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Employment Essentials

By Stanley P. Jaskiewicz
October 01, 2003

Few would consider employment agreements as exciting or cutting-edge as other technology contracts.

Yet they can be critical for an entrepreneur's protection during times of change. For example, an employment agreement can define what rights the founder keeps to grow the business after he sells control, or attracts investors.

This is particularly important in earn-outs, where the price depends on the profitability of the business after the sale. But if the executive doesn't have authority over the budgets, hiring and decision-making that affect that profitability, he or she won't want his compensation to depend on it either.

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