The Prof G Pod with Scott Galloway Office Hours: Planning Your Exit Strategy, Investing Advice to a 16-Year-Old, and Mentoring Young Men
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Sep 6, 2023 Scott discusses strategies for planning an exit from a business, emphasizing timing and preparation for potential sellers. He offers practical investment advice to a young listener, highlighting the importance of starting early with sound financial practices. The conversation shifts to the critical need for male role models in education, focusing on their impact on boys' development. Finally, he reflects on his mentoring experiences, stressing the significance of engaging young men in fitness, finance, and meaningful connections.
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Acquisitions and Selling
- Companies aren't sold, they're bought; wait for a credible inbound offer.
- Hire a deal attorney, approach a small group of potential acquirers, and disclose the existing offer.
Selling into Strength
- Sell when your company is strong, not when it's struggling.
- Acquirers are smart and will recognize the same opportunities you do.
Profit's Missed Opportunity
- Scott Galloway shares his experience of declining a $55 million offer for his firm, Profit, in 1999.
- He later sold it for less due to market changes, highlighting the importance of market dynamics.