Q: I started up a tech firm just over a year ago and have been surprised to have already been approached three times by large IT companies interested in buying it. I've turned all of them down as I haven't wanted to sell, but I'm wondering if this was a mistake. I have little experience in dealing with such matters and have always felt anti-corporate.
JEREMY SAYS: There's no one-size-fits-all answer to this question. You need serious professional advice - and you'll need to spend a bit of time and money acquiring it. By the sound of it, you don't need to rush into anything - but the one thing you mustn't do is let things drift and be suddenly confronted by cashflow problems or unexpected expansion costs which severely limit your options.
It doesn't, as you know, have to be all or nothing. Some newish ventures take on a minority investment - which increases working capital while enabling the founder to retain control.
Jeremy Bullmore is a former creative director and chairman of J Walter Thompson London. His book Another Bad Day at the Office? is published by Penguin at £6.99. Address your problem to Jeremy Bullmore at: firstname.lastname@example.org. Regrettably, no correspondence can be entered into.
Jeremy Bullmore is a former creative director and chairman of J Walter Thompson London. His book Another Bad Day at the Office? is published by Penguin at £6.99. Got a problem? Email Jeremy at email@example.com.
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