Earnout
定義
An earnout is a portion of acquisition consideration paid only if the acquired company hits agreed post-close targets, such as revenue or retention milestones.
資金調達における位置づけ
Acquirers use earnouts to bridge valuation gaps; founders should treat earnout value as at-risk, since hitting targets inside another company is partly outside their control.
よくある質問
Are earnouts usually paid in full?
Often not; integration changes, resource decisions, and target design all affect outcomes, so negotiate objective metrics and control provisions.
How long do earnout periods run?
Commonly one to three years after closing.