Friends & Family Buyout Agreement
Raised $200K from 15 Friends & Family about ten years ago. Gave up 25% equity to F&F while I retain 75% and 100% voting control. It's been a tough economy but the company survived; however the reality is that there's no real exit strategy on the horizon. And while company is not rolling in cash and I can't offer a lump sum buyout, these are close F&F. My father died unexpectedly last week and he was my biggest F&F investor so I'd like to offer remaining F&F a way to get their cash out of the company by buying them out and providing them with a fair return on their money.