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There's some good advice here, but so far no one has said the most important thing, which is to clarify for yourselves what your other best option is. (In MBA
by gregcohn 12y ago
There's some good advice here, but so far no one has said the most important thing, which is to clarify for yourselves what your other best option is.
(In MBA jargon, your "BATNA" -- Best Alternative to a Negotiated Agreement).
This is not just theory, it's dealmaking 101. You simply have no leverage to get what you want (fast closure, price, etc) unless you have an external forcing function you can credibly threaten to move forward with -- one that you must be prepared to accept if they call your bluff.
Based on circumstances -- it could be a term sheet, a public launch, a partnership with someone threatening to BigCo, etc. But figure out what it is, put a time frame on it, and make them aware of it.
Based on your questions, I'd also suggest bringing an advisor in who knows what they are doing to help you sort through what you should and should not reveal at this point. (Why would they want to review your code if it's an acquihire??)
- raverbashing 12y agoListen to this guy. Also read "Getting to Yes", the dealmaking 101 book And OF COURSE Lawyer up, with a good startup lawyer. Another tip. If there's money on the table TAKE IT. $BIGCORP wants to buy it for $SUM which will leave you with 6 or even maybe 7 digits in your pocket? Evaluate the deal with your lawyer, then sign on the line.
- chintan 12y agoThis is great advice! Having gone through this -- a "BATNA" can shorten a deal time from months to weeks if you have the right "external forcing function"!