I've tried writing this comment multiple times and I'm struggling to find a way to explain it well. We sold our company[1] and part of the sale terms were we would be retained as the "managers" of the products (websites) and I always approached the sale as: "We take their money, they use their experience and assets to increase the value of the products and we continue to manage the product" and in theory that's what happened, unfortunately I made one big mistake: I didn't at any point realise how much control (freedom) mattered.
The company that acquired us is fine and I have no problems with them in any way and I enjoy my job, but it's just so different to how it was before. I guess a good real world comparison is renting vs. owning, if you own your home you can paint the walls, install a new floor or turn an entire wall into a television. When you're renting you're limited to very insignificant and inconsequential things, you can move around your sofas, have red plates instead of blue and get a new desk, but what sort of control is that? It's all cosmetic.
If I ever sell a company again I will absolutely make sure that the sale is the end of my involvement. If I wake up in the morning and have control I can think "today I'm going to make my company so fucking awesome, yeah!" because the sky is the limit, but as an employee it's just "oh, today I'm going to work... my goals are x and I can't change that" and when the former was previously possible and is no longer an option it's very depressing. I guess depressing is a dramatic word, but that's how it feels. Maybe stifling would be better, or trapped.
[1] I say company but the company was just for the sake of legalities, we didn't have an office or any formal structure, we just ran a couple of websites.
(I've been thinking about this for a while now and this blog post reminded me how I felt, sorry if the comment is too off-topic)
Great comment. I felt this acutely in the sale of Carsonified. I had no real control in the production, marketing or execution of the events after the sale. Thankfully the company that bought us did a good job and everything went fine.
You're absolutely right though - everyone who's selling a company should think very hard about what their involvement is going to be post-sale.
Wow. You just perfectly described exactly how I'm feeling right now. My company was acquired last year and I'm in the midst of an earn out. The acquiring company is fine and all, and our product is doing better than ever, but I've felt this utter sense of "loss" since we were acquired. The rent vs. own analogy is perfect.
I'm with you - If I ever sell another company someday I will immediately leave and will not do an earn out or continue on as an employee.
I've always been the renting type, I never understood people with the innate desire to own their home. On the other hand, I very much relate to the difference between owning a startup and working for another company, or even someone else's startup. I do miss owning.
I've been building a small web app that complements my employer's industry without really being what I was hired for...so I was torn about whether he would seek to take possession.
I ultimately showed the app to my employer but not before having spent a weekend in the mountains really reflecting on what I'd want if it came down to negotiating with him. And first and foremost I wanted creative control. If he had decided that he was going to commandeer it (which I presumed would be his legal right, and I didn't want to get into a legal fight), then I was going to fight to at least manage the project in house.
We're not a tech company, and he is willing to let me build and manage it on my own...but it was very helpful for me to see that what I wanted was control.
I completely agree, really a great post. Even without a company to sell, I confirm that quitting a job you actually did like alot kind of feels the way. Only that in this case the millions are missing... :-)
The company that acquired us is fine and I have no problems with them in any way and I enjoy my job, but it's just so different to how it was before. I guess a good real world comparison is renting vs. owning, if you own your home you can paint the walls, install a new floor or turn an entire wall into a television. When you're renting you're limited to very insignificant and inconsequential things, you can move around your sofas, have red plates instead of blue and get a new desk, but what sort of control is that? It's all cosmetic.
If I ever sell a company again I will absolutely make sure that the sale is the end of my involvement. If I wake up in the morning and have control I can think "today I'm going to make my company so fucking awesome, yeah!" because the sky is the limit, but as an employee it's just "oh, today I'm going to work... my goals are x and I can't change that" and when the former was previously possible and is no longer an option it's very depressing. I guess depressing is a dramatic word, but that's how it feels. Maybe stifling would be better, or trapped.
[1] I say company but the company was just for the sake of legalities, we didn't have an office or any formal structure, we just ran a couple of websites.
(I've been thinking about this for a while now and this blog post reminded me how I felt, sorry if the comment is too off-topic)