Friday, July 08, 2005

X, an award winning ebiz company...used to be

I used to have some percentage of ownership in my previous company. Let's call the company, "X". X was an award winning "ebiz" company and has been raking in monay from various large corporations in Malaysia and a few internationals. Now, it's just a distant memory. Came up with the idea of selling it to a buyer in a meeting after seeing that we, the directors/owners, do not gel well in running the business. Ada puak-puak dalam tu. Ada orang cucuk MD, ada sebahagian sokong gua. Last-last gua fed-up, gua cakap "okay, I"ll find a buyer, at least we can make some monay". Pasal apa aku yang kena carik? sebab yang lain tu, kerja diorang cuma duduk kat opis, pandang siling and surf internet. Tak kenal sesiapa and tak nak ambik effort to kenal sesiapa pun. Di pendekkan citer, kita orang jual kat my mentor. Sampai sekarang dia asyik kata aku con dia on the sale.kah,kah. I've left the organization since. I sent in my resignation letter , 20 minutes after a cynical remark by the MD. My mentor was not in Malaysia that week. Sent him an SMS and he called me immediately asking me on what had happened and why the sudden decision. I just said, "takda apa, saja nak cuba something else kat luar". That was a year and three moths ago.

Last three weeks, Mr ASH, my golf buddy, now working in a Venture Capital organization, called me saying that he's now doing a pre-due-d on X. He's interested to get X for the track records and the current customer.

"sapa ada lagi kat sana?" tanya gua.
"L and S"
"Apa dia orang buat?" tanya gua lagi.
"L cakap yang mentor ko still owe the original directors yang still remain in the company RM X million, masa memula dulu dia cuma bayar kat korang part of the amount"
" kah,kah, kah, la pasai tu ka dia orang still stay kat sana? ASH, to get that, there are clauses le, ko gi check la ngan the mentor"

Morale of the story: kalo ko jual your ownership in a company, understand the agreement clauses inside and out..... I stop here....

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