About Lesson
Management Summary
Describe your business structure. Also, include a discussion of your management team in this section. List officers and/or principal owner/managers, and detail your management team’s responsibilities and qualifications. Also include the following:
• Legal Structure: If you are an existing business, describe your business structure. If you’re just starting out, your options include sole proprietorship, general partnership and jointventure, limited partnership, corporation, S corporation and Limited Liability Corporation.Consult with your accountant and lawyer to determine the best approach for structuringyour business.
• Management Team: Show that you have the talent in place to develop your product/service, sell it, and manage the financials. Explain your hiring criteria, training plan,salary and benefits structure, and your system for performance evaluation. Financiers investin people, especially people who have run or are likely to run successful operations.Potential investors and lenders will look closely at the members of your management team.Your team should have experience and talents in the most important functions of yourbusiness, whether it’s research and development, sales and marketing, manufacturing orfinance. You may want to include an organizational chart to demonstrate functional interactions.
• Resumes: Attach detailed resumes for all key personnel in an appendix.
• Board of Directors: If you have a board, include their names and place of employment. Ifyou have an advisory board, include them, too.