Sale or Investment
I am an owner in a software development/services company, and we recently completed an asset sale for 2 of our 3 software products. As part of the sale, the acquiring company retained all but 2 (co-founders) of our employees. The 3rd product was just about to go to market, but it was cancelled because due to the sale. We have determined that my partner and I are not suited to run the type of sales team that is necessary for the product and both are ready to retire as we did well in the asset sale. We tried to hire a new CEO which did not work out. To date, we do not have any customers, our beta customer canceled as they were going through severe cost-cutting measures to stop bankruptcy. We put in $5m into the development of the product, (automated work-flow process). All efforts to find a buyer or investment have not worked as everyone is looking for sales history. We have made the decision to not put any more money into the company. We very much believe in the product and would like to find someone to take over the company or buy the rights to the product for a very significant equity position. I also tried to go through the Mays MBA program to see if there was a fit for an MBA graduate who wanted to run a company and can obtain funding, but I have not received any response back from the person I found on the website.
Your suggestions would be welcome.
David Watts, Class of '87
I am an owner in a software development/services company, and we recently completed an asset sale for 2 of our 3 software products. As part of the sale, the acquiring company retained all but 2 (co-founders) of our employees. The 3rd product was just about to go to market, but it was cancelled because due to the sale. We have determined that my partner and I are not suited to run the type of sales team that is necessary for the product and both are ready to retire as we did well in the asset sale. We tried to hire a new CEO which did not work out. To date, we do not have any customers, our beta customer canceled as they were going through severe cost-cutting measures to stop bankruptcy. We put in $5m into the development of the product, (automated work-flow process). All efforts to find a buyer or investment have not worked as everyone is looking for sales history. We have made the decision to not put any more money into the company. We very much believe in the product and would like to find someone to take over the company or buy the rights to the product for a very significant equity position. I also tried to go through the Mays MBA program to see if there was a fit for an MBA graduate who wanted to run a company and can obtain funding, but I have not received any response back from the person I found on the website.
Your suggestions would be welcome.
David Watts, Class of '87