Organizing Advisors: Building the Team That Makes or Breaks Your DESPAC Transaction
In this episode of The DESPAC Podcast Go Public Series, host Chaz Churchwell and SPAC attorney Michael Blankenship of Winston & Strawn dive into the second step of the Go Public Framework: O – Organizing Advisors.
This conversation explains why selecting the right advisory team is one of the most important decisions a private company will make when pursuing a DESPAC transaction. From legal counsel to audit to risk management, every advisor influences deal speed, valuation, compliance, and the company’s long-term stability as a public entity.
Listeners will learn:
• Why advisors serve as the structural guardrails of a DESPAC deal
• How to engage securities counsel, audit, and investor relations early
• Why SPAC-specific legal expertise is essential
• How D&O, cyber, and crime insurance must be structured before any S-4 filing
• Why missing private D&O coverage creates serious litigation risk
• How to vet advisors based on experience and past deal quality
• What digital-asset companies must do to build compliant infrastructure
• How crypto-competent legal and compliance advisors avoid regulatory issues
This episode gives private-company leaders a clear roadmap for building the right advisory team before entering the public markets.
Connect With the Guest:
Michael Blankenship, Winston & Strawn LLP
LinkedIn: https://www.linkedin.com/in/mikeblankenship
Connect With the Host & The DESPAC Podcast:
Chaz Churchwell LinkedIn: https://www.linkedin.com/in/chazchurchwell/
YouTube Channel: www.youtube.com/@thedespacpodcast
THE DESPAC PODCAST STANDARD LEGAL DISCLAIMER
The DESPAC Podcast is for informational purposes only. The views and opinions expressed by the host and guests are their own and do not represent the views of Smooth Stone Capital, its affiliates, or any sponsoring organization.
Nothing in this podcast should be interpreted as legal advice, investment advice, tax advice, or a recommendation to pursue or avoid any transaction. Discussions may reference SPACs, DESPAC transactions, securities regulations, or public-company readiness frameworks. These conversations are educational in nature and should not be relied upon when making financial or strategic decisions.
Listeners should consult qualified legal, financial, and tax professionals before acting on any information discussed in this podcast. Any examples or scenarios mentioned are illustrative and may not reflect current market conditions or regulatory requirements.
Participation by a guest does not constitute an endorsement of any company, strategy, product, or service. References to specific firms or individuals are for context only.
Smooth Stone Capital and the DESPAC Podcast disclaim all liability arising from the use of or reliance on the information presented.
Chaz Churchwell: Welcome back to the D SPAC Podcast, go Public series. I'm your host, Chaz Churchwell, and I have with me Michael Blankenship. Michael is one of the top SPAC attorneys in the United States. If you're considering going public through a D SPAC vehicle, then listen up because if he's talking, you want to hear what he has to say.
So in our Go Public series, we've already talked about G for Get Ready. Now we're sliding into the next one O and the foundational step that it is. Organizing advisors. Michael, talk to me about why building the right advisory team is so mission critical before the deal even starts.
Mike Blankenship: Yeah, Chaz, your advisors are the guardrails of the entire process.
Without the right team, you're exposed to risk and delays. Uh, you need to immediately engage experienced securities council, an audit firm, investor relations, and more. These professionals ensure you're legally compliant and your financials are ready for public scrutiny.
Chaz Churchwell: Oh, and the public will scrutinize, won't they, brother?
Let me tell you. And so when we talk about that. That makes me dial in on the fact of having proper legal counsel. We're talking about having an experienced SPAC attorney like you, right on your side, who understands the nuances, not just of SEC filings, but also the negotiations and the non-negotiables, the things that you're not even gonna like consider, but it requires having somebody with your pedigree to make sure it's right.
I
Mike Blankenship: certainly appreciate that, Chaz. And speaking of expertise, let's talk about risk management.
Chaz Churchwell: Oh, don't tease me. You're speaking my love language with DNO insurance, cyber and crime policies. So here's the reality. If you're a private company looking at going public, you need to immediately retain a specialized advisor for public companies.
Churchwell insurance so they can help you build out the right programs to make sure that you're dialed in. Because here's the reality, when you're private versus when you're public, it's night and day. For example, private d and o insurance is completely different from public d and o insurance, and a lot of times we come across companies that are targets that they don't even have a d and o program in place.
So here's what you need to know. Before the S four gets filed, have a private d and o policy in place. Because here's the truth, if you don't have private d and o in place, then all of the sudden post business combination, there's litigation that ensues and they end up bringing reference over to a point of contention.
In an S four filing or in one of the pre-business combination filings, you'll find yourself in a spot to where now. Your d and o isn't gonna cover that nuanced component because you didn't have coverage at that time. So insurance framework, it's gotta be aligned to the deal and protect you and the leadership that's around you from the day that you announce.
Mike Blankenship: Absolutely. It's also vital to vet all your advisors based on their past deal quality and reputation. A good advisor ecosystem can fast track your deal, but a bad one will really sink it.
Chaz Churchwell: But then for companies that are planning digital asset holdings.
Mike Blankenship: Yeah, you need highly specific expertise in the digital asset space.
You must engage crypto competent legal as well as, and other compliance advisors who understand the rapidly changing regulatory landscape. Uh, they will ensure your infrastructure for digital asset custody and reporting. Its compliant and certainly secure.
Chaz Churchwell: Somebody like you who did the, the bit mine deal, right?
Somebody like me that actually gets flown around to talk on making sure you've got risk management in place for crypto treasuries dialed in the right way. So, uh, everybody, oh, it's all about building out that reliable and vetted team. That acts as your foundation. Next up here on the Go Public Series, we're gonna move into p Positioning the deal.
I'm Chaz your host with Michael Blankenship, and this is the D SPAC podcast.