Being a shareholder does not necessarily give rise to a conflict of interest for your attorneys. A potential VC investment is likely to benefit every shareholder as it increases the value of your stock without entailing the risk of a subsequent sell-off because there is no secondary market for your securities.
Since you have already been dealing with VCs, you will probably know that they usually don’t follow traditional valuation techniques because they have their own perception of value and present their term sheets accordingly. So unless your attorneys hold a shareholding substantial enough to shift the majority voting power among shareholders, it’s probably too early to worry about this.
On the other hand, there are lots of shades of grey in entrepreneurial finance and fewer and fewer deals are done as straight equity deals. So you might be well advised to retain a seasoned corporate finance professional to balance the legal expertise of your attorneys with an intimate understanding of early-stage deal making. It will probably help you rest easier, too.
Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.