How to Sell When Everything Is Broken
“Cesar Quintero, founder of Fit2Go, a meal delivery service was enjoying a very successful business until COVID hit,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “His revenues dropped dramatically. He shares how he grew his business and then was able to sell during COVID. This story shows how determination will get you through difficult times.”
In 2004, Cesar Quintero started Fit2Go, a meal delivery service in Miami. The business delivered healthy meals to office workers in South Florida, and by 2017, Fit2Go was earning 12% profit on $3 million in revenue. That’s when Quintero decided to sell half of his business based on a four times EBITDA valuation.
Quintero kept the other half of his shares and became a passive investor, only to see the business falter when COVID devastated Miami. Quintero ended up structuring a sale of his remaining equity at a lower valuation. Now entirely removed from the company, Quintero shares his lessons with openness and humility, including:
- The biggest mistake he made in selling half of his business.
- How open-book management helped him improve profit margins from 5 to 12%.
- How his “mind trash” impacted his sale.
If you’ve been devastated by COVID-19 and want out of your business at any price, you’ll find Quintero’s story both insightful and inspiring.