Summary:

Nathan Hirsch, a serial entrepreneur, shares his journey of building and selling his company, FreeUp, which utilized remote workforces. He discusses the importance of having clean books and financials, as well as the value of virtual assistants and outsourced labor. Nathan emphasizes the need to hire the right level of talent, whether they are followers, doers, or experts. He also highlights the significance of building trust and relationships with your team and the importance of finding the right buyer who will treat your employees well. Overall, Nathan provides valuable insights into the M&A process and the benefits of remote workforces in business sales.

Takeaways:

• Having clean books and financials is crucial when selling a business.
• Hiring the right level of talent, whether followers, doers, or experts, is essential for success.
• Building trust and relationships with your team is important for a smooth transition during a sale.
• Finding the right buyer who will treat your employees well is crucial.

Chapters:

00:00 - Introduction

01:24 - Nathan's Background and Entrepreneurial Journey

09:47 - M&A Process and Due Diligence

23:13 - Outsourced Labor and Hiring Levels

32:22 - M&A Expertise and Considerations

36:16 - Key Takeaways

About The Nathan Hirsch:
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Summary:

In this episode, Todd Sullivan interviews Meighan Newhouse, the co-founder and former CEO of Inspirant Group, a management consulting firm that was acquired by 10 Pearls. Meighan shares her journey as an entrepreneur and the decision-making process behind selling her business. She emphasizes the importance of understanding the why and the end goal of the sale, as well as finding a buyer that aligns with the company's culture and values. Meighan also discusses the challenges and considerations during the due diligence process and the post-acquisition experience.

Takeaways:

• Before embarking on the journey of selling your business, pause and reflect on your why and the end goal of the sale.
• Find a buyer that aligns with your company's culture and values, and consider strategic acquisitions that can help accelerate growth.
• Prepare for the sale process by organizing your documentation and seeking advice from experienced M&A advisors.
• During due diligence, focus on maintaining confidentiality and consider the impact on your team and their day-to-day work.
• Negotiate the deal structure, including earnouts, to align incentives and ensure a smooth transition post-acquisition.

George Sandmann shares his thoughts on:

• Creating business engines that deliver predictable profits, cash flow, and sustainable growth
• Driving predictable, transferable value and a more lucrative M&A transaction

GUEST BIO:
George Sandmann is an entrepreneur turned growth advisor. An attorney by training, George is an entrepreneur with almost 30 years experience starting and growing companies. After a lifetime of startup success and challenges, George founded his current company, Growth Drive, to deliver tools and technological support to advisory business delivering client wins and M&A success.

George's professional vision is for Growth-Drivers to increase Strategic Capacity for $1 Trillion worth of middle and pre-middle market businesses.

George is a speaker, board member, and author of a Forbes #1 New Release Book.

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The Growth-Driving Advisor: Proven Strategies for Leading Clients from Stuck to Best-in-Class (Forbes 2023 Book by George Sandmann)