Help Selling a Business
Hi all - I have a novice question which I hope I can get some guidance on!
As it stands, I currently have a start up web app which is still at the pre-sale stage. I have invested quite a bit of my own capital and time in building the first few drafts of the website, generating several ads, and building a decent email list of funneled users.
I had a colleague of mine approach me about joining the start up. A few weeks in, they expressed reasonable concern that they want some protection beyond just a founders agreement which I drafted at the start.
At this point, I started entertaining the idea of selling the entire thing to this individual in return for some agreement/settlement that I would not pursue or compete in the future. They mentioned they are open to the idea.
I wanted some thoughts on how to structure something at this early stage for a sale since the tangible assets are the domain, the email list, the website, and the registered trademark for the name.
The main thing here is that he would be essentially paying me to exit and stay out of the way aside from these assets. How would you structure something like this? Is there some form of non-compete settlement/agreement or something?
Any help would be appreciated! Thanks in advance!