Buying a Business to Sell It
Connie Fenyo started out as an employee at Dye & Durham, a company that makes software for lawyers. She rose to Executive Vice President when she learned her boss was looking to sell the 200-employee firm.
Fenyo decided to make a bid.
She scraped together all the money she could find, borrowed (in return for a personal guarantee) everything her bank would lend her and got the former owner to finance some of the acquisition price.
That’s when she found herself –deeply in debt–as the proud new owner of Dye & Durham. Fenyo had gambled her entire life savings and committed that if she could ever work her way out from under the mountain of debt, she would sell Dye & Durham. And that’s exactly what she did.
In this episode, you’ll learn:
- How Fenyo financed her purchase at tremendous personal risk
- Fenyo’s strategy for prioritizing debt payments while growing her company
- Why selling a business can be its own full-time job
- Fenyo’s single most important piece of advice when selling your business