Mark Osborne founded a mortgage lending company with two partners, but when one partner brought in a California investor, Osborne tried to sell his stake alone at 30 without a broker or lawyer. The costly mistakes taught him that professional advisors matter more than he thought, and that failures teach better than wins.
So, I started in the CPA world as a bean counter, counting other people's money, and I got tired of it. So, I had to go do something on my own, and I left and I got into the mortgage business. And I made just about every possible mistake you could when I sold. I had the mortgage business, and there were 3 partners, and one of the partners wanted to grow. We were licensed in 23 states, and we had a decent-sized operation. And one partner wanted to grow and 2 did not. And so the partner that did brought in an investor from California. And we didn't— like I said, I didn't know that there were business brokers out there. I didn't know there were people that helped others sell their company. And so I didn't enlist their help. We didn't enlist the help of an attorney. I was 30 back then and I knew everything. That was back in the day when I was a lot smarter. Right. And so I went alone and got clobbered. You know, you learn more from your mistakes than you do from your successes.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
