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If you own Chicago Bulls sunglasses—or sunglasses from just about any other NBA team—you owe your eyewear to Jason Bolt.
Bolt started selling sunglasses that matched the color scheme of his favorite University of Oregon teams out of the back of his Nissan Xterra in 2010. Word spread on campus and, pretty soon, a quarter of University of Oregon students had a pair of Bolt’s green sunglasses with yellow lenses.
Bolt had stumbled onto an idea. He named his company Society43 and spent the following four years signing 80 licensing deals with colleges and professional sports leagues from the NBA to MLS.
By 2015, Bolt was running two businesses simultaneously and getting burnt out. After spending four nights in a row up past 2 a.m., he decided something had to give.
Bolt resolved to sell Society43.
In this episode, you’ll learn:
How to use Alibaba to get free product samples to fund your start-up.
One reason Bolt’s first deal fell apart was that the acquirer decided Society43 was too dependent on Bolt himself.
Would an acquirer come to the same conclusion when evaluating your business? If so, you’ll benefit from Module 7 of The Value Builder System™, where we focus on allowing your business to thrive without you. Get started right now by completing the Value Builder questionnaire.