacts will be very helpful because they could refer customers to him. This will be especially useful during the early stages of the business. He has a commitment to develop his business to be an industry leader in all things solar. He also wants to become someone who is an expert on the subject and be able to offer consultative services in the future.
The Board of Directors will consist of four people-- Susan Trip, Brendon Trip, and two outside members, consisting of an investor and a consultant. It will help the company to secure capital if they offer the investor a position on the Board of Directors. The second position, filled by a consultant, will provide the business with a proper view of their consumers. Additionally, this consultant will provide some leadership for the fledgling company.
The board of advisors will be composed of five individuals. This will include an attorney, an accountant, a banker, his electrical supplier, and his father Al Trip. These individuals are needed so that SI Co will have advisors to consult when it comes time to make an informed decision. The board of advisors is also helpful for an organization because it gives the firm a sense of legitimacy. An attorney will advise the company on legal issues and make sure that SI Co remains compliant with all of the regulations that must be followed when installing solar panels. An accountant will keep the business financially sound and ensure that the company is sustainable. A banker is helpful when, and if, the business needs to apply for a business loan or try to refinance a current loan. SI Co’s electrical supplier will play an important part in the business. The supplier will refer work to them and keep the business up to date on new products available in the market. Al Trip has 25 years of electrical experience. He will be able to provide advice whenever it is needed.
Susan will own 51% of the company, and Brendon will own 49%. Susan will work at the company’s headquarters in Dorsey, Illinois, and Brendon will work as the manager of all company fieldwork. Susan will be in charge of making appointments with customers and ensure things are proceeding in a timely matter. As the business grows, more managers will be added and the organizational structure will become increasingly complex. As workers are needed, they will contract workers from the union hall to complete jobs as they come in. As the company grows they will hire new managers that complement their skills and share their vision.
The organization will be organized as a Limited Liability Company. SI Co is proceeding in this manner so that they are only held liable for the amount they originally invested in the company. This legal form also allows SI Co to decide how it will be taxed. Also, since profits are only taxed at the shareholder level they will not have to worry about double taxation.