Who wins when multi-national corporations acquire small, natural-products companies? The anecdotal evidence suggests it’s not the entrepreneur. While there are a few potential success stories, such as Groupe Danone’s acquisition of a majority stake in Stonyfield Farm and Estée Lauder’s purchase of Aveda, there are more stories of sadness and regret — Ben & Jerry’s sale to Unilever and The Body Shop’s sale to L’Oréal among them.

The latest apparent evidence of seller’s remorse was captured in a two-page article, titled “We Sold Our Eco-Dream to Timberland,” that ran last week in the Times of London. Now, as far as large companies go, Timberland is among my favorites. In fact, when reporters ask for an example of a great, responsible leader of a large public company, I often point to Timberland’s CEO, Jeff Schwartz. But enlightened leadership hardly ensures that the founders of an acquired company will continue to steer their ship.

The Times article provides some relevant context:

“David and Clare Hieatt are the husband-and-wife team behind the cult outdoors and sports clothing company Howies. Seven years ago, they left highly paid advertising jobs in London to create a company that sells surfer-cool gear that has the lowest possible impact on the environment. Now, their indie company, which features regularly in lists of Britain’s coolest, is part of the American clothing giant Timberland. You could call it “Pret A Manger syndrome” (now a division of McDonalds) — idealistic entrepreneurs set up an ethical company, pour in all their time, cash, and energy, but ultimately need the funds and backing of big business. Can they sustain the ethical dream or does it turn into a nightmare? Is it selling out or selling in?”

David and Clare Hieatt believe that Timberland’s difficult financial situation has deprived them of the capital they needed to grow their business. They are questioning their decision to sell and perhaps even regretting it. The moral of the story is that when you sell your start-up to a big company, you cede control of your destiny. Whether you go public, take on a significant venture-capital investor, or sell your business outright, the decisions that determine your future are no longer yours — or at best, are not yours alone.

This may be absolutely no fault of Timberland. When you give up control, the pressures, challenges, mission, and goals of the larger entity become inexorably entwined with your own. No contract or agreement will protect you.

I’m not aware of any study that’s tracked the fate of the hundreds of small companies that have been consumed by larger entities. Based on my own informal survey among many of my friends who have “sold out,” I’d say you can never be cautious enough.

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