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How to exit, with Sherbet Founder Asher Moses
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Once you’ve secured investment and used it to build and scale a profitable business, the time might be right to exit. However, when is the right time to sell?
In this episode, I speak with Asher Moses, founder & CEO of Sherbet London, the capital’s leading electric taxi company. A serial entrepreneur, Asher grew his original small fleet of London taxis into one of London’s leading transport companies. Through Sherbet, Asher is future-proofing the iconic London Black Taxi for future generations.
Having sold his commercial advertising company, Taxi Media, to US company VeriFone, Asher shares his advice on what to consider before exiting a venture and when he feels it’s right to consider selling up.
If you’d like to contact Asher you can reach him via asher@sherbetlondon.com
Asher’s advice:
- A good exit is all about timing since you obviously want a high multiple return
- Operating companies are very different to tech companies in terms of multiples
- Hopefully you will have created a brand to out-compete others in your sphere
- Exiting from your company gives you financial freedom and the space to re-think
- It also gives you credibility when you start your next venture
- It gives you the time to make improvements and move with the times
- If you receive an offer, it’s probably wise to accept it as they don’t occur frequently
- Make yourself part of a growth plan in the company (it’s you they’re buying)
- A CEO can always stay on, to give advice and support - not necessarily for very long
- You will inevitably find it hard to step back and phase out
- You must be hard-headed about the valuation
- Be very precise responding to the questions
- Know who to sell to
FF&M enables you to own your own PR. Recorded, edited & published by Juliet Fallowfield, 2023 MD & Founder of PR & Communications consultancy for startups Fallow, Field & Mason. Email us at hello@fallowfieldmason.com or DM us on instagram @fallowfieldmason.
Let us know how your start up journey is going or if you have any questions you would like us to discuss in future episodes.
FF&M recommends:
- LastPass the password-keeping site that syncs between devices.
- Google Workspace is brilliant for small businesses
- Buzzsprout podcast 'how to' & hosting directory
- Canva has proved invaluable for creating all the social media assets and audio bites.
MUSIC CREDIT Funk Game Loop by Kevin MacLeod. Link & Licence
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