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When Arthur M. Blank talks about entrepreneurship - what it takes to create, build and grow a company - he talks about principles. And, when he talks about principles, he talks about giving back.
For David Moody, giving back should be a "habit from the heart," started even before success arrives.
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.
Carl Behnke's investment of more than 20 years on the board of Junior Achievement is just one example of his belief in giving back.
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.
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