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First of all, get a lawyer. I went through the same thing, and talking with lawyers helped me get my head set correctly. There are various firms in SV and TX th
by bliti 13y ago
First of all, get a lawyer. I went through the same thing, and talking with lawyers helped me get my head set correctly. There are various firms in SV and TX that focus on this sort of thing. I don't remember their names, but a web search will surely help you find them. Talk to the lawyers, tell them what you want, and what you got. Then have them take care of things. Otherwise, you might end up being liable for stuff you did not know about.
Also, a lot of companies do this to take away your focus. Don't treat the buyout as something real until the money clears. Otherwise, focus on the business.
- cullenking 13y agoI am going to counter this advice, and say first thing you do is gauge interest, start the conversations, let them push for it. When things are obviously starting to solidify and are getting serious, then consult with an attorney. I just went through this situation last year, and while taking legal advice early on is good, it's very easy for lawyers to get their share of money. If you already have a relationship with a lawyer, sit down with them for an hour and get an overview, but don't have them do anything like draft documents, review dialogue, etc. They'll want to do these things (billable hours) but they'll just cost you a ton, when 95% of the time the deal isn't going to happen anyway.