This blog article by Sarah Needleman at The Wall Street Journal (WSJ.com) is a must read if you are planning to sell your business at any point in the future.
Five Ways to Go From Owner to Employee
If you're planning to sell your business, you may need - or even want - to stay with the company for a while afterward as an employee. But without careful planning, transition can fall flat.
In one extreme example, Michael Arrington announced on Monday he was leaving the technology blog he founded in 2005, TechCrunch, a year after its sale to AOL for $30 million. He initially remained with the publication as its editor but in recent weeks tension mounted between Mr. Arrington and AOL, resulting in his departure. (For more, please read Founder Departs TechCrunch Blog Over Spat with AOL."
Here are five ways to ensure a smooth transition from business owner to employee, according to Needleman's blog...
- Address conflicts of interest
- Put your ego in check
- Anticipate big changes
- Set a termination clause
- Request a board position and equity
To read the full article and more detail on each way to smooth transtion, click here.
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