How Nick Gray Sold Museum Hack

How Nick Gray Sold Museum Hack

“Listening to this podcast, I can certainly relate to this owners’ situation as I too had a hospitality business for 29 years that included hiring part time tour guide services.” said Sam Thompson, President of Transitions In Business an Edina, MN based mergers and acquisitions firm. “Planning incentive retreats for part time employees can often times conflict with their other commitments.  I like how this owner managed to maintain his key employees by offering equity in his company which allowed him the opportunity to walk away from his business.”

Nick Gray built Museum Hack, a company that offers fun museum tours in major cities, to almost 3 million dollars in annual revenue when he had an idea.

Gray wanted to thank his 50 employees for a fantastic year by taking them away on an all-expenses-paid vacation. The idea backfired when his part-time employees couldn’t leave their other job to participate in the retreat. Gray felt betrayed. Why was his generosity met with such ambivalence? It was the trigger that caused Gray to sell Museum Hack. In this episode, you’ll discover:

  • How to turn a hobby into a business (and the biggest mistake to avoid in making the switch)
  • Gray’s favourite ice breaker question to use in a crowd
  • The downside of hiring friends
  • The secret to stimulating word of mouth advertising among your customers
  • When sacrificing the quality of your product may be a good business strategy
  • The difference between a job interview and a job audition
  • What to do if you’re a micromanager
  • A creative way to calculate what your company is worth to you
  • How to make sure you get paid your installments when you sell your business over time

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