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Recognizing that cash is king, this entrepreneur gives an overview of why your active involvement in managing cash on a daily basis is critical and how it will allow you to become a more informed leader and develop a keen operational awareness of your company's finances and its capabilities.
Billing and collecting your accounts receivable (A/R) in a timely manner is key to optimizing cash flow and you need to have a way to monitor A/R at least on a weekly basis.
Recounting the tale of founding and growing two companies, one which ultimately failed, the author argues that the key message about cash in a high growth business is raise more than you need, and spend less than you have.
When growth goals and philosophies differed between original partners, the "shotgun" buy-sell agreement allowed for a fair buyout process.
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.
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.
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.
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.
This introduction provides a basic overview of buy-sell agreements and describes the three basic types.
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.
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