Twenty years ago I left Boise to study economics and finance at Vanderbilt University in Nashville, Tenn. Three years later, I was studying business law at Tulane University in New Orleans, La. People in Nashville and New Orleans were fascinated to meet someone from Idaho.

The most common reaction was, "Does your dad grow potatoes?" or, "You are the first person I've ever met from Idaho." Most of them thought Idaho was in the flatlands of the Midwest. But when I told them that Boise was home to numerous Fortune 500 companies such as Boise Cascade, Albertsons, Morrison Knudsen and Micron, and that Hewlett-Packard's flagship inkjet and laser printer division was based in Boise, all in addition to the world-famous potato products of Simplot and Ore-Ida, they were stunned.

When I told them that Boise sits at the base of the Rocky Mountains, that Sun Valley was only three hours away, and that Jackson Hole was actually 5 miles east of Idaho, they were floored.

But that was then and this is now. Boise has lost its identity as a hub of Fortune 500 companies. The Treasure Valley is now in search of a new identity.

Most people, like me, believe Idaho's economic growth is tied to the start-up and entrepreneur market. Switching gears from a town that supported Fortune 500 companies to a town that is dependent upon high growth start-ups is not easy. But it can be done. We just need to create multiple success stories and then tell the world about them, much as I did when I lived in Nashville and New Orleans.

Over the past six months, I have reflected on my 10-plus years of experience in business and employment law. I also have reached out to the players in the start-up community, asking them how a lawyer can help. The results? I have gotten my firm, one of Idaho's oldest and largest, to start acting like an entrepreneur. Moffatt Thomas now offers many legal products for start-up companies on a fixed-fee basis (so they know what they are getting and they know what they are paying).

I have also posted a manual, "Things to Consider When Starting Up a Company in Idaho - A Lawyer's Perspective," on the Internet at www.startup-Idaho.com. My manual discusses issues related to the formation of your company, financing your company, how outside investors will value your company for investment and acquisition purposes, finding a location for your company's operation, government regulation of your business, protecting your company's intellectual property, employment policies and practices you should consider, employment laws that may affect your business, and things you should consider about insurance and employee benefits.

I have also included contact information for various local industry representatives in banking and finance, business valuation, commercial real estate, insurance and employee benefits. Finally, I have included Internet links to local low-fee organizations that can help a start-up company with the nuts and bolts of growing a business (like learning how to manage cash flow, how to put a business plan together, and how to design a prototype product for later mass production), and links to other helpful Web sites.

If there is one thing I hope you take away from this manual, it is that one size does not fit all when it comes to a start-up. Careful planning about how you structure and finance your company can make a significant impact on your company's future prospects.

If you are going to spend your time and money in starting up a company, do it right the first time, because you may not get a second chance.

Clay Gill is a partner in the Boise office of Moffatt, Thomas, Barrett, Rock & Fields, Chtd., specializing in business and employment law. He can be reached at ccg@moffatt.com.

Starting Up is a series published on Thursdays. The columns grew from discussions between the Statesman and local tech and entrepreneurial leaders and are coordinated by Julie Howard, a specialist for the Idaho Office of Science and Technology. Reach her at julie.howard@commerce.idaho.gov.

Article written by Clay Gill - Special to the Idaho Statesman

Edition Date: 07/31/08