Advice on raises, structure, and cap tables
The advice on raises, structure, and cap tables comes from an operator who holds equity in the company. That changes the advice. A bad raise dilutes the operator's own stake, so the operator fights the bad raise. An advisor paid in fees might not notice. You get terms weighed by someone who carries them.
Terms weighed by a stake
The alignment test runs both ways. A bad raise dilutes the operator's stake as well as the founder's, so the operator fights it. A fee-paid advisor carries no such exposure and might not notice. When someone gives you advice on structure and cap tables, it matters whether their income follows the company's progress or the invoice. Here it follows the company. The advisor's stake moves with yours, and that is the point of the arrangement.
What gets checked before signing
Two structural points matter before a founder signs. First, the name on the line. Equity held by the studio entity can be moved, split, or diluted inside the studio's own arrangements. Equity held in an individual operator's name stays with the person who does the work. Second, the instrument. Shares carry voting rights and cost nothing to hold. Options carry an exercise price, a trigger, and a tax event when exercised.