EP99 5 Top Tips from Business Owners Who Sold Their Businesses

We are reflecting on an extraordinary year of the Buy Grow Sell podcast, where we delved into the triumphs and tribulations of nearly 100 business owners from across the globe. To wrap up this season, we rounded up the top insights from our guests that every business owner needs to know. Listen to our final episode of 2023 and leave with five integral tips to ensuring a successful business sale. See you next year! Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

In episode 98 of the Buy Grow Sell Podcast, I sit down with Nick Fanto from Orbital Advisory and Joanna Oakey from Aspect Legal to discuss the complex challenges that arise when business partnerships go sour. Nick shares personal experiences and valuable insights into the importance of planning for unforeseen circumstances, such as illness or injury, which may impact the key revenue-generating individuals in your business. Together, we discuss the critical role of key person insurance and the significant financial benefits it can provide in times of need. We also address the crucial need for a well-documented Shareholder Agreement, which can help resolve disputes, protect interests, and ensure a smooth transition in the event of an exit. Throughout the episode, you will discover real-life examples, practical advice, and stories that highlight the necessity of addressing these issues proactively. Don’t miss out on this informative discussion that will equip you with the knowledge and tools to safeguard your business and make well-informed decisions in challenging times. Connect with Nick Fanto LinkedIn: https://www.linkedin.com/in/nickfanto-lifeinsurancespecialist/ Website: https://www.orbitallife.com.au/ Connect with Joanna Oakey LinkedIn: https://www.linkedin.com/in/joannaoakey/ Website: https://www.aspectlegal.com.au/ Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

From four frustrated moms crafting labels in a basement to a multi-million-dollar business model, Julie Cole and her co-founders navigated the challenges of co-founding a business while juggling parenthood and bootstrapping their startup. Eventually, Mabel’s Labels moved from a basement to a bigger basement to a 20,000 square foot facility before finally selling for $12M back in 2016. In this episode, Julie explores the ups and downs of having co-founders (especially when they are family) and the pivotal moments that lead to a successful exit. Connect with Julie Cole Website: https://mabelslabels.com/ LinkedIn: https://www.linkedin.com/in/julie-cole-llb-ma-3794671/ Facebook: https://www.facebook.com/Mabelhood/ Twitter: https://twitter.com/juliecole Twitter: https://twitter.com/mabelhood YouTube: https://www.youtube.com/c/MabelsLabels_Mabelhood Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

From growing her business to $1M then spending it all on a lawsuit, seeing her business fall apart on 9/11, having her father die six weeks later, and losing her house on the very same day as the funeral, Beate Chelette has faced her fair share of adversity. But she turned it around, rebuilding her business from scratch, and eventually selling it off to Bill Gates for 5x gross earnings. In this episode, she unveils her path from a single parent drowning in debt to a multimillion-dollar deal with Bill Gates. Overcoming lawsuits, personal tragedies, and financial turmoil, Beate’s story proves that adversity fuels future success. Get ready to be inspired as we explore Beate’s rollercoaster journey from rock bottom to remarkable triumphs. Connect with Beate Chelette Website: https://beatechelette.com/ LinkedIn: https://www.linkedin.com/in/beatechelette Facebook: https://www.facebook.com/beate.chelette Twitter: https://twitter.com/BeateChelette Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

If you’re an entrepreneur eyeing the outsourcing realm, then you’re in for a treat. Learn how Nathan Hirsch’s journey shifted from dollars to value, from e-commerce to building an empire of virtual assistants, to exiting and finding contentment in the freedom he gained after growing the business to eight figures. His journey spans from street smarts to business brilliance, as Nathan shares his experiences and wisdom that’s more than just numbers – it’s about crafting a life on your terms. Connect with Nathan Hirsch Personal Social Media: LinkedIn: https://www.linkedin.com/in/nathanhirsch/ Facebook: https://www.facebook.com/nathan.hirsch/ Business Social Media: EcomBalance Website: https://www.ecombalance.com LinkedIn: https://www.linkedin.com/company/ecombalance/ Facebook: https://www.facebook.com/ecombalance/ AccountsBalance Website: https://accountsbalance.com LinkedIn: https://www.linkedin.com/company/accountsbalance Facebook: https://www.facebook.com/accountsbalance1   Outsource School Website: https://www.outsourceschool.com LinkedIn: https://www.linkedin.com/company/outsourceschool/ Facebook: https://www.facebook.com/outsourceschool1 Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

