Ep 171 Nathan breaks some big news regarding his business Heyo – he got an offer to sell it. Listen as Nathan discusses with his team the process and ramifications of selling their business.
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3 Key Points:
- Transparency has the advantage of keeping everyone on Heyo’s team informed and learning. The downside is that they may feel anxious about what the future holds.
- A big part of selling a business is considering its future profitability and potential.
- When selling a business, it’s important to be sensitive to the feelings of the people who are invested in it. (Employees, investors, customers, etc.)
Time Stamped Show Notes:
- 00:00 – Nathan talks about when he first started his business with his mom.
- 02:02 – Early on building Heyo, Nathan resolved to be transparent about how offers were negotiated so that everyone on the team could learn from it.
- 04:28 – Nathan’s team got an offer to sell their five year old business Heyo by their competitor.
- 05:56 – In line with the founding philosophy, Nathan’s decided to be fully transparent about the process to his Heyo team.
- 07:22 – Chris Rieger, the head of operations at Heyo expresses his thoughts.
- 08:04 – Heyo has sentimental value to the team and still possesses long-term value in its future opportunities.
- 09:20 – Nathan’s concern with transparency is losing talented employees due to the potential acquisition.
- 10:10 – Nathan is also concerned that the business might become too comfortable and miss out on bigger opportunities.
- 10:30 – A big part of deciding whether to sell Heyo is its future potential.
- 11:18 – Nathan doesn’t like the offer – he plans to reach out to other potential buyers get LOI’s (letters of intent) to leverage Heyo’s value.
- 13:37 – Christina, Heyo’s head of branch strategy joins the show.
- 16:01 – Nathan thinks that Heyo’s brand wouldn’t be shut down if acquired by their competitor, only reused.
- 18:01 – Nathan and Christina have faith in their team to find a new project if Heyo were acquired.
- 19:01 – Christina thinks that as long as they properly manage the communication to their customer base, the transition will be smooth for users.
- 21:48 – There are numerous people tied to the business – Nathan sees his business partners as life-long, not business long.
- 22:19 – The investors in Heyo is an important factor to consider in the acquisition decision.
- 22:44 – What do you guys think - should Nathan sell Heyo?
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