The Spring 2008 Business Briefing from Hewitsons lists the preliminary issues that vendors need to sorted out at early stage. They do not mention share agreements, options and VC terms so let us get these in first.
Surprisingly top of the list is the website. It is the first thing the purchaser will look at so make sure it is easy to find and gives a good impression. It does not need many or jpgs! Then it is all about the paper chase and making sure that everything is in order from the IP to the staff contracts. When establishing a business, try not to have any contracts, excluding shareholder agreements, which have any clauses about change of control or else you may have to show your hand early and ask permission of third parties.
And take good legal advice along the way.
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