Lawyer: What’s wrong?Owner: He got my team. The son of a bitch got my team.
Lawyer: What kind of pressure did he use, Milt?Owner: Well, I asked for sixty-seven million –Lawyer: And?Owner: And he said “okay.”Lawyer: Ruthless bastard.
Just a great movie moment, especially for attorneys who advise businesses. It’s funny and it makes a point. You don’t always know when you’re going to get an offer for your company. You can have a lot of plans for a lot of contingencies (especially if you work with us) but you may not have a plan for when a ‘ruthless bastard’ walks through your doors and makes what may seem like an outrageous offer.
The very act of receiving the offer sets off a series of ever widening issues. There are considerations of considerations. Employees, contracts, assets, agreements, retirement plans, it goes on and on and on.
Then, there’s valuation. A great offer is stunning, exciting, fulfilling … and cause for some wonder. As in “Why so much?”
So, what about selling the Rams for $67 million in 1978? With inflation, that $67 million was the equivalent of $251.5 million today. Not bad. The Rams moved to St.Louis, were bad, got good, won a Superbowl, got bad again, got really bad, moved back to Los Angeles. Where they are simply awful. And, according to Forbes, currently valued at $2.9 billion. That’s billion with a ‘B’.
Not being ready to handle a sudden offer didn’t work out so well for the Rams’ movie owner.