Ugly Lesson #1: If a product or service is truly your baby and you're that emotionally attached to it, do NOT sell. Business is all about consumption and, just like food that gets consumed, it will never maintain the same state even minutes after it begins to get processed. Megacorp isn't interested in acquiring your company because you're a great bunch of guys. They want your product or some component of your product and they will do a great job with the foreplay to convince you to sell. More often than not they don't care about your vision or company mission; they want to incorporate your product into THEIR vision and they are only bringing your team along solely for the brain trust to further develop and act as the kernel of the future support structure for the product. Megacorps are also not into allowing the little guy to get leverage on them so, rest assured, they will do their best to make sure every inch of your product is documented to insure that you or anyone on your team can be replaced or "downsized" at will.
Ugly Lesson #2: If the offer is enough to satisfy you and your partners, consider selling the product and not the entire company. Use the infusion of capital to grow the business or, if it's that much money, take up a new career sport fishing off the coast of the Caribbean island of your choice.
Ugly Lesson #3: If you decide to sell, you are going to need to adjust your expectations. Any kind of merger or acquisition is a lot like a marriage. The early foreplay and sex is phenomenal but once the honeymoon is over, Megacorp will stop with the romance and start acting real because they now have what they wanted. Throw any idealistic impressions of how things âoewill beâ out the window because now you are working for them. You will abide by all their policies (not just the ones you like). You will go along with whatever they say, regardless of how much it might bother you, and if you protest too much they won't think twice about throwing you out like a javelin. Even Steve Jobs got fired from Apple once upon a time. Unless they have somehow breached the contract, you can't take your company or your product back once the deal is done.
If you want to love and nurture a baby, do yourself a favor and go ahead and have a baby. Don't make the mistake of loving a business like a baby because, quite candidly, you never know if that child is going to die young (which happens most often) or it will grow up to find a cure for Cancer or become Frankenstein's Monster. A business is a business, a vehicle to make money by providing a product or service (and hopefully its something you love to do). My advice -- if you are going to sell your company, sell it, walk away and don't look back. A quote comes to mind: "Remember Lot's Wife".
For God's sake, stop researching for a while and begin to think!