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June 8, 2016 |
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Imaging Path was a successful IT services contractor that peaked at more than $16 million in sales. However, when Corey Tansom’s bank pulled its financing Tansom decided his best option was to sell – but who would buy a money-losing company?
Imaging Path founder and CEO Corey Tansom kept a close eye on his business until, a few years prior to its sale, Tansom went through a divorce that caused him to spend a lot of time away from the office. Tansom was distracted, costs ballooned and margins shrank. Imaging Path started losing about $500,000 a year.
Tansom was able to sell his money–losing business for more than $10 million because he had figured out his “Rembrandt in the attic” – the one part of his business that would be irresistible to someone else. Figuring out if you have a hidden asset that will make your company more valuable than just a multiple of EBITDA is something we’ll do together after you complete your Value Builder Score, which you can do now here – for free.
Corey Tansom is a 55-year father of three. He was founder and CEO of his IT services contracting business, Imaging Path, and has retired since its sale to Loffler. Having quit Minnesota State University, Mankato, after less than three months, Tansom began on a series of retail and sales jobs that would eventually lead to the establishment of Imaging Path. He began in a local hardware store, and then a liquor store. From there he responded to an ad recruiting credit card terminal sales representatives. Tansom got the job, and didn’t sell a single unit for the first three months, but then finally began to get the hang of it.
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This week, we’re back with the latest Intel edition of Built to Sell Radio. We feature four recent guests and dissect what made their companies built to sell.
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