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The
Management Team Section of the Business Plan –
Don’t Just Include Resumes
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by:
Dave Lavinsky
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Even the best new concept or existing plan
will fail if executed poorly. The Management Team section of the
business plan must prove to the investor why the key company personnel
are "eminently qualified" to execute on the business model.
The Management Team section should include biographies of key team
members and detail their responsibilities. It is important that these
biographies are not merely resumes that include the educational
backgrounds and previous job titles and responsibilities of the team
members. Rather, biographies should highlight the most relevant past
positions that the individuals have held and specific successes in
each. These successes could include launching and growing new
businesses or managing divisions of established companies.
Team member biographies should be tailored to the company's growth
stage. For instance, a start-up company should emphasize its
management's success launching and growing companies. A more mature
company should emphasize how team members have successfully operated
within the framework of larger enterprises.
Depending upon the stage of the company, key functional areas may be
missing from the team. This is acceptable provided that the plan
clearly defines the roles that these individuals will play and
identifies the key characteristics of the individuals that will be
hired. However, it is generally not favorable if personnel are missing
for ultra-critical roles. For example, a plan that is fundamentally a
marketing play should not seek financing without a stellar marketing
team.
The Management Team section should also include biographies of the
company's Advisory Board and/or Board of Directors. While having
well-known advisors/board members adds credibility to the business
plan, it is highly effective to explain how these advisors will
directly impact the company through strategic advice and/or providing
conduits to key clients, partners, suppliers, etc.
In summary, the Management Team section of the business plan is an
opportunity to prove to investors that your company has the necessary
talent to succeed. Rather than waste this opportunity by merely showing
employee resumes, which could be included in the Appendix, the section
should be used to explain precisely how the team is uniquely qualified
to execute the venture in its present state.
As President of www.growthink.com, Dave Lavinsky has helped the company
become one of the premier business plan development firms. Since its
inception, Growthink has developed over 200 business plans. Growthink
clients have collectively raised over $750 million in financing,
launched numerous new product and service lines and gained competitive
advantage and market share.
About the author:
Since its inception, Growthink
Business Plans has developed over 200 business plans.
Growthink clients have collectively raised over $750 million in
financing, launched numerous new product and service lines and gained
competitive advantage and market share. Growthink has become the firm
of choice for venture capital firms, angel investors, corporations and
entrepreneurs in the know. For more information please visit http://www.growthink.com
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