(press release: cdklawyers) // Dallas, Texas, United States // Keith Clouse
To an entrepreneur, the pinnacle of success may be selling his business to a larger company. Many entrepreneurs do so and move on to other endeavors or to enjoy retirement. Others wish to remain involved in their businesses post-sale. Doing so, however, can be tricky, according to Dallas executive employment lawyer Keith Clouse.
One way for an entrepreneur to stay involved is to become an employee of the purchaser. Unfortunately, few entrepreneurs successfully transition from owner to employee. An entrepreneur is accustomed to being in charge and may chaff when forced to follow someone else or watch leaders guide the company in a way he wouldn’t. In many situations, the relationship between the purchaser and the entrepreneur unravels. The parties part ways after a short time and may resort to litigation to finally end their relationship.
Another way for an entrepreneur to remain involved is to serve as a consultant to the purchaser. While a consulting agreement may be structured in several ways, often the purchaser agrees to make set payments and the seller agrees to be “on call” if his services are needed. Usually the parties agree that the seller may not pursue other business activities during this time period.
Regardless of how the relationship is structured, the individual will wish to confer with employment law counsel to ensure that his interests are properly protected. This article is presented by the Dallas employment attorneys at Clouse Dunn LLP. To speak to an employment law attorney, send an email to firstname.lastname@example.org or call (214) 239-2705.