When a health scare sent Jim Remsik looking for a buyer for his company, he had to decide whether to sacrifice a high-multiple exit for his personal priorities.
Jim Remsik founded Adorable, a business that develops custom software for entrepreneurs and enterprises alike, in 2014. By 2016, the company had grown to $3 million and 23 employees. On the outside everything looked great, but Adorable and Remsik were about to hit a rough patch.
Despite Adorable’s rapid growth, Remsik had lost his business partner. Within a year, Adorable had slid to $1.8 million revenue and nearly half their workforce had been let go. And then Jim had a health scare. These combined factors prompted him to reconsider his responsibilities to his company and employees– and to seek a fast exit.
In this episode, you’ll learn:
- The top two trigger events that lead business owners to sell their company
- How to value your company when a co-founder wants out
- The importance of building a management team as your company grows
- How to identify strategic buyers who will support your company’s weaknesses while leveraging your strengths
After losing his business partner, Remsik was left managing Adorable and all 23 employees on his own. This flat management structure meant he struggled to find time in his day to scale up Adorable’s sales efforts. Module 7 of The Value Builder System™, Hub and Spoke, focuses on reducing a company’s dependence on its owner. To find out how reliant your business’s success is on you, take our 13-minute questionnaire now.
About Jim Remsik
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