How this Service Business Sold for 3X Revenue
July 15, 2022 |
About this episode
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Ten years ago, Timo Armoo was on a flight from his home country of Ghana on his way to live in a council flat in one of the U.K.’s poorest neighborhoods.
Motivated to live a better life, Armoo started Fanbytes, an influencer marketing agency dedicated to connecting brands with social media influencers.
The company took off.
Fanbytes reached 65 employees and hit revenues of 8-figures when he decided to sell the company to Brainlabs for around 3X revenue. In today’s episode, you’ll learn how to:
- Utilize influencers to market your product or service.
- Identify the right time to raise money for your business.
- Use one surprising technique to command a higher multiple for your company.
- Increase your leverage using a trusted advisor.
- Attract more inbound leads for your business.
Check out our article 5 Lessons On Building To Sell From Billionaire Alan Sugar.
Show Notes & Links
Definitions
Preferred Preference: Preferred Preference means that amount equal to the sum of the Preferred Preference Per Share for all shares of Company Preferred Stock (including any rights convertible into, or exercisable or exchangeable for, shares of Company Preferred Stock on an as-converted, exercised, or exchanged basis) issued and outstanding immediately prior to the Effective Time, rounded to the nearest one hundredth (0.01) (with amounts 0.005 and above rounded up).
Source: https://www.lawinsider.com/dictionary/preferred-preference
Letter of Intent (LOI): A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal. Commonly used in major business transactions, LOIs are similar in content to term sheets. One major difference between the two, though, is that LOIs are presented in letter formats, while term sheets are listicle in nature.
About Our Guest
Timothy Armoo
“Timo” is the 27-year-old CEO of Fanbytes. He has been preaching the gospel about Gen Z marketing featuring in BBC, Forbes, Adweek, Business Insider, and Tedx, as well as winning awards including the Huffington Post Entrepreneur of the Year and most “Influential person in advertising” by Evening Standard.
