> I've never heard of a counter-example. Oh, these things can go very differently. Normally it works best if there is a change of control clause, the acquired

> I've never heard of a counter-example. Oh, these things can go very differently. Normally it works best if there is a change of control clause, the acquired company is MUCH smaller than the acquiree, and the acquiree is primarily owned/controlled by professional investors. Then you've got a situation where you basically have nothing to lose and everything to gain, and the reverse is true for them. Depending on how you played the acquisition process, if you are a big share holder, you can make sure you've got enough support amongst the other share holders that you're basically in control (a year ago my employer acquired a small company... a few months later, their CEO was our CEO... and not by chance). The thing is, for most entrepreneurs, they like to be in control. They hate it when they aren't. At the same time, when an acquisition comes, they tend to see it as an exit.. an end of the line. So they tend not to think too strategically about how they'll maintain control after the acquisition.