Entrepreneur’s M&A Journal Episode 49—Interview With Shola Abidoye

Summary:

Jim and Shola talk about setting up your company for your exit plan and the best way to get there.

Main Questions Asked:

  • Tell us about your first company?
  • Were you thinking about an exit when you started your business?
  • So, you decided to sell because you just wanted to be proactive and move on?
  • How did you find the company/person that you sold your company to?
  • How long did it take you to get the deal done?
  • Was there anything that you wish you would have done differently?
  • Who is the perfect customer for you and how do they connect with you?

Key Points made: 

  • Entrepreneurs think a lot about the start-up process, but not a lot about the exit. (3:47)
  • Most small businesses don’t have an exit plan, I was in that camp. (4:28)
  • I didn’t have the fire about the business anymore. (5:07)
  • Letting go of your business is not easy. (6:10)
  • Perhaps 2 in 10,000 businesses grow to 8 figures. (6:30)
  • Because the largest businesses grow through acquisition, it made sense to sell to a bigger company. (8:30)
  • I thought about what features a business buying another business like mine would want. (9:10)
  • I asked them to make an offer first, but I knew I had done my homework on the valuation. (11:00)
  • It took about 30 days to finish the deal. (13:00)
  • I did make some mistakes on a tactical and strategic level. (13:53)
  • I did not do any exit planning when I began as an entrepreneur. (14:10)
  • I would consider in subsequent businesses to buy part of other companies rather than the whole company. (16:00)
  • Digital Sales has three main pillars, customer research, online advertising, and follow up. (17:08)
  • You would be surprised how many businesses are not following up. (18:00)
  • Being able to buy awareness and go from a click to a client. (18:40)

Resources Mentioned:

George Washington University

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Tennessee Valley Group

Jim Cumbee established Tennessee Valley Group to help business owners fulfill their dreams for life after business ownership. It’s a mission that his 30+ year career history had prepared him well for—in addition to being an attorney, transition mediator and business broker, Jim has been a buyer, seller, and entrepreneur. His broad range of experience gives him unique insight into how business buyers and sellers can achieve their goals.

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