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This introduction provides a basic overview of buy-sell agreements and describes the three basic types.
When growth goals and philosophies differed between original partners, the "shotgun" buy-sell agreement allowed for a fair buyout process.
When the attempt to buyout a senior partner failed, business partners realized the necessity for a buy-sell agreement...many years after the business was founded.
Whether a company is built with 50/50, majority, or minority partners, the author shares key lessons learned about buy-sell agreements as his companies grew and became more sophisticated.
A buy-sell agreement that properly anticipates all of the challenges and dynamics of rapid expansion is a must. The author asserts many entrepreneurs often are so excited to get the company started that the details typically addressed in a buy-sell agreement are overlooked.
The author discusses how to get the most from a buy-sell agreement, encourages entrepreneurs to detail very specifically what happens when ownership changes occur, and elaborates on the language required for valuation of the shares.
With his attorney's help, the entrepreneur author, Jeremy Johnson, shows how his final written buy-sell agreement allows his company to continue as a viable concern should some unforeseen event occur.
Tom Byers is a professor at Stanford University where he focuses on high-technology entrepreneurship education. He is founder and a faculty director of the Stanford Technology Ventures Program (STVP), which serves as the
entrepreneurship center for the engineering school. STVP includes the Mayfield Fellows work/study program, Educators Corner website of teaching resources, and global Roundtable on Entrepreneurship Education conferences. Tom is also a
faculty director of the AEA/Stanford Executive Institute, a general management program for technology executives. Tom is co-author of the textbook called "Technology Ventures: From Idea to Enterprise" (McGraw-Hill, 2005). Tom also holds a
visiting professor appointment at the London Business School and University College London. Tom currently serves as a director on the boards of Reactivity and Flywheel Ventures. In addition, he serves on advisory boards or committees of
the American Society for Engineering Education's Entrepreneurship Division, Harvard Business School's California Research Center, and the National Foundation for Teaching Entrepreneurship (NFTE) for inner-city youth. Previously, Tom
lectured at the Haas School of Business at the University of California, Berkeley. Tom has a range of business experience including executive vice president of Symantec Corporation and founder/president of Slate Corporation. Tom started
his professional career at Accenture. For his efforts at Stanford, Tom holds an endowed chair known as the McCoy University Fellow in Undergraduate Education. Tom was given the 2005 Gores Award for excellence in teaching (the university's
highest award) and the 2002 Tau Beta Pi Award for excellence in undergraduate teaching (the engineering school's highest award). He is a recipient of three recent national teaching awards: the 2005 ASEE Kauffman Award for excellence in
engineering and technology entrepreneurship
As VP of Products, Jeff's deep passion for the online consumer directs the website experience and drives feature and product innovation. He has played an integral role in many other aspects of the company, including
research and development, manufacturing, and customer service. Jeff holds a Bachelor of Arts degree in Economics from Stanford University.
Jeff and Bobby Beaver, Co-founders of Zazzle and graduates of Stanford University, describe their story and entrepreneurial experiences in building an internet start-up. They discuss the passion, dedication and the power of small teams in achieving a vision.
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