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January 5, 2018 |
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Courtney Reum left Goldman Sachs in 2007 to start a Vodka business. He built VEEV up to more than $10 million in annual sales before he sold the company for more than seven times revenue.
To read a transcript of this episode, click here.
Reum has gone on to start and invest in a number of businesses through his M13 venture firm, and in this episode, you learn:
This one is jam-packed with knowledge bombs. I think you’ll like it.
Reum focused on “sprinkling a trail of bread crumbs” that led the potential acquirer back to VEEV without saying his business was for sale. That’s only possible when you know who the strategic buyers for your business are, which is something you’ll discover in Module 11 of The Value Builder System™. Get started now by getting your Value Builder score.
Courtney Reum is the cofounder of M13, a disruptive venture capital firm that has invested in some of the most dominant startups, such as, Lyft, Snap, Warby Parker, ClassPass, Slack and 100’s of others. He’s been recognized as Goldman Sachs’ 100 Most Intriguing Entrepreneurs 4 years in a row and his entrepreneurial venture VEEV earned him a place on Inc’s 250 fastest growing companies. You may recognize Courtney from his TV show, Hatched or from Richard Branson’s book, Screw Business as Usual.
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Joey Redner started Cigar City Brewing in Tampa Bay in 2009 with a vision of being the first quality craft beer in Tampa at a time when craft beer was gaining popularity across the country.
What You Should Know Before You Pitch Your Company on Shark Tank (or Anywhere)
In 2013, Kate Field started The Kombucha Shop offering home-brew kits that people can use to make kombucha.
By 2018, the kombucha craze was in full swing and Field was invited to pitch her business on Shark Tank. Field asked for $350,000 in return for 10% of her company which was generating around $1.2 million per year selling kombucha kits. Field got an offer for $200,000 in cash and another $150,000 line of credit in return for 10% of her company from Barbara Corcoran and Sara Blakely, the Spanx founder who was a guest Shark that day.
Despite her success on television, a series of surprising events led Field to walk away from the Shark’s offer and sell The Kombucha Shop the following year. This episode is a raw account of the highs and lows of the entrepreneurial journey.
Wisdom From The Sale Of Six Businesses
Laura Gisborne has sold six companies, including The Art of Wine, a tasting room with a subscription-based wine club division. With $1MM in annual revenue, it was still a small business, when Gisborne reasoned it was the perfect time to sell.
Salsa Maker Gets Contract With Whole Foods On Her Way To A Surprising Exit
Despite having distribution at Whole Foods, Kroger, and Safeway, salsa-maker Julie Nirvelli found herself on the brink of bankruptcy. She sent a last-ditch email to four potential acquirers – and you won’t believe what happened next.
Part of building to sell is knowing who might buy you, so you invest in valuable assets. Take Northern Lights as an example: after selling, their stores were closed because the acquirer wanted their wholesale distribution channel – not the stores.
How to Sell When Everything Is Broken
In 2004, Cesar Quintero started Fit2Go, a meal delivery service in Miami. The business delivered healthy meals to office workers in South Florida, and by 2017, Fit2Go was earning 12% profit on $3 million in revenue. That’s when Quintero decided to sell half of his business based on a four times EBITDA valuation.
John Warrillow: Hey. This episode of Built To Sell Radio is brought to you by the Value Builder System. I had the opportunity to interview Stephanie Breedlove the other day. She sold her $9-million payroll company for a cool $54 million. How did she do it? She focused on the eight things that drive company value, things like what we call the Switzerland Structure, monopoly control, recurring revenue, all things you’re going to evaluate in your own business using the
