In this episode, we sit down with Scott from Latham & Watkins to uncover what it takes to build and scale a high-growth oil and gas startup. From setting up the right legal structure to preparing for a successful exit, Scott shares essential advice for navigating the complexities of the industry. We dive into key decisions like choosing between an LLC or Delaware C Corp and the critical timing of filing an 83b to avoid tax headaches. The conversation touches on equity distribution pitfalls, the strategic use of RSUs to attract top talent, and how external funding transforms the dynamics of running a business. Scott also pulls back the curtain on the realities of the exit process, from venture capital expectations to IPO challenges, emphasizing the importance of early preparation at every stage. This is a must-listen for anyone looking to thrive in the oil and gas startup world.

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00:00 - Intro
06:04 - Starting a Company: Key Considerations
08:07 - LLC vs C-Corp: Choosing the Right Structure
10:15 - Understanding QSBS: Qualified Small Business Stock
13:45 - Importance of Document Organization for Startups
17:15 - Tax Implications of Equity and QSUs
26:44 - EquityX: Discount on xCloud Services
29:25 - Essential Items for Your Investment Data Room
33:20 - Founder Compensation: How to Pay Yourself
35:10 - Transitioning from Seed to Series A: Key Changes
38:54 - Evaluating Acquisition Offers
44:00 - Role of Investment Banks in Startups
47:11 - Navigating the IPO Process
50:00 - Where to Find Scott
51:14 - Educating Investors on Startup Opportunities

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