Guest author Scott Gerber is founder of the Young Entrepreneur Council. Let’s face it: acquisitions are stressful. From audits and fine print to non-competes and company culture, there are many details to navigate before either making an acquisition or being acquired. Add your competitor into the mix, and things can get complicated. To make sure you’re making the right decision when you acquire a competitor, I asked 10 entrepreneurs from the Young Entrepreneur Council (YEC) what one piece of advice they would give an entrepreneur in this situation. Have A Narrowly Defined Non-Compete Provision We have helped with dozens of acquisitions, and one of the biggest issues is whether the seller will be prohibited from participating in competing ventures. If you are looking to acquire a competitor, pay particular attention not only to the duration and geographic scope of the non-compete restrictions, but also the definition of a "competing venture." The very last thing you want to do is to... - Web2024