Honestly? Yes, and it's more common than you'd think. A default or template operating agreement rarely reflects how your business actually runs — it won't address profit distributions, decision-making authority, buyout triggers, or what happens if a co-owner wants out, and sophisticated investors will notice every gap. Before that meeting, sit down with someone who can offer legal insight on what your agreement needs to say to protect you and to present your business as investor-ready. At CBC, we help owners do a plain-language review of governance documents alongside the financial picture so you walk into that investor conversation with confidence, not apologies. Getting this right now is far less expensive than negotiating around it after someone has already written a check.