A short transcript excerpt from a YouTube video where an entrepreneur recounts preparing a business for sale after two failed sale attempts. The speaker describes lessons from failed due diligence, efforts to make the company operate independently (reducing owner involvement), and offering limited transitional support to convince buyers the business could run without the founders.
Chapters
She was one that really popped because she's representative I think of most entrepreneurs yeah I mean this didn't just happen overnight so we had two failed attempts at a sale two times I tend to see failed due diligence and got less desirable deals in the end of the process of due diligence which taught us a lot on how what needed to happen inside of the business for it to be sellable the way we wanted to sell it so a lot of preparation went into that we constantly actually went to a two hour workweek ourselves so that that story would be believable that this organization is already running by itself for a while before you've acquired it so rather than let the deal die we said what if we gave you two days a week and you don't need us but we'll give you two days a week just for your certainty and in the third week of that process they said you were right you were right we don't need you and that's the.