Chapter
The Importance of Having a Plan to Go It Alone
1:01:10 - 1:07:32 (06:21)
In this episode, the speaker emphasizes the importance of having a plan to launch a company and being self-reliant instead of relying on someone else to sell the idea, which could lead to running out of money in the bank. Additionally, having a well-defined 'best efforts clause' in contracts can avoid hidden pitfalls in future partnerships.
Clips
The process of selling a company can be both exhilarating and excruciating, and it's important to have safeguards in place to ensure that your mission and goals for the company will be carried out by the acquiring party.
1:01:10 - 1:03:18 (02:08)
Summary
The process of selling a company can be both exhilarating and excruciating, and it's important to have safeguards in place to ensure that your mission and goals for the company will be carried out by the acquiring party. Understanding and defining clauses such as the "best efforts" clause can also help prevent potential issues in the future.
ChapterThe Importance of Having a Plan to Go It Alone
Episode#314: Cindy Eckert (formerly Whitehead) — How to Sell Your Company For One Billion Dollars
PodcastThe Tim Ferriss Show
Attorneys are the most important asset in any structured transaction because they draft contracts that cover various types of contracts.
1:03:18 - 1:05:27 (02:08)
Summary
Attorneys are the most important asset in any structured transaction because they draft contracts that cover various types of contracts. When selling a company, having a full plan to go on your own is essential in the case of potential buyers not showing up.
ChapterThe Importance of Having a Plan to Go It Alone
Episode#314: Cindy Eckert (formerly Whitehead) — How to Sell Your Company For One Billion Dollars
PodcastThe Tim Ferriss Show
The key to successful negotiations often lies in establishing an indifference to the outcome.
1:05:27 - 1:07:32 (02:04)
Summary
The key to successful negotiations often lies in establishing an indifference to the outcome. Having the ability to walk away from a deal can give you greater leverage and increase your chances of success.