E248: Preparing for the ColorIt Sale with Joe Valley - Part 2

Hey guys! We’re back with Joe Valley for part two of talking about the process involved in selling one of our brands ColorIt.com.

In 247, you found Joe and me at that point prior to putting the business up for sale. By the end of the episode, we had gotten a deposit and a signed LOI (letter of intent) from the two wonderful guys who are now the new owners of ColorIt.

A signed LOI is similar to a “gentleman’s handshake”. We now see the beginnings of a deal at this stage, but not at a point where it is set in stone. Getting from this point to where the deal is actually finalized is what we will be recovering in this particular episode.

You’ll hear Joe and myself discuss terms like purchase agreement, due diligence and all the minute things done before finalizing a sale and getting that money in the bank.

The last episode in this 4-part series will be an interview with Nirav, one of ColorIt’s new owners and the team members themselves so stay tuned for that one.

If you’re interested in getting onsite advice from Mike and have your business featured on a podcast, sign up for the EcomCrew Roadshow today!

Catch the latest episodes of the 5 Minute Pitch on YouTube. Join season two by filling out and submitting the application form.

Finally, if you enjoyed listening and think this episode has been useful to you, please take a moment to leave us a review on iTunes.

If you have any questions or comments, feel free to leave them below. Happy selling!