Whit McIsaac, CEO of Client Profiles Inc., an Atlanta legal software company, wanted to reap the financial rewards of selling his business, but also to maintain control of the company's direction. And he got both.
McIsaac, 43, sold Client Profiles in late 2000 to litigation support business FirmLogic as part of an industry consolidation plan. The purchase price included cash, shares of FirmLogic, and lucrative employment contracts for McIsaac and his executives.
When the technology bubble burst a few months later, however, FirmLogic had a change of heart and wanted out. McIsaac bought Client Profiles back for pennies on the dollar. The repurchase price included no cash; McIsaac simply gave back the stock, waived his employment contract and walked away with most of his original business intact.
McIsaac also bought another division of FirmLogic for just $1,500. Coupled with the new division, his company boasts 2004 revenues just under $10 million.