One Dallas-based startup named OrderMyGear has raised $500,000 in funding while also naming an advisor and new CEO. The company provides sporting goods dealers a platform to manage online stores. While serving more than 120 sporting goods distributors it has raised revenue to around $1 million.
The new CEO had at one time found a company called eCarList with $250 thousand in startup capital. This company was eventually acquired for $48 million. The named advisor also had experience working as the chief operating officer and senior partner for eCarList. He watched it grow from 10 employees to 800. Meanwhile, his stock portfolio grew from $85,000 to over $2 million in around three years.
If financed and planned correctly, startup companies can experience enormous growth. This is easier said than done. Procuring financing is not always a simple process. Also, decisions will have to be made by entrepreneurs as to one sort of business entity they would like to open.
Other considerations concern the preparing of corporate paper work, tax planning, and creation of employment contracts and partnership agreements. And legal and regulatory issues will likely need to be dealt with as long as the startup company remains in business.
Corporate and business attorneys can be helpful to prospective businesses by making certain every detail is addressed. Since most of us will only have so many opportunities to open up a new business, it’s good to have the advice and counsel of someone who has dealt in these matters on a large number of occasions. Attorneys can sometimes steer businesses away from obstacles that could hamper expansion.
Source: Dallas Business Journal, “Dallas startup OrderMyGear raises $550K, appoints new leaders,” Feb. 18, 2014