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Selling your company involves an entire set of specific business and legal terms and conditions that relate solely to this transaction and are often new to first-time entrepreneurs. This document contains a helpful list of pertinent terms as well as some issues that the selling entrepreneur might consider before closing the sale.
Don’t get Randal Charlton wrong. The executive director at the TechTown business incubator in Detroit is thankful for a recent announcement of $5 million coming his way to help graduates of his FastTrac business training program launch their companies. But, he says, look at it this way: The money, granted by the New Economy Initiative, a Detroit-area philanthropic partnership, is not being thrown at comfortable entrepreneurs. This is, essentially, aid to the unemployed. And, as such, $5 million barely scratches the surface.
Many of the entrepreneurs to be helped by the First Step Fund, the entity created by NEI’s $5 million investment, are not launching startups because it seems like a promising thing to do. They have nowhere else to go, Charlton says. Their former jobs in the auto industry are gone, never to return. Their choices are to leave the state or try to create their own jobs in Michigan.
Jack Stack gives back to entrepreneurship in a variety of ways, but one of his main contributions has been through delivering a consistent message: employees at all levels of a company should think and act like they own it.
Although HandR Block had always been philanthropic, Henry Bloch wanted to establish a company foundation truly committed to the needs of the community as opposed to furthering corporate objectives.
An entrepreneurial company in its second year confronts challenges more
Donovan Moxey got help in the early stages of starting his company; now he's the one giving his time to promote entrepreneurship.
For entrepreneurial companies and their established counterparts, joint ventures and strategic alliances bring mutual benefits that each would otherwise be unable to achieve independently.
A technology entrepreneur loses his shirt on his first company, regroups and starts a second, and lives to advise others about how to get it right.
Richard Caruso considers success less a matter of financial accomplishment than of meaningful personal contribution. He's managed to do both.
Careful preparation is the key to a successful sale. Selecting the negotiating team, auditing for legal problems, writing the offering memorandum and, above all, fixing up your financials are all part of the process. This article leads you through the necessary steps.
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