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In this engaging conversation, Cathryn Lavery, an entrepreneur who sold her multi-million dollar business only to buy it back, shares her remarkable journey. She reveals essential tips for navigating the complexities of selling and repurchasing a business. Cathryn discusses the emotional challenges and strategic decisions involved, including how COVID impacted her operations and led to innovative solutions. She also highlights her experience with embezzlement and the importance of AI in enhancing business efficiency and integrity.
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Quick takeaways
- Navigating the sale and repurchase of a business requires resilience and strategic negotiation to maximize financial outcomes.
- Staying 'hanging around the hoop' post-sale allows entrepreneurs to monitor mismanagement and capitalize on potential buyback opportunities.
Deep dives
The Journey of Selling and Buying Back a Business
The process of selling a business can be daunting, often entwined with uncertainty about the future. Selling a business might seem like an escape, but for some entrepreneurs, like Nathan Berry, buying it back can provide a unique sense of completion and even a compelling story to share with future generations. Nathan felt exhausted after years of relentless work and chaos, which made the sale initially appealing. However, the desire to reclaim his business led him to navigate the complexities of negotiations, ultimately resulting in him purchasing it back after a brief period for less than half the value of the inventory, showcasing how resilience and strategic thinking can pave the way to second chances in business.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode