When you create a business, you have to know when the right time to exit is. This is a talent not too many entrepreneurs have mastered. It’s hard to “go out” on top!
After 3 exits, this is exactly what my guest Peter Shankman knows how to do.
He is a top keynote speaker in marketing, social media, customer service, and neurodiversity in the workplace. The New York Times has called Peter Shankman “a rock star who knows everything about social media and then some.” With three startup launches and exits under his belt, Peter is recognized worldwide for radically new ways of thinking about the customer experience.
He three exits include The Geek Factory and Help A Reporter Out (HARO).
Here is what we discussed:
1. Why did you decide to sell your business? When did you know it was the right time?
2. Who bought your business and why?
3. How did you prepare for the due diligence process? And how was it?
4. How was the legal part of the transaction? Did you attorney focus on the right things?
5. Did the buyer ever try to re-trade the deal? Did they call your baby ugly?
6. Any horror stories or pleasant surprises in the process? What was the worst part of the process?
7. What were the biggest stumbling blocks to getting the transaction closed? Employees, shareholders, vendors, landlords
8. Were there any other factors besides money that you found important in the transaction?
9. If you had to do it over again, would you have done anything differently?
10. Are you happy that you sold your business and what has been the outcome? What you are doing since?
We also talked about Neurodiversity and how Peter turned this into a strength from a weakness.
