other founders of WidowsPique agreed to buy all of the transmitted shares rather than go to the cost and negative publicity of taking the widow to court for delivery of the shares. Failure to check that the new provisions meshed properly with the rest of the document into which they were being inserted cost the directors personally.


Conclusion


Having one former employee retain their shares when they leave the business is unlikely to present an issue for a late-round investor or buyer of the company, but allowing the register to slip out of the company’s control may present more serious problems.


have moved, or dealing with the estates of those who have died, is at best an unnecessary cost and delay to add to the transaction – and at worst may prevent it taking place. Paying attention to this cog, keeping it maintained and ensuring that it fits with the others, is vital for the smooth running of the machine.


David Willbe is a lawyer in the Corporate Group in the London office of Crowell & Moring, an international law firm.


Next month’s article will look at deal deadlines and negotiation pressure.


Tracking down former employees who 33 entrepreneurcountry


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