As one of Australia’s most successful businesspeople, Radek Sali blends over a decade in the service industry with a lifetime of health and wellness knowledge, and pairs it with a conscious business philosophy that puts people first. Under his helm, he transformed Swisse Wellness Group into one of the largest wellness brands in the country before negotiating a $1.7B acquisition deal with a Hong Kong-based company. He used the proceeds to continue on his path of bringing light to the world through several other business endeavours aimed at social and environmental causes. Connect with Radek Sali Website: https://lightwarrior.com/ LinkedIn: https://www.linkedin.com/in/radeksali/ Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

Hampus Jakobsson co-founded the company at the age of 21 with his university friends and sold it eight years later for $150 million to Blackberry. Over coffee. While usually a 9-figure exit takes more than a year to complete, this acquisition took place in less than six weeks. Why? Because Hampus and his co-founders spent those eight years building the perfect product for the market, making it irresistible for Blackberry, and in turn securing an offer the team couldn’t say no to. Connect with Hampus Jakobsson Website: https://paleblue.vc/ LinkedIn: https://www.linkedin.com/in/hampusjakobsson/ Twitter: https://twitter.com/hajak   Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

As a self-described scaler, Kurt Uhlir has helped start and run businesses from start-up to hundreds of millions of dollars in annual revenue, been a part of over 60 transactions, and built teams across almost every continent. He came onto the Buy Grow Sell Podcast to share some of his stories about scaling, how to recruit the right people to grow fast and effectively, what he looks for in strategic acquisitions, and how he embeds his values into everything he does. From starting a web hosting platform in college to leading almost a billion dollar IPO and participating in dozens of acquisitions, Kurt’s a wealth of resources for any organisation looking to grow. Connect with Kurt Uhlir Website: https://kurtuhlir.com/ LinkedIn: https://www.linkedin.com/in/kurtuhlir/ Facebook: https://www.facebook.com/kurt.uhlir Instagram: https://www.instagram.com/kurtuhlir/ Twitter: https://twitter.com/kurtuhlir YouTube: https://www.youtube.com/c/KurtUhlir Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

Sophie Howard, Founder of Aspiring Entrepreneurs, has started, scaled, and sold six and seven-figure online businesses. Sophie started online with an Amazon business in 2013, which she sold for over $1 million USD in 2015. As well as launching over 1,000 products, she has built educational programs teaching thousands of students how to sell online. She is now focusing her efforts on buying other online businesses and teaching others how to build a portfolio of income-generating assets. Learn her secrets on buying, growing, and selling e-commerce businesses in this episode. Connect with Sophie Howard Website: https://www.aspiringentrepreneurs.com/ LinkedIn: https://www.linkedin.com/in/sophiehowardnz/ YouTube: https://www.youtube.com/channel/UCV7xz4RSPa8_pxDcXDJ83uQ Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/

Imagine growth so fast, you needed to double your headcount every 120 days. How do you build a sustainable business this way? More importantly, how do you exit? In the latest episode of the Buy Grow Sell podcast, Sunny Vanderbeck, a successful entrepreneur and investor, walks us through the start, rapid growth, then exit of his business Data Return. Over three years, it grew a staggering 40% every quarter before reaching a $3 billion market capitalisation. Sunny operated at the helm throughout this unique journey and shares his roadmap for business leaders who are looking to sell. Connect with Sunny Vanderbeck Get a copy of Sunny’s book: https://www.amazon.com/Selling-Without-Out-Sell-Business-ebook/dp/B07YLYR78F Website: https://www.satoricapital.com/ LinkedIn: https://www.linkedin.com/in/sunnyv/ Twitter: https://twitter.com/satori_capital Connect with Simon Bedard LinkedIn: https://www.linkedin.com/in/srhbedard/ Website: https://buygrowsell.com/ Website: https://exitadvisory.com.au/