Bowditch & Dewey’s Peter Cifichiello: Legal Advice Every Startup Founder Needs

By-Hank Stolz

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WORCESTER, MA- Peter Cifichiello, Bowditch and Dewey, joins Zak Dutton, Executive Director of Auxilium, to give entrepreneurs information on what they need to know and how to avoid common mistakes.

Cifichiello is a partner at Bowditch and Dewey who helps emerging growth companies. A key piece of advice for Founders is to seek legal counsel as early as possible, even at the idea stage, to prevent making mistakes that are difficult to correct later. In response to a question by Dutton, Cifichiello said that a primary mistake made by new founders was distributing too much equity too early, particularly to advisors who did not provide commensurate value or have contractual obligations. The initial equity split between co-founders should be a frank conversation based on past and future contributions, rather than an automatic equal division.

Founders should not be deterred by cost, as many law firms that specialize in startups offer flat-fee packages and value the long-term relationship over short-term billing. Cifichiello emphasized making sure entrepreneurs have essential early documents including a clear corporate charter, shareholder agreements, and an inventions assignment agreement to ensure all intellectual property created for the company was owned by the company. He also made clear how he sees his role as an attorney helping a startup, “I’m not here to tell you what to do. I’m here to try to help you get to where you want.”

Building a startup in Worcester or Central Mass?

Auxilium helps entrepreneurs grow faster by connecting them with experienced mentors, professional resources, and guidance that helps founders avoid costly mistakes early.

Stay connected with Auxilium and follow Radio Worcester for more interviews designed to support the region’s startup and innovation community.

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