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  1. #41
    Are we having fun, yet? Charter Member Gizmo's Avatar
    My Boats:
    95' 32' Sunsation, 500hps
    Join Date
    Mar 2001
    Chesterfield, Va.
    Jon, my hat is off to you and anyone that takes the plunge to go out on their own. If it's working for you now, I'd leave it alone. It seems that several folks have offered valuable information to you. I wish you the best in which ever decision you make. I have wanted to own my own business for years, but haven't had balls enough to do it........... Good luck

  2. #42
    Join Date
    Oct 2000
    Lake Travis, TX
    In short, unless you must sell due to present circumstances, or the up-front opportunity is just plain pure gold, my opinion is that you're best off with "as few cooks in the kitchen as possible."

    I'm not a lawyer, but I have been through this scenario before. Here are a few thoughts based on my own experience if you decide to sell:

    1. Be prepared to spend 3-6 months of your time and big attorney bucks - I'd say $100K - $250K on a buy/sell agreement to cover your ass in every way possible, and just plain answering mind numbing questions as the buyer's auditors examine your business with a proctologist's microscope. You'll also need to check out the buyer - this will be a little easier if it's a public company, or at least it should be...

    2. Get as much cash or unrestricted public stock from the buyer up-front as you would be happy getting total for the business because pay-later financing can very easily never get paid, and stock fortunes can disappear overnight.

    3. Any mildy sophisticated buyer will want indemnifications related to representations and warranties you will make as to the business they're buying and implied or contractual obligations it has to historical customers, vendors, employees and other relationships. After the sale, these will become a liability for you personally during the warranty period even though they were previously shielded from you by your corporation or LLC. This is because, in effect you personally sold the corporation to the buyer.

    4. As for the psychological side of it, working "for" someone is very different than being the owner. It is a slight relief in that you can demand things you're probably not getting now like a real vacation. Unless you're really lucky like I was, the new owner is very likely to treat you like an employee instead of a partner. Also, don't overlook the fact that some of your own former employees may become your peers as a result of the new organization after the sale, either in truth or in their own minds, and you may experience attempts at being "managed" by people who once worked for you.

    Good luck in whatever path you choose!

  3. #43
    Registered HOUSTONPROP's Avatar
    My Boats:
    Join Date
    Jul 2002


    You are doing just what I did a few years back ,and That was I had built a Business from the ground up and Let someone come in and buy me out ,But he wanted me to basically run the Business and the pay was good, guaranteed 28.00 a hour no matter what. he knew nothing about the business, he had more money than brains, I did the deal and we signed contracts and a no compete clause for five years ,as I was working for this man the customers called on me all the time they didnt want to deal with him ,as I was the one running the business for many years he was just another face but really was the new owner,he became very jealous and pissed , we were making good money,but there was alot of FRICTION, his wife also stepped in the picture (not good) long story short he hired one of my old employees and bought me out of my contract but I still let him keep the non compete clause (big mistake) well they ran the business in the ground and I finally bought the equipment back at pennies on the dollar after several years,but during this time the reputation of the business went to hell and I basically had to start over and thats what I am doing now. as if I just have kept plugging away I would have been so much further ahead in life than I am now ,This also put a strain on my personal life helping cause a divoce in the long run,I guess what I am saying is, IF YOU ARE DOING OK, AND keep doing things right with your customers you will get more out of your own hard work than any PARTNER****, I mean partnership that may or may not sink /keep plugging away for your own peace of mind and freedom.Darin GOOD LUCK!
    Last edited by HOUSTONPROP; 06-08-2003 at 07:37 AM.

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