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9.6 Build Good Relations With InvestorsAre you just looking for the money? Or are you looking to grow your relationship with the investor? Your relationship with your investor began the moment you first made contact. Make sure every experience thereafter is a positive one. The key to a successful relationship is honest and open communication. Check out our Tips on Keeping a Good Working Relationship. Once you've agreed to a deal, it's even more important to continue to be honest and open. You have to make the investor aware of all significant developments, even unfavourable ones. Remember that it's always better for you to break the bad news than for the investor to learn about it from outside sources. If you raise the issue first, you'll have an opportunity to discuss your plans to address the situation or to seek the investor's advice. If you don't keep the investor informed and involved, he or she may pull the money out (under exit clauses) or be less willing to help you work out problems when they occur. As well, most investors and angels know each other reasonably well, and if you lose your credibility with one, you may find it hard to access this type of financing in the future. On the positive side, if the investor experiences you as trustworthy and straightforward, this may lead to further investments as your business grows. Tips on Keeping a Good Working RelationshipMost investment agreements require some sort of ongoing formal reporting, such as the completion of a monthly financial reporting package. But you should strive for a higher level of communication with your investor that includes the following ideas:
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