Part V. Endgame
From the moment your company takes outside capital, it is for sale.
When you accept investor dollars, youâre making a commitmentâboth a legal and an ethical oneâto do right by those investors. That may mean sending them profits as a dividend, it may mean selling part of the company in an IPO, or it may mean selling all of it to an acquirer. If you take venture money, dividends are off the table, because VCs canât accept them (as discussed in Chapter 15). So at some point, youâre going to sell. The question is not if, but when, and to whomâpublic markets or another company.
In this final part of the book, weâll travel the process from start to finish: motivations to sell, different types of transactions, how to structure the negotiation, and what happens when itâs all done.
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