Entrepreneurs face a smorgasbord of risk. Have they identified a real market need? (Strategic risk.) Are they executing effectively? (Operational risk.) Will they go broke wooing customers? (Financial risk.) Will their (likely) failure tarnish their image? (Reputational risk.) But there’s another risk that threatens new companies even before they’re born: legal risk. Steven Gladstone, a lawyer at Hall Booth Smith, headquartered in Atlanta, knows about managing legal risk. Gladstone, 65, has four decades of experience forming companies and structuring private placements, often based on the value of intellectual property. He has counseled entrepreneurs in everything from film production to real estate—and he has acute appreciation for how legal snafus can sting. Gl
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