Listen to “#710 This Serial Entrepreneur Reveals the Reality of Selling a Company” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with John Vitti, starting at 0:00: Many small business owners dream of selling a company and having a successful exit. What is this process actually like, and what can you do today to improve the likelihood that your business actually sells?
SEGMENT 2 with Shelley Hymes, starting at 18:15: In a culture where people often skip lunch, Shelley Hymes reminds us that lunch is an important part of the day in life and in business.
SEGMENT 3 with Nathan Hirsch, starting at 35:45: Entrepreneurs don’t start companies because they’re passionate about numbers, but understanding your business finances is key to being successful. Where do we start?
Sponsored by Truly Financial.
More on each segment below.
Segment 1: John Vitti is a serial entrepreneur who, after successfully launching and exiting three companies (at the multimillion-dollar level) within the consumer space, is now the CEO of his newest venture called VersusGame, an entertainment prediction-based gaming app that puts trending topics about celebrities, pop culture and sports a classic “this” versus “that” competition. Since its launch in 2019, VersusGame has grown significantly, with over millions in cash prizes to millions of players.
- Growing and scaling a success brand and how John did it – several times
- John’s business background and his latest venture – VersusGame
- Challenges that most CEOs face with preparing for an exit
- Things that must be in place for your company to be exit ready
- The pros and cons of getting through an exit process
Segment 2: Shelley Hymes hosts Lunch with Shelley, a podcast set in restaurants around Washington, D.C. featuring ‘real’ lunch conversations with friends and colleagues featuring all of the ambient sounds of lunch in the background. Each week listeners can look forward to authentic table talk with Shelley, her podcast producer Claude Jennings, and guests surrounding topics ranging anywhere from life’s hilarious trivial moments and everyday issues to more serious and consequential life topics.
- Why lunch is such an important time of day in everyday life and human social experiences
- Why taking lunch should not feel like it is diminishing your work
- How established friendships become intimate and provide perspective on personal decision-making
- How important it is to take lunch to perform optimally at work
Segment 3: Nathan Hirsch founded FreeUp four years ago due to the unreliability of the Upworks and Fivers. They started with 5K and grew it to $12m before selling it to the HOTH in 2019. Today, he leads EcomBalance, a monthly bookkeeping service for eCommerce and digital businesses, and Outsource School, a membership program that teaches business owners how to hire effectively online.
- Why are small business owners bad at keeping track of their financials?
- What’s the best way to learn how to read a financial statement?
- What are the key metrics you should be looking at?
- Paying attention to your accounts receivable
- Cash flow is king
- Why Nathan started EcomBalance after selling his business FreeUp in 2019
