Editor’s Note: This post was originally published on Seattle 2.0, and imported to GeekWire as part of our acquisition of Seattle 2.0 and its archival content. For more background, see this post.
By Sasha Pasulka
Hi. I’m Sasha. You might remember me as the thought-leader who brought you ground-breaking business ideas like choosing a company name that hasn’t been taken, liking people who aren’t even rich, and napping. By this point, many of you are probably wondering how I come across such incredible insights. I’ll let you in on a little secret: It’s because I do them wrong a lot of times before I learn the lesson the hard way and start doing it right. So I have to assume at least some of you are the same way.
Some people are really, really good at all the details. They stay on top of these things. They dot their i’s and they cross their t’s. They imagine every possible negative scenario, assume the whole world is a potential threat, and act accordingly. Those people are probably really successful at business and sleep well.
And then there is me. I have a lot of big ideas. I even have a couple good ideas. Once in a blue moon, I manage to successfully execute on one of those good ideas and make some money. And that’s more than a lot of people can say, and I’m proud of it. My mindset — one that I think has a lot of advantages for an entrepreneur — is one of infinite and almost childlike excitement, faith, and, if we’re being honest, complete and total apathy toward anything not directly related to me getting my product built and shipped (read: complete and total apathy toward anything not directly related to me getting what I want). This laser (read: limited) focus serves me well a lot of the time. And the rest of the time, I learn some basic life lessons that most people internalize at a far earlier age.
Here’s one I’m playing with right now: Save your contracts. Save the signed contracts of anything related to your business. Save the versions that are signed by all parties. If a company tells you to sign a contract and fax it back to them, and then they’ll sign it and you’ll be set, please insist that they fax you back the copy signed by both of you. Then save it somewhere that you can find it again.
When you’re doing spring cleaning, don’t put those contracts in the pile of things that can be thrown out. When you’re moving houses, don’t put those contracts in the pile of things that can be thrown out. When you’re trying to find more space in your closet for your shoes because your company is doing really well and you have been fortunate enough to buy a lot of shoes, don’t put those contracts in the pile of things that can be thrown out.
Better yet: scan them into your computer and make them a part of your regular backups and perhaps also email them to yourself so that Gmail has them if all else fails.
Don’t assume that these old contracts will never be important or relevant again. Don’t assume that no one will ever sue you, because, seriously, why would anyone ever sue you? You’re adorable and suing people is mean. Don’t assume that a potential investor will just trust you when you tell them that these contracts exist and you swear you know exactly what they say and it’s all good. Don’t assume that a former employee who you fired two years ago won’t suddenly demand you owed them a bonus that was never in a contract but you can’t prove that because you don’t have a signed version of the contract.
Save your contracts. Save them all. Save them signed by all parties. Save them forever.
You’re welcome.