Today we are going to be talking about selling and acquiring businesses with a couple of people who have recently been through the process themselves. Chris Carey recently sold his business, MAPerformance.com, to David Rauch’s team over at AnthemWheels.com. In this episode, they will be sharing the story of their unique transaction, as well as the power of trust and rapport in existing relationships.
Listen in as they explain how to evaluate offers and the importance of a cultural fit. You will learn what it’s like working with private equity firms (or deciding not to) and how valuable the terms of a deal are because it’s not just about the price. There is something to be said about buying a business from a known entity as opposed to someone you don’t know, and this episode really highlights the benefits of having that base of friendship.
- Why Chris decided to sell. (4:50)
- What it was like working with a private equity firm. (10:20)
- Why David was interested in buying Chris’s business. (13:39)
- What the process of laying out the deal looked like. (20:17)
- Why it is great to purchase from someone you know instead of someone you don’t. (28:15)
- The hardest discussion and agreements they had to go through. (36:50)
What Was Mentioned
- David Rauch: Website | LinkedIn
- Chris Carey: Website | LinkedIn | Twitter | Facebook
- A Tale of Acquisition and Gratitude
- eCommerceFuel Forum
- One Click Upsell – Increase Sales 15%+ with Pre-and Post-purchase Upsells. (On average, Shopify users increase sales 15% immediately after installing the app!)
Ideas Worth Sharing:“Family is a huge priority for me, and having financial security—or at least that nest egg to fall back on—was a huge motivating force for me.” - @chriscareymsp Click To Tweet “The price is semi-irrelevant and the terms are what matter.” - David Rauch Click To Tweet “We were both very open, very quickly … so I think a lot of this prework about where we were each coming from and what we could each get out of the deal was important.” - David Rauch Click To Tweet
Photo credits to MAPerformance’s LinkedIn page.