How Nick Gray Sold Museum Hack

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Nick Gray built Museum Hack, a company that offers fun museum tours in major cities, to almost 3 million dollars in annual revenue when he had an idea.

Gray wanted to thank his 50 employees for a fantastic year by taking them away on an all-expenses-paid vacation. The idea backfired when his part-time employees couldn’t leave their other job to participate in the retreat. Gray felt betrayed. Why was his generosity met with such ambivalence? It was the trigger that caused Gray to sell Museum Hack. In this episode, you’ll discover:

• How to turn a hobby into a business (and the biggest mistake to avoid in making the switch)
• Gray’s favourite ice breaker question to use in a crowd
• The downside of hiring friends
• The secret to stimulating word of mouth advertising among your customers
• When sacrificing the quality of your product may be a good business strategy
• The difference between a job interview and a job audition
• What to do if you’re a micromanager
• A creative way to calculate what your company is worth to you
• How to make sure you get paid your installments when you sell your business over time

In the beginning, Gray did all of the Museum Hack tours but soon realized if he wanted to build a sellable business, he would need to hire guides. He found the best hosts were stand-up comedians with some extra time between gigs. Have you found a way to make your business less dependent on you? If not, we’ll help you through the process when you complete step seven of The Value Builder System™ — get started for free by getting your Value Builder Score.

To learn more about Nick Gray please visit https://nickgray.net/

Check out our article on What Is My Business Worth?

Check out our full M&A Glossary

About Our Guest

Nick Gray moved to New York City in 2007 with no family, very few friends, and less than stellar social skills. But Nick craved new relationships and exciting opportunities, so he began hosting cocktail parties—a move that opened up doors he never could’ve imagined. Today he counts millionaire business owners, world-class artists, and Broadway performers among a circle of friends. The network that he built helped launch his multi-million-dollar business, Museum Hack. Museum Hack is a company of actors and educators who give renegade tours at some of the best museums in America, like the Metropolitan Museum of Art in NYC and The Getty Museum in LA.

To learn more about Nick Gray, please visit https://nickgray.net/