The Nathan Barry Show
I Sold My $5,000,000 Business… Here’s How | 045
Sep 12, 2024
Join Cathryn Lavery, an entrepreneur and founder of BestSelf Co., as she recounts her fascinating journey of selling and buying back her business. She shares invaluable insights on the challenges entrepreneurs face during sales, including negotiation tips and emotional hurdles. Discover her experiences with a major theft and how she's leveraging AI to boost efficiency. Cathryn also discusses adjusting business strategies post-COVID and the significance of reclaiming control instead of relying on external management.
01:17:27
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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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