TMBA 217: Selling the Assets of Your Business in a Strategic Sale

TMBA 217: Selling the Assets of Your Business in a Strategic Sale post image

Cam Collins runs a business that helps marinas manage their boat inventory. He recently sold the assets of the company in a strategic merger, and we’re pumped that Cam came by the podcast to share the lessons he learned during the process.

Listen to this week’s show and learn:

  • The difference between a strategic sale and a financial sale.
  • Should you use a business broker?
  • How and when should you get lawyers involved?
  • What to do in order to help the buyer justify the sale.
  • Seven lessons learned in selling the business.

People on this episode:


Mentioned in the episode:

Listening options:

Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.



Dan & Ian

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Published on 11.07.13
  • Awesome episode. Cool to hear my fellow TWiSTList “founder,” Cam Collins! Congrats on the sale, man. Glad we both moved over to the DC. Thanks for the insight and tips on the podcast. Quite educational. Big props to you, Dan, for asking the questions I wanted to ask myself. Thanks, guys!

  • Dustin Overbeck

    Wow! I have to say that this podcast episode is definitely in my Top 5 TMBA interviews that I have listened to so far. There are so many valuable takeaways and a great deal to be learned for anybody who is looking for an exit. In some cases the best exit is really a strategy buyout & partnership.

    I really appreciate Cam for sharing his story with the TMBA crowd and especially for being forthright with the entire process and how it all came together. His learnings and advice can serve as a good blueprint for anybody else who has come to the same crossroads. This is the first podcast episode that I listened to twice in a row so I could take details notes for future reference. There is definitely a wealth of MBA material!

  • JakeReed

    Woah. Cam sounds like Dick Van Dyke…

  • Thanks Greg. Yeah the DC community has been great. I was telling Dan that the main difference between the DC and TWiSTList is that in the DC there seems to be a common bond among all of the members to help one another succeed. When I arrived in Berlin for DCBER in April, while I hadn’t met anyone attending that event before, I felt like we were all close friends from the start. I am really bummed I couldn’t go to Bangkok for DCBKK, but I had a deal to close ;-)

  • Wow Jake I know I am old but even I had to go back into the Youtube archives to listen to what he sounded like. I guess that’s a compliment (maybe?).

  • Dude I am flattered since Dan & Ian have so many killer episodes. I guess at the end of the day if you can’t be open, real and honest, you don’t really help anyone – including yourself. Thanks for the props!

  • Dan

    Cheers Greg thank you!

  • Dan

    haha I think our editor cut our our DC love fest!!! :D

  • Dan

    Take it!!! :)

  • Dan

    Really appreciate that Dustin!

  • Dan

    You need to start selling more businesses so I can keep this podcast thing going… :)

  • Great ep guys, congrats Cam!

  • Bryan Luoma

    Great episodes guys. Just wanted to say you’ve really picked up your game the past few weeks. Thanks! Love the in depth, valuable discussions.

  • JakeReed

    Oh it is. It was just an interesting observation. Maybe you could do the voiceover for Dick Van Dyke the animated series ;) Great interview too.

  • Dan

    Thanks DT!

  • Dan

    Thanks for that Bryan appreciate the kind words.

  • Thanks Damian!

  • Awesome episode and congratz on the sale, Cam. There is so much one can learn from you. It’s almost like Dan and Cam should hang out in front of a microphone more often!

  • This is another level in the game I think a lot of people really don’t appreciate. At least not if they haven’t built and sold a business. The feeling of cranking out a deal and then viciously fighting for every ounce of profit.

    These are some gem insights into the process itself. ‘Getting drunk and just saying you should buy us’ LoL

    It’s the process that’s remarkable. You work so hard to build something you think the world should or will love, yet it’s not the point. Business is business no matter how you perform in the commerce game. I think people who setup the minimum viable product and set sale will benefit the most. Just getting it done so you can then work on your passions later is the point.

    So many people just fight counterintuitive notions!

    Come on people, just reverse engineer your goal, and build!

  • Dan

    yeah buddy !

  • Dan

    totally agree! Ian and I are thinking a lot about this lately, we’ve built products that consumers and businesses want, but not really thought about building assets that larger organizations would like to buy/aquire

  • Chris Chidgey

    Cam – this was great man. I could have listened for another several hours..

  • Cheers Chris! Means a lot coming from you.

  • It wasn’t quite ‘getting drunk’. We put ourselves on a self-inflicted two beer limit. But once I intuitively knew that this was the right partner, I had the sense that we could put a deal together. After all, if we couldn’t that’s fine. The key is to get to “no” quickly as to not waste precious cycles.

    Interesting comment about reverse engineering your goal. I think people make the goal too complicated. I know I’ve done this because we confuse goals with execution. You want clean clothes? (Goal) Wash, Rinse, Repeat. (Execution)

  • Thanks David! Halfway between Florida and Vietnam is…hmmm…Berlin! Perfect.

  • Ron Davies

    Great episode. We sell businesses at all levels all over the world, in fact we are the first company to make the move to go publicly listed as a company specializing in this. We come from a proprietary DD process background, primarily bringing expertise in exit strategies for dot com companies, finding suitors for them, etc. Some great material in this podcast for those new to this stuff, and I found it great to watch. Good job!

  • Dan

    wow thank you for that ! i feel like there is so much room for companies to educate entrepreneurs on how to better sell their companies… also room for better marketplaces / brokers online etc. i feel like this is a great space to be in in the coming decade. so many people want to buy/sell these types of businesses and have a hard time doing so.

  • Cheers! I must say that Dan is one of these guys that just make it easy to talk to. Must have been a psychotherapist in his past life (couch and all :).

  • jockpurtle

    The word you were looking for is information memorandum. That is the offical name of the selling document.

  • Dan

    sounds boss! :)

  • Kyle M Brown

    Thanks Cam and Dan. Lots of valuable nuggets in this episode. My favorites were,

    *Local entrepreneurs don’t get me which led you to find a group of like minds online and to DC (I’m also a TWISTList former founding member)

    *The processes that you reference around 24:25 and 27:00 that helped make this sale easier to do. This is commonly overlooked by business owners until it is time to sale which is not the best time to have documents.

    *That feeling you have now following your sale that you can really impact change in the world.

  • Dan

    Thanks for giving it a listen Kyle! Glad you found it useful.

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