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by petercooper
5776 days ago
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I'm in the UK and went through a similar situation 3 years ago (minus the being hired part). I wrote about it here: http://peterc.org/blog/2010/257-three-years-ago-i-sold-my-st... While I think "get a lawyer" is good advice, I managed fine without (I'm no lawyer but I've studied law and have a good eye for legal jargon and contract wordplay). I think having financial advice is, perhaps, a better first step. Depending on how your "startup" is formed will depend on how you can sell it and how any proceeds would be taxed (or not). You may not even need to pay any taxes due to entrepreneur's relief (if you're in the UK.) Ultimately, you'll also do well to use escrow - a third party who gets the money before you send anything of serious value to the buyer. This is the sort of stuff your legal advisor will talk to you about, unless you're doing it solo (I had a good idea about how to progress just from avid self-reading on the topic of acquisitions). Legal representation and a visit would be particularly wise if the deal is contingent on you working for them afterward. After all, they may structure the deal in a way where you're indentured to them or only get certain shares of the cash after certain time periods. This could be complex and would benefit from legal advice on your side. If it were a simple "we'll pay X for Y" deal, that's a different kettle of fish. You also need to be aware of visa issues if you need to work on-site. If the acquisition is sizable enough and you are established enough, they may be able to get you in an O-1 visa, especially if they'll pay you handsomely. But they need to be paying for that process and you need that in the contract ;-) |
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"I had a good idea about how to progress just from avid self-reading on the topic of acquisitions"
Maybe you can suggest some reading materials?