Re-rolling: Contracts and Banks

Greetings, fellow board gaming aficionados! Welcome back to Re-Rolling: A Journey Through Game Design and Self-Publishing. Today, we’re getting into the nitty-gritty of setting up your financial foundations and bringing aboard your first Independent Contractors. Let’s roll the dice and explore these crucial steps together. Let’s dive in!

In our last installment, we touched upon the importance of seeking legal counsel for crafting Contractors Agreements and Operating Agreements, particularly for those embarking on ventures with partners. Building on that, let’s refine these documents further.

When developing Independent Contractor Agreements, we opted to review various online contract templates and sought guidance from our lawyer to ensure alignment with our business needs. You could also ask the contractors if they have a standard contract that they prefer for their work. Just be sure to thoroughly review their contract and consult with your lawyer for guidance. What works for us might not necessarily meet your current requirements, but it could be worthwhile to explore. Our must-haves in an Independent Contractors Agreement included a customizable boilerplate contract adaptable to various roles, clear delineation of obligations, compensation structures, termination clauses, and robust provisions for non-disclosure and intellectual property assignment.

Operating Agreements hold paramount importance, especially in partnerships. These documents serve as the cornerstone for LLCs, describing financial and operational modalities, rules, and provisions tailored to the business owners’ specific requirements. Most financial institutions mandate an Operating Agreement for opening business accounts accessible to partners. Key considerations for us encompassed listing spending limits and loan thresholds requiring partner consensus, as well as establishing dispute resolution mechanisms. We opted for a tiered approach, involving legal counsel and mediation before resorting to litigation. Though these discussions may prove uncomfortable, preemptive dialogue is pivotal for seamless operations.

Armed with these foundational documents, you’re primed to establish business bank accounts and start hiring out work if necessary. As noted in our previous blog entry, we find smaller banks or credit unions to be the best fit for us at this time, and we recommend considering these options as you start your own venture. With your bank accounts all set, ask your accountant about utilizing loans for owner contributions, channeling funds through this avenue could be a great way to mitigate commingling of personal and business finances. This approach offers additional benefits, which warrant thorough discussion with legal, tax and accounting advisors.

In essence, building a strong foundation through meticulous documentation and financial planning appears to be the key to success in the realm of board gaming or any other entrepreneurial venture you may embark upon.

Re-Rolling

In this section we reflect our past actions, decisions and what we may have done differently for better results.

Hiring Contractors
The hiring of our first independent contractor, lead illustrator for “Sugarworks“, Parker Simpson, marked a significant milestone as the pieces of our company began to fall into place. Reflecting on this experience, we’ve gleaned valuable insights, particularly the importance of thorough planning and communication.

In retrospect, two valuable lessons emerged: the importance of crafting a thorough, itemized scope of work, and the advantage of appointing a single project lead to streamline communication between the company and the contractor. Opting for a more generalized approach initially led to some frustrations on both ends. Fortunately, Parker demonstrated utmost professionalism and understanding, recognizing that this was our maiden project.

Furthermore, effective communication lies at the heart of any successful collaboration, particularly when engaging with external contractors. Providing a comprehensive scope of work and establishing clear deadlines for each component are essential steps in mitigating misunderstandings and averting delays. Leveraging project management tools such as “Trello” and maintaining open channels of communication foster efficiency and accountability, ultimately contributing to a successful project or at least we hope.

In conclusion, effective financial management is indispensable for any business endeavor. A key practice is maintaining a clear division between personal and company finances by establishing dedicated business bank accounts for all transactions. Streamlining bookkeeping through platforms like “Google Drive“, “QuickBooks“, “Oracle” or similar alternatives, can significantly enhance efficiency.

Additionally, consulting with your tax, legal and accountant is paramount when exploring additional financial avenues such as credit cards or microloans that could benefit your business. We feel like this might be the only step that we would not Re-Roll in our own journey, we owe a debt of gratitude to Joe Robinson, whose seasoned guidance proved invaluable in navigating this aspect successfully.

Remember, seeking advice from those who have traversed similar paths is not only acceptable but highly advisable. It’s the very essence of why we initiated this blog—to share experiences, learn from one another, and collectively thrive in the realm of entrepreneurship in any form it may take.

Join us next time on Re-Rolling as we explore more insights and adventures in the world of board gaming entrepreneurship.

Until then, keep rolling those dice and embracing the journey!