Don’t get burned. Keep an ICE Pack handy.
When opportunity or crisis strikes, startups need to respond quickly. Whether it’s an investor asking for updated financials, a lender needing documentation to approve a loan, or preparing for a strategic discussion, there’s no time to waste pulling things together. That’s where the ICE Pack (In Case of Emergency) comes in—your startup’s essential toolkit of key financial and business documents.
The ICE Pack isn’t really an industry standard. It’s something I have implemented in my previous CFO roles (both internal and fractional) and it has saved my skin plenty of times. Every startup should have an ICE Pack, or something that closely resembles it.
So what’s in the ICE Pack?
A comprehensive ICE Pack covers a wide range of documents across financial, operational, and legal areas.
Financial Statements
Profit and Loss Statement: Updated monthly to reflect the most current financial performance.
Balance Sheet: Reflecting the company’s assets, liabilities, and equity in real-time.
Cash Flow Statement: A clear view of cash movements, essential for lenders and investors.
Financial Projections
Current Board-approved budget: This is the outlook of record for a startup and the definitive guide to how well a company understands itself and has kept to its plan.
Rolling Forecasts: Regularly updated to reflect new insights or changing conditions. This should include variance analysis of actuals to budget, and to updated forecasts. If significant reforecasts need to be constantly made, something isn’t right.
Scenario Analyses: "What-if" models for various growth, cost, or funding scenarios.
Investor-Related Documents
Cap Table: Continuously updated with the latest equity changes, including employee stock options. Summary-level detail is fine, but investors will want to know diluted and undiluted cap tables.
Pitch Deck: Ready for distribution, highlighting key metrics, growth plans, and market positioning.
Funding History: A summary of previous funding rounds, valuation changes, and investor details.
Operational Metrics
Key Performance Indicators (KPIs): Current metrics tied to growth, profitability, and efficiency.
Unit Economics: For subscription or product-based startups, metrics like CAC, LTV, and churn rates. For retail, unit costing and gross margins.
Departmental Budgets: Up-to-date reports showing spend vs. forecast across teams.
Legal and Compliance Documents
Articles of Incorporation: Proof of the company’s legal status.
Tax Filings: Federal, state, and local returns, along with any compliance certificates.
Intellectual Property (IP) Documentation: Patents, trademarks, or copyright records.
Loan and Debt Documentation
Debt Schedules: A detailed record of loans, repayment plans, and interest schedules.
Credit Agreements: Key terms and conditions of existing or pending loans.
Workforce-Related Documents
Employment Agreements: Signed contracts for key hires and general workforce.
Workforce Planning Materials: Headcount projections and salary band structures.
Workforce Policies: Documents to navigate employee processes effectively.
Insurance and Risk Documents
Insurance Policies: Covering key risks (e.g., liability, D&O, or cybersecurity insurance).
Risk Assessments: Identifying potential vulnerabilities in the business.
Having these documents on hand will get you through most situations. In fact, it is good business hygiene to have these around because they’ll form the backbone of any diligence work that you’re going to need. Of course, a data room will need more than just finance documents, but this is going to keep you covered from what you should expect of your CFO.
Why the ICE Pack is so critical
An ICE Pack isn’t just a collection of documents—it’s a strategic tool that showcases your preparedness, professionalism, and reliability.
Preparedness: Always Ready
Opportunities often arise with little notice. Whether it’s a last-minute request from an investor, a lender needing financial documents to approve a loan, or a strategic partnership requiring due diligence, having an ICE Pack ensures you’re ready to respond immediately. Instead of scrambling to gather information, you’ll have everything at your fingertips—organized, up-to-date, and ready to impress.
Being prepared also mitigates stress during high-pressure moments, enabling you to focus on strategy instead of logistics. It’s the difference between looking reactive and being proactive.
Accuracy: Always correct
The credibility of your business hinges on the accuracy of your information. An ICE Pack that is regularly updated ensures your documents reflect your current financial and operational state.
Outdated financial statements, incomplete cap tables, or missing compliance documents can raise red flags for investors or lenders. A well-maintained ICE Pack eliminates this risk by guaranteeing your numbers are reliable, reducing the likelihood of delays, miscommunication, or damage to your reputation.
Consistency is key—updating the ICE Pack as soon as changes occur, such as a funding round or key hire, ensures it remains a single source of truth for your business.
Professionalism: Always your very best
The ability to respond promptly and confidently to document requests signals to investors, lenders, and partners that your business is well-managed. A complete, organized ICE Pack demonstrates:
Competence: You’re in control of your operations and financials.
Credibility: You’ve thought ahead and prioritized transparency.
Commitment: You value their time and take their requests seriously.
In contrast, delays in providing critical documents—or providing incomplete or disorganized materials—can undermine trust and confidence. I’ve seen deals fall over when it took too long to provide information which should have been on hand without delays. When a lender, investor, stakeholder, or whomever looks at your data room or ICE Pack, they aren’t just looking at the numbers. They are looking for signs of what’s happening behind the curtain, whether it be poor financial controls, under-resourced teams, or communication breakdowns. A bad ICE Pack can tell more of a story than you realize.
Client Portals: The Key to Accessibility
Having an ICE Pack isn’t enough if it’s hard to access when needed. This is why I’ve long been a proponent of secure client portals. These platforms provide 24/7 access to your ICE Pack and eliminate the need to request documents or chase down team members in critical moments.
In my CFO days, my ICE Pack was always a printed binder of all its contents. Things have moved forward since then, and electronic systems are more than capable of providing the right solution. As I’ve written before, client portals are a must-have for modern startups. They not only improve accessibility but also foster accountability by streamlining document management and version control.
If your accountant can’t (or won’t) provide and maintain your ICE Pack through a client portal for your 24/7 access, you can do a lot better.
Final thoughts
The ICE Pack is a cornerstone of operational readiness for startups. It ensures that you’re always prepared for the unexpected, whether it’s an investor meeting, a loan application, or an emergency board meeting. By working with skilled accountants or fractional CFOs, startups can create and maintain an ICE Pack that’s always accurate, current, and accessible—saving valuable time and keeping the business moving forward.
