Ep 177, Nathan talks more about selling his business Heyo and brings on Jim Risner of Votigo to talk about what makes Heyo desirable. Listen as Nathan comes to a decision regarding a dream he’s had since college – selling a business before the age of 30.

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3 Key Points:

Offers to buy a business may be a ploy to gain information by competitors. Often it’s prudent to hold off on any announcements before seeing a contract.
LOI’s aren’t created equally. Some of them are offers of pure cash while others include other things like stock in a publicly traded company.
Even after a signed LOI, many deals fall through. Due diligence is required for the actual exchange of money for a company.

Time Stamped Show Notes:

01:00 – If you haven’t caught up already, one of Nathan’s biggest competitors has offered to buy Heyo.
01:26 – One concern is that the offer may not be serious, only a ploy for information.
01:51 – Ken Armijo calls in to offer advice: before taking the buyers seriously, wait until they produce a contract.
03:02 – Nathan plans to obtain LOI’s (Letter of Intent) from companies that might be interested in buying Heyo and leveraging competition to raise its price.
03:17 – Another Top Tribe listener weighs in on what Nathan should do with the company.
04:36 – Nathan called CEO’s to talk about Heyo’s desirability so he could better understand its selling points.
05:06 – Nathan talks with Jim Risner of Votigo, one of Heyo’s main competitors in the SMB space (Small Business Space) about obtaining a LOI (Letter of Intent).
05:51 – With one LOI in hand from Jim, Nathan began emailing other CEO’s to gauge other interest in Heyo. He obtained four LOI’s from interested companies.
06:30 – The LOI’s weren’t created equally – some of them are pure cash and others include stock in a publicly traded company.
07:27 – Jim Risner talks about Votigo and why they would want to acquire Heyo.
09:10 – Votigo’s been thinking about entering Heyo’s space for a while, expanding into the SMB market. Buying the company would be a big head start into the space.
10:21 – Bethany London calls in to express her thoughts that selling Heyo, a long-time dream of Nathan’s, might not be all that it’s cracked up to be.
11:34 – One of Nathan’s friends from Virginia Tech’s Pamplin School of Business offers his thoughts that Nathan may have outgrown Heyo.
13:58 – Nathan signed the LOI - he’s selling Heyo.
14:22 – Many deals fall through even after a signed LOI.
15:21 – Tune in next Monday to find out what happens. And also, call in to express your thoughts @ com/talk

Resources Mentioned:

Edgar – Nathan uses Edgar instead of other scheduling tools for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over – time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn’t have to work or pay for.

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The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).

Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.

Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe athttp://NathanLatka.com/TheTop

Nathan Records Negotiation With Seller, Should He Sell Heyo or Not?

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