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I saw this happen once. Old owners sell the business, become the C team with profit targets for a big payout. Minutes after the payout the old C team resign t
by protocolture 1y ago
I saw this happen once.
Old owners sell the business, become the C team with profit targets for a big payout.
Minutes after the payout the old C team resign to be with family/visit foreign country.
New C team comes on board.
New C team cant figure out how the numbers work.
New C team realises that the books arent as in the black as described.
New C team refuses to go down with the ship, resign to be with family etc.
Owner manages the business for a few months, sells it back to one of the original owners for pennies on the dollar.
- maest 1y agoClawback clauses are a thing, both for company sellers and C-suite payouts.
- altairprime 1y agoSo are the Seychelles.
- protocolture 1y agoThe problem was that they did meet the letter of their obligations. The contract was allegedly worded to payout upon a certain revenue threshold. What it should have been crafted around, was a certain level of recurring revenue. So they sold a bunch of services, for quite a lot of money and simply never delivered them, delaying them for years. The owner was very prideful and I think could not accept he had been conned, the only way out for him to keep his pride was to sell the business back to them.
- nativeit 1y agoYou figure we'll get sold in pieces back to the UK, France, Russia, Spain, and/or Denmark? Or just picked up as one big colony for China?