We recently signed a legal document for an early-stage investment. As signature pages were exchanged virtual high fives flew (along with pictures of Shetland ponies in sweaters… I kid you not!).

We were all excited about getting to this phase in which, after many weeks of dancing and flirting, we agree that we want to move forward with each other. It’s an exciting moment indeed. But the reality is that this legal document is simply the beginning of a long (looong) relationship. How long? On average from early-stage investment to exit, slightly less than 7-year-itch long.

So some thoughts come to mind:

• First, pick your investor partner wisely, especially if they are going to be on your Board. You are choosing an investor, an advisor and a sparring partner. The relationship will likely be longer than most of your past boyfriends or girlfriends.
• Secondly, when tensions arise during the negotiation process (as they likely will), find a way to distinguish deal-specific tension from the reason you are doing the deal to begin with. Walking into a long-term relationship with baggage is not going to be helpful.
• Finally, very soon after the legal docs are done have a proper session with your new partner to focus on the material issues: Product roadmap, competition, growth, key hires. This can be a Board meeting, but I would even suggest it’s not. Make it a reset of the business at hand (NOT the investor pitch deck and data room and due diligence questionnaire’s)

We (or at least I) did not get into the investment game to deal with lawyers and legal provisions. I do this to work alongside amazing people from whom I learn and with whom we build great businesses. As with a marriage in which people decide to sign a pre-nup, the legal document should, if all goes well, never really matter, both sides are in it for the long term.