What To Do When Getting Out Means Staying On
Eric Enge founded Stone Temple Consulting in 1997. By the time he sold it in 2018, the marketing services business had almost 70 employees, $9 million in annual revenue, and counted fifteen Fortune 500 level among its client base.
Successfully selling a service-based business can be hard. Enge knew that one of Stone Temple’s key assets was himself. To get the best deal he could, he chose to sell while he was still prepared to stay with the new acquirer as part of an earn out. He also found a buyer who had a strategic need for a company like Stone Temple Consulting. Find out how he got out on his own terms, by staying with the team he built.
In this episode, you’ll learn:
- How to structure your earn out
- Tips and tricks for avoiding legal hurdles when selling a service business
- How to tell your employees about the sale
- How to play your cards so the acquirer makes the first offer
- The pros and cons of dealing with an exclusive buyer