The last hours of winter seem like a good time for a Startup Co update. After what has felt like a lifetime of delay, which truth be told was only around two weeks after finishing negotiations, Connie and I are very close to finishing the purchase an online company. Or, project, if you read the purchase agreement. For us, the purchase process has four parts: price, financing, company; procurement.
As mentioned before the price and financing terms are in place, but now we have a registered limited liability corporation in North Carolina, an Employee Identification Number (EIN) and a tidy little bank account. In other words, once we sign the nearly completed operating agreement for our company we’re three-fourths of the way toward completion.
The procurement aspect is moving along too. We’ve been through one round of review and edits with the current owners on the purchase agreement. Feedback on version two should arrive in our inboxes later today or tomorrow. We expect the changes to be minor and everything to go back to the lawyers for final reviews and the addition of a couple more ‘therefores’ and ‘whereins’, which appear to be a requirement for legal papers like the use of the word hegemony is to academics papers not related to business, law or medicine.
Earlier this week, I posted on Twitter that we weren’t certain if this process would become a start-up or a purchase. It now appears 90/10 in favor of a purchase. Oooohhhh boooyyy are we ready. Personally I’m bored with the process and just want to get on, getting on. Hopefully by next Sunday, we will have done just that.