February 12, 2013
Bodman PLC Guides Entrepreneurs through Spin-Off Process

Changes in business cycles can throw off even the most prepared and experienced entrepreneur, but law firm Bodman, works to keep its clients on steady footing. With offices in Detroit, Ann Arbor, Troy, Cheboygan and an affiliate in Dallas, Texas, Bodman is dedicated to helping its clients find new sources of financing, protect their assets, increase efficiency and rethink conventional practices.The firm has a number of spin-off and start-up companies among its clientele, most of which have recently licensed technology from the University of Michigan. "I would argue that we've done more spin-offs than anyone else over the years," said Business Practice Group Chairperson Tim Damschroder.

Bodman prides itself on its thoroughness. "We represent the spin-offs and start-ups from the beginning to the end," Damschroder said. "We help them form the company, raise money, contract with the University of Michigan to get the technology, and we help them with their agreements with other founders."

Damschroder noted that early stage funding is often more difficult to obtain. "The more mature the company is, the better," he said. "Once they get to a certain revenue range and can still maintain cash flow, they are much more fundable." 

Changes in the law have had an indelible impact on the venture capital industry; security laws have become more strict  in terms of fund managers. "Compliance requirements by the FCC and the state of Michigan have increased over the last few years," said Damschroder, noting that the Michigan Growth Capital Symposium has done a nice job in disseminating updated legal information to attendees.


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