The Lifeboat Exit
“John Whiting founded Digital Kryptonite in 2017 helping businesses gain leads mainly through LinkedIn. He eventually sold to a client and felt “saved” by the transaction as it was time for John to exit,” shares Sam Thompson a Minneapolis business broker and the president of M&A firm Transitions In Business. “John talks about the “Match List”, using reviews to increase credibility, and how to deal with a surprise at closing.”
In 2017, John Whiting started Digital Kryptonite with the goal of providing business owners with more leads. Helping his clients mine LinkedIn, Whiting quickly grew his company from zero to seven figures within a year. The company saw massive growth month-over-month when suddenly Whiting received a message from his credit card processor that his account was being shut down and he was placed on the Match List.
Suddenly, the seven-figure business Whiting had built was in jeopardy.
With little faith left, Whiting received an email from a friend asking to buy his company. In his own words, it was a “lifeboat,” and Whiting jumped on with both feet.
In this episode you’ll discover how to:
- Prevent your company from getting on the “Match List”.
- Transfer payment processing accounts without losing all your clients.
- Use reviews to bolster your social proof.
- Present your flaws as opportunities to a potential acquirer.
- Handle a last-minute attempt by an acquirer to lower the value of your company.
- Spot a buyer’s weakness to get the most money for your business.