Future Commerce · with Brendan Brosnan and Chris Heckman · January 31, 2023 · 43 min
Summary
This episode offers a practical, step-by-step guide for e-commerce founders considering selling their business, focusing on how to effectively vet potential buyers. It emphasizes the importance of understanding the sales process and identifying the right 'next owner' to ensure the brand's continued success, even if an exit wasn't the initial goal. Founders should leverage the insights shared to prepare for a successful and strategic exit.
Key takeaways
Develop strong financial hygiene and clear operational processes from day one to maximize business attractiveness to potential buyers.
Vet potential acquirers beyond just the financial offer; assess their vision for the brand and cultural alignment to ensure long-term legacy.
Understand that not all potential purchasers are genuine; prioritize due diligence on buyers to avoid wasted time and effort.
Consider external factors and market timing, as even successful, growing businesses might find selling to be the optimal path for scaling.
We’re in Season 11 of Step by Step and this season, we’re focusing on architecting your business for a dream exit. We’ve partnered with OpenStore to bring you stories from real founders who have successfully built and sold their businesses and will equip you with the tools you need to confidently sell your own business. We talk with Brendan Brosnan and Chris Heckman, co-founders of Yogaste about their experience co-founding Yogaste and how their shared passion and ability to communicate well led them to a successful exit. Brendan and Chris weren't initially interested in selling their business, but they realized it was the best option to take their business to the next level. They share their experience with vetting owners to sell to.
