TMBA446: The Tale of 12 Exits

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As many of you know, Dan and Ian love hearing from the listeners of this show.

And Tom Hannon recently wrote in with some thoughts that we really haven’t addressed before.

We’ve talked a lot about the mechanics of exiting businesses lately, but what happens when you don’t have a choice? What happens when you are forced to sell?

As we started talking with Tom, we discovered that he has actually sold twelve businesses he was involved in, including three major ones, and the circumstances of each of those sales were unique.

So, we invited Tom onto today’s podcast to share those stories, as well as the lessons that he’s learned along the way.

Transcript

Listen to this week’s show and learn:

  • How Tom’s first business partnership started breaking down. (5:43)
  • What Tom learned when he went to work for a larger, international publishing company. (14:58)
  • Why Tom felt like the only way to solve his problems was to sell his company. (20:57)
  • What Tom is working on now and how he envisions his future. (28:13)
  • The three things that Tom believes everyone should think about before they sell their business. (37:26)

Mentioned in the episode:

This week’s sponsor:

This week’s episode is brought to you by Weebly. Don’t let the lack of a big budget or technology skills get in the way of having not only a beautiful website, but a powerful one. If you’ve got a product idea and you want to share it with the world, check out Weebly.com. As a special offer to listeners of this show, you can visit Weebly.com/TMBA to get 15% off your first purchase.

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Grab your free copy of our book!

In the entrepreneurial world, it’s rarely questioned that “exiting” is the end goal of a smartly built business and a prestigious waypoint in a successful career.

In 2015, Dan Andrews and Ian Schoen sold their business for multi-seven figures, and although they don’t regret selling – there are many mistakes they made that were avoidable.

The book presents thought experiments designed to help you avoid similar mistakes.

Whether you are in the early stages of building a business or thinking of selling, this book is designed to help you build with the future in mind.

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Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST. Cheers, Dan & Ian

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