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Explore the Entrepreneurship.org Resource Center to find resources. Designed with entrepreneurs in mind, our resource center allows you to find materials to grow great ideas.
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.
Entrepreneurs often have only one opportunity to make a good impression on potential investors. Goff includes recommendations to ensure that pitches have a better chance of gaining interest from angel investors.
The author asserts there are three tasks entrepreneurs need to do to attract the attention of angel investors. They are "the three shows": show up, show enthusiasm, and show humility.
Values are one of the most important drivers of entrepreneurial success. Remember to reflect and clarify your values, formalizing them in writing, and live them as you make decisions in your business.
Organizations thrive when they are clear about what needs to get done, who needs to do it, and how it should get done. Without clarity there is wasted effort and even chaos.
One of the best ways to grow your company is to provide your customers with such a great experience that they return again.
Using mentors, advisers, and community resources can make the difference between success and failure for your business. The guidance of successful, seasoned entrepreneurs can help you gain access to knowledge and insider networks.
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