Built to Sell Radio

In this episode featuring Mark Zweig, we explore the aftermath of selling his company, The Zweig Group, to a private equity group. Zweig Group, known for serving the architecture industry with magazines, reports, and trade shows, achieved remarkable growth, landing three times on the Inc. 5000 list. At its peak, the company reached $19 million in revenue. However, Mark's sale to a private equity group unfolded as a cautionary tale, showcasing the potential pitfalls when partnering with the wrong acquirer.

Artificial Intelligence (AI) is all the rage these days, but do you remember the cannabis craze? Basem Hanna sure does. He rode that wave to perfection, leaving his cannabis startup with a cool $25 million and shares that could be worth double that one day. This week’s episode of Built to Sell Radio is a no-holds-barred chat (yep, expect some strong language) about making it big in the green rush.

Aaron Leibtag, cofounder of Pentavere Research Group, shares how his digital health company, with only 15 employees, attracted a $15 million acquisition offer. He discusses the innovative AI engine developed to rescue critical patient data from electronic health records, improving care for overlooked individuals. The conversation also dives into funding strategies, focusing on the importance of peer-reviewed publications and personal connections. Aaron highlights the emotional journey of entrepreneurship, touching on relationship-building and the complexities of acquisition negotiations.

This week on Built to Sell Radio, we highlight the top strategies from the 10 most popular shows of 2023. In this episode, you’ll learn how to: ·        Grow your email list. ·        Compete with industry giants. ·        Replace yourself inside your business. ·        Implement a three part strategy for hiring high-potential employees. ·        Get your customers to fund your growth. ·        Use silence to help you get the upper hand when negotiating the sale of your business. ·        Provoke a bidding war for your business. ·        Use a surprising negotiating tactic to get an acquirer to increase their offer.  ·        Rebut a low-ball offer. ·        Handle negotiation points that are non-starters for you.

Leading expert on subscription models, Robbie Kellman Baxter, discusses the significance of recurring revenue and subscription models across various industries. They explore successful examples, transition strategies, and the benefits of membership models. The conversation also covers segmenting subscription models, churn rates, retention strategies, and the challenges of creating a forever promise.

Negotiating the sale of a business sale is intense and emotional for founders. Clear thinking is vital. In our second expert series installment, we feature Hasard Lee, a renowned clear-thinking expert. Lee, a U.S. Air Force fighter pilot, authored the international bestseller, The Art of Clear Thinking. This Wall Street Journal bestseller, #2 in U.S. business books, has been translated into multiple languages. As a flight commander in Afghanistan, Lee led over eighty combat missions, piloting two different jets on the same day in support of ground troops. Selected to fly the F-35, a cutting-edge, costly weapons system, he later became Chief of Training Systems at the world’s largest training base, innovating pilot training technology and methods. Lee’s book translates combat lessons into daily life. Today he provides a mental toolbox for founders, guiding clear thought amid the emotional challenges of selling a business.

This week we have a special treat: an interview about negotiating the sale of your business with Chris Voss, the bestselling author of Never Split the Difference. Chris used his many years of experience in international crises and high-stakes negotiations to develop a unique approach to negotiation and this week, he talks about how his approach applies to selling a business. Prior to starting his training firm, The Black Swan Group,  Chris was the lead international kidnapping negotiator for the FBI. Chris served as the lead Crisis Negotiator for the New York City division of the FBI. He was a member of the New York City Joint Terrorist Task Force for 14 years. He was the case agent on the TWA Flight 800 catastrophe. He also negotiated the surrender of the first hostage taker to give up in the infamous Chase Manhattan Bank robbery. During Chris’s 24-year tenure with the Bureau, he was trained in the art of negotiation by not only the FBI, but also Scotland Yard and Harvard Law School. He is also a recipient of the Attorney General’s Award for Excellence in Law Enforcement and the FBI Agents Association Award for Distinguished and Exemplary Service. Chris has taught business negotiation in MBA programs at the University of Southern California Marshall School of Business, and at Georgetown University McDonough School of Business. He also taught business negotiation at Harvard University and guest lectured at the Kellogg School of Management at Northwestern University, the IMD Business School in Lausanne, Switzerland, and the Goethe Business School in Frankfurt, Germany.

Kiran Merchant spent decades as a consultant to the aviation industry, so when a boss refused to grant him an $8,000 raise, he decided to leave his employer to start his own aviation consulting firm. Eighteen months later, he sold Merchant Aviation to Aeroport de Paris, one of the largest aviation companies in the world for a high single digit multiple of EBITDA.

Greg Romanzo and his partners spent 17 years growing a freight forwarding business. As the company expanded to 200 employees, the partners faced a realization: their decisions now impacted 200 families. This responsibility became overwhelming, and they decided to sell.

Chip Conley built the world's second largest boutique hotel chain to 3500 employees, but after a near death experience, Chip realized he wanted out. Chip went on to become Airbnb’s Head of Global Hospitality and Strategy, where he mentored co-founder Brian Chesky. Conley went on to create MEA -- the Modern Elder Academy -- the world's first ‘midlife wisdom school'.