Lesson 4: Who Is In Charge?
The management team provides the leadership for your business and must include combined strength in both management and technical areas. The management team should be selected in such a way that talents are complimentary rather than overlapping or duplicated. You must ensure that all of the key areas necessary to accomplish the goals and objectives of the company are within the strength and talents of your management team.
Early on in your business, you will want people who are capable of handling multiple functions. As your company grows, your requirements will call for more specialization within the management team. A combination of experience, technical skills and energy will serve your company well.
Your management team will be responsible for the success or failure of your business. As you develop your management team, keep this in mind: potential lenders and investors will only finance a company with a management team that has balance and the ability to provide the four essential elements of management: Planning, Organization, Control and Leadership.
Therefore, as you write this section of your plan, put down who will be in charge of certain responsibilities and tasks, and why they are qualified to manage this specific department or task within your company. Having the personal, technical and conceptual skills applicable to your business, the management team must also have skills in marketing, finance and operations.
Company Overview
Legal Business Description
- What is the company name?
- What is the legal form of business (sole proprietorship, general or limited partnership, corporation, subchapter-S corporation, or limited liability company?
- What is the business location of the company? List the corporate headquarters, the business office and any other satellite or franchise locations.
- Discuss government regulations, licenses and permits required, if any.
- A short paragraph summarizing/introducing your management team. Example: "Our management team consists of 3 men and 4 women. Their backgrounds consists of 12 years of marketing with 9 years of corporate development with John Doe, 4 years of engineering and design with Pat Smith, a chief financial officer with over 20 years of accounting, administrative and banking experience with Mary Smith. Fortune 1000 company backgrounds mentioned here add credibility. Good company backgrounds pertinent to your management team functions are good references that show a solid background and assure a probability for future success.
