About this episode
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.
Quintero kept the other half of his shares and became a passive investor, only to see the business falter when COVID devastated Miami. Quintero ended up structuring a sale of his remaining equity at a lower valuation. Now entirely removed from the company, Quintero shares his lessons with openness and humility, including:
- The biggest mistake he made in selling half of his business.
- How open-book management helped him improve profit margins from 5 to 12%.
- How his “mind trash” impacted his sale.
If you’ve been devastated by COVID-19 and want out of your business at any price, you’ll find Quintero’s story both insightful and inspiring.
Even though he ended up selling his second tranche of equity for less than his first, Quintero remains happy with his decision to sell because he had an idea for a new business he wanted to start. Coming up with a plan for what you want to do next is one of four factors correlated to a happy exit. To discover your performance on all four elements, get your PREScore™ now.
Check out the written by John Warrillow on Lessons From Selling During A Pandemic.
Curious about what your company might be worth? Start with a Built to Sell Valuation.
About Our Guest
Cesar Quintero’s purpose is to empower leaders to build a business by design so that they live a life by design. His core values are to share vulnerably, spark action, spot individuality and spread passion.
In 2005, Quintero moved to Miami given the economic turmoil in Venezuela to pursue his dream of starting a business and helping others achieve a healthier lifestyle by founding Fit2Go. His experience as a production engineer shifted Fit2Go’s original concept of a Local Healthy Café to a more innovative and effective Healthy Meal Delivery Service that would leverage technology and logistics to satisfy the needs of health-conscious professionals.
In 2013, Quintero graduated from the MIT Entrepreneurship Masters Program and founded two new companies: RawBar2Go and The Profit Recipe (a coaching firm that focuses on helping entrepreneurs focus ON the business and not IN the business.