Monday, October 31, 2005

We've sent a few emails of no consequence back and forth, so this evening I sent them another one. I basically wrote:

"Guys, I don't want to piss you off again, but I can't think of how to make this work for both sides. While reading this next option, please remember that I'm still the guy that has worked with you for the last five years, and the same guy that had breakfast with you last Thursday. I'm trying to make this work, and this is the best option I can think of.

Since we can't agree on a compromise, let's explore your offer again, and let's do it even better, let's take it all the way down to book value.

Since we know I want to leave at the end of April, what if we agree to keep everything as the status quo for right now, and then I will sell my shares to you at book value ('fire sale value') on February 28th of next year? At that point that offer is a reasonable value to me, and it also serves the purpose of dramatically reducing what you would have to pay.

I promise to stay until April 30th, two months after the sale, and six months from today. We can also make an announcement to all the employees much earlier than this, let's say the first of the year.

Where I'm coming from: As I understand it, a big problem with the group of partners is trying to raise the kind of money that we're talking about, and as you know from all of our earlier buy/sell spreadsheets, this results in a much lower out of pocket number for all of you.

I think this is much more of a win/win situation. I get close to what I want, and all the business partners who are in this get to buy my shares at an extremely low price.

I can talk to my lawyers, but we may even be able to sign a contract now stating these terms, so you'll know I won't back out, I'll know you won't back out, and we can tell all the employees on January 1st that you are the new owners of the business."

At this point I have no idea whether they'll go for this offer, but I really can't think of anything else to do. This isn't a stalling tactic at all, it's all I've got.

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