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Time to sell your business

Filed in archive Entrepreneur by Steve Rucinski on August 29, 2006

Time to sell your business
First came the waiting. James Richmond and four colleagues had been sitting around for nearly two hours in a lawyer's office in Plano, Texas, hoping that the last, crucial step in the sale of their company, eServ, to Perot Systems would go through.

Then came elation: an e-mail confirming a wire transfer into eServ's account of $21 million, to be divvied among CEO Richmond, 39, and his fellow founders. They raced to the airport and boarded a Citation 500 jet chartered especially for the occasion.

Flying home to Peorialinks, Ill., Richmond and his team drank toasts and traded war stories, recalling all the months they had worked without pay while launching their engineering-outsourcing firm and how, more recently, they had worked around the clock to close the deal. Now the entrepreneurs could relax.

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Tags: sell  business  outsourcing  time  more  time+sell  small+business  hedge+funds 

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Related Entries:

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Like To Sell Things? - 05 March 2007

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