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hey good morning everybody so imagine a friend of yours is starting a venture business shes got a great idea youre interested in the content and actually you have some skills she requires but she doesnt know what kind of deal to offer you to get you involved in her adventure my advice to you i wanted to talk about this morning is dont ask for equity ask for promissory notes what are promisory notes promissory notes are a mechanism similar to preferred shares where they involve no equity stake in the business but you get paid first essentially theyre also conditional you dont get paid if the business doesnt take off im going to give you some background about how i came to believe so heartedly in promissory notes as a mechanism for structuring adventure business i took part in a number of venture businesses in the early 2000s and one of them was a 50 50 equity split and the problem was is my business partner he basically wanted to throw in a towel he said he didnt think the busi