Sell to a publicly-traded company
Bob Orenstein was approaching burnout.
La Jolla, California and Dallas, Texas: Every day the press reports, especially The Wall Street Journal and Forbes, about how big business acquires small businesses in order to grow.
If you are running a good business and have market share in your industry segment, you should consider preparing for that call or knock on the door -- the result could put John Beresford Tipton to shame (if you remember the '60s TV show, "The Millionaire" where a multi-billionaire gave out one million dollars each week).
In most every episode of this show we explore how and why the founder of a business gets started and how they get over the hurdles. This week we look at how they received a very large check for the fruits of their labor.
Today, we spend time with Tracy Myers and Gary Cantor, the founders of Advertising Arts College, and Bob Orenstein, founder of International Wine Accessories (IWA). Both have completed all eight steps within the business cycle, and they define what it means to "Exit At the Top." You met Bob a couple of years ago when we did his story about starting IWA from the extra bedroom of his townhouse.
Both stories are important.
Gary and Tracy's story is for all of us who are not even thinking about selling, then there comes a knock on the door.
Bob's story is for the rest of us who know that we have created a substantial asset. Bob, however, knew that his "time" was coming. Bob was strategic and spent several years getting ready for the day, and then it took over four years to consummate a deal.
Every one of us needs an exit strategy. More...