After a Minority Investment, Who Makes the Decisions?

Selling a minority stake can leave you with most of the shares and still change how decisions get made. Inside: what changes after the investment (shareholding versus control, board seats, reserved matters and vetoes, investor reporting, and the effect on relationships); five conversations to have before signing; and a printable Founder Decision Audit for sorting decisions you keep, share, or need consent for, plus questions for your lawyer and financial and tax advisers. Educational leadership reflection only. Not legal, tax, valuation, or securities advice.