My Favourite Failure: "We signed a deal with the devil" Glenn Poulos
Aug 10, 2023
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Glenn Poulos, a successful founder, shares his experience of a disastrous acquisition, financial strain, and deception. He talks about how he went from being a potential multimillionaire to broke and starting a new business with resilience. Poulos also discusses the importance of core values in business and selling a business for a higher amount.
Aligning core values between employers and employees is crucial for success in a company.
Conducting thorough due diligence during the decision-making process helps entrepreneurs avoid costly mistakes and ensure adherence to core values.
Deep dives
Passonio: Simplifying HR Processes for Small and Medium-Sized Companies
Passonio is a solution that aims to alleviate the burden of HR processes for small and medium-sized companies. It offers an applicant tracking system for hiring and tools to manage employee holidays, reviews, payroll, and offboarding. By using Passonio's comprehensive HR system, businesses can save time and streamline their HR operations. Passonio has already established itself as a trusted platform, serving thousands of companies like Lush, Spend Desk, and Mindful Chef.
Glenn Poulos's Turbulent Entrepreneurial Journey and the Costly Mistake
Glenn Poulos, a founder who exited from a company in 2022, shared his challenging experience with a previous exit. In 2004, they sold their hardware distribution company to a public company, expecting a prosperous outcome. However, they soon discovered that the buyer was dishonest and had fraudulent intentions. Their line of credit was immediately maxed out, and the new owners drained the cash from the business. Glenn tried to raise concerns within the company, but his pleas fell on deaf ears. Eventually, the company's financial instability forced them to lay off all employees, including themselves.
The Importance of Core Values in Business Relationships
Glenn Poulos offers valuable advice for entrepreneurs and individuals looking to join a company. He highlights the significance of aligning core values between employers and employees. Poulos emphasizes the need for companies to integrate core values into hiring, firing, motivation, training, and rewards. Additionally, he encourages due diligence during the decision-making process to ensure the company's adherence to its core values. By prioritizing core values, entrepreneurs can build strong foundations for success and avoid costly mistakes.
Glenn Poulos is a successful founder, who exited from his company in 2022. But that was his second exit. His first, 15 years before, was a very different story.
He thought he had achieved the entrepreneur's dream, an eight-figure exit, after selling his business to a public company. With the shares he got in return he was going to be a multi-millionaire.
Instead, he was left with hardly anything, and no job, after having to fire a hundred people.
What happened?
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