Sunday, November 6, 2005

This is a page from my book, “How I Sold My Business: A Personal Diary”

Three days have passed without any discussion about buying and selling the business, and George and David wrote again today to see what I was thinking. I wrote them that I couldn't think of anything else to do other than talk to some potential outside buyers. I told them I didn't have to sell all my shares to an outside buyer, but from what I've heard from our business broker and my lawyers, they would almost certainly want controlling interest in the company (and oh by the way guys, I was trying to sell that controlling interest to you).

I asked again why they didn't like the "book value" sale approach next February, but still didn't get a rational answer. I even asked if it would help if we made it January 31st instead of February 28th, but every time I ask it seems to make them angrier. I just don't understand their position, and they certainly aren't communicating it very well to me.

I really don't feel like I'm getting my current emotion across here properly ... I think "flabbergasted" is the word I need to use here to describe my reaction to their reaction. I'm flabbergasted that they're not considering my book value offer. I wrote them and asked them to please discuss that with their attorney, as it seems like an extraordinarily reasonable offer. I told them they could use the January 31st date instead of February 28th, but I wont't go any earlier than that. I reiterated to them that we could sign papers as soon as possible to agree to these terms, and let the employees and our customers know that they have bought the business from me.

After our emails today, we still don't have a next meeting set up. If my lawyer wanted me to stall, well, that part of the plan is working out very well.

The only thing to add here is that in their last email they asked me not to talk to any potential outside buyers yet.

books i’ve written