Ep 171 Nathan breaks some big news regarding his business Heyo – he got an offer to sell it. Listen as Nathan discusses with his team the process and ramifications of selling their business.

YOUR $100: Remember to subscribe to the show on itunes then text the word "nathan" to 33444 to confirm that you've done it to enter to win $100 every Monday on the show. Do this now. Stop reading this and do it!

Click here to join the top tribe and instantly learn how Nathan made his first $10k at 19 years old: bit.ly/1SynoAg

Top Entrepreneurs join Nathan Latka daily inspired by, Art of Charm, Pat Flynn, John Dumas, Entrepreneur on Fire, Chalene Johnson, Lewis Howes, School of Greatness, HBR Podcast, the StartUp podcast, Mixergy, Andrew Warner, AskGaryVee, and the great hosts of BiggerPockets!

3 Key Points:

1. Transparency has the advantage of keeping everyone on Heyo’s team informed and learning. The downside is that they may feel anxious about what the future holds.
2. A big part of selling a business is considering its future profitability and potential.
3. When selling a business, it’s important to be sensitive to the feelings of the people who are invested in it. (Employees, investors, customers, etc.)

Time Stamped Show Notes:

• 00:00 – Nathan talks about when he first started his business with his mom.
• 02:02 – Early on building Heyo, Nathan resolved to be transparent about how offers were negotiated so that everyone on the team could learn from it.
• 04:28 – Nathan’s team got an offer to sell their five year old business Heyo by their competitor.
• 05:56 – In line with the founding philosophy, Nathan’s decided to be fully transparent about the process to his Heyo team.
• 07:22 – Chris Rieger, the head of operations at Heyo expresses his thoughts.
• 08:04 – Heyo has sentimental value to the team and still possesses long-term value in its future opportunities.
• 09:20 – Nathan’s concern with transparency is losing talented employees due to the potential acquisition.
• 10:10 – Nathan is also concerned that the business might become too comfortable and miss out on bigger opportunities.
• 10:30 – A big part of deciding whether to sell Heyo is its future potential.
• 11:18 – Nathan doesn’t like the offer – he plans to reach out to other potential buyers get LOI’s (letters of intent) to leverage Heyo’s value.
• 13:37 – Christina, Heyo’s head of branch strategy joins the show.
• 16:01 – Nathan thinks that Heyo’s brand wouldn’t be shut down if acquired by their competitor, only reused.
• 18:01 – Nathan and Christina have faith in their team to find a new project if Heyo were acquired.
• 19:01 – Christina thinks that as long as they properly manage the communication to their customer base, the transition will be smooth for users.
• 21:48 – There are numerous people tied to the business – Nathan sees his business partners as life-long, not business long.
• 22:19 – The investors in Heyo is an important factor to consider in the acquisition decision.
• 22:44 – What do you guys think - should Nathan sell Heyo?

Sponsor:

• Edgar – Nathan uses Edgar instead of other scheduling tools for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over – time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn’t have to work or pay for.

Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! Join the Top Tribe at http://NathanLatka.com/TheTop

The Top is FOR YOU if you are:

A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4)

STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7)

An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1)

The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).

Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.

Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe athttp://NathanLatka.com/TheTop