Manage episode 235359574 series 1770904
In part two of the incredible exit of Mike Jackness’s Colorit, we are hearing his first-hand perspective on what the process is like from the side of the seller. Mike honestly and openly goes through the process, from the letter of intent through due diligence, all the way to the handoff and transition. He reveals the humbling moments, the surprises, and things he would do differently.
This episode is for anyone thinking about being on the seller or the buyer side of the acquisition process. Ending your involvement in a business can happen more easily and smoothly if you are in a good position and absolutely prepared no matter what. The takeaway to all business owners is put your business in that position from inception in case of an eventual sale.
- Mike’s background and how he found himself in the coloríng business.
- How the due diligence process went and how in many ways it was harder work than running the actual business.
- The things that came up during the process that were surprising and how to approach number discrepancies in due diligence.
- The value of using a professional firm for due diligence.
- Why early preparation is critical.
- The creation and review of the asset purchase agreement and how it went for Mike.
- The small things he relayed to the buyer in order to make the transition smoother.
- Why in-person meetings are very important during the hand-off.
- The importance of doing everything you can to facilitate while still creating limits to your involvement in the process.
- What’s next for Mike.
Mark: Mike Nuñez. Yes, Mike if you’re listening to this podcast congratulations for sending in the right answer to the movie quote. And which one was it; that was the Boiler Room, right?
Joe: I think so. You expect me to remember. I don’t know. We need Chris Moore our content director on here. Come on Chris.
Mark: Hey Chris, we need your show notes for before we actually record these. But I do know that Mike you sent in a correct answer. Thank you for doing that. I don’t know the prizes although the next time I see you I’ll buy you a drink for sending that in and getting the right answer.
Joe: For people that don’t know, why don’t we tell who Mike Nuñez is?
Mark: Yeah, Mike Nuñez is an old friend of Quiet Light Brokerage. He is also a buyer with Quiet Light Brokerage and what are we getting out Joe what am I missing?
Joe: Doesn’t he run AffiliateManager.com?
Mark: He does run AffiliateManager.com.
Joe: He’s huge in the affiliate space so if there’s anybody out there with products that are looking for a great affiliate company to connect with look up Mike Nuñez on Linked In and connect with him. He’s one of the nicest guys in the country and you’ll love working with him and his company.
Mark: You know what this movie quote is going to become, right? All of the show vendors, all of the other vendors out there that want us to make a pitch on the podcast are going to start sending in the right answers to us here on out. So those of you listening whatever the movie quote was send us an email and let us know what that’s from. We’ll give you a shout out on the podcast. But now let’s talk a little bit about today’s podcast episode. I’m excited about this. I love the actual stories of selling some of his business. Joe, you’ve been working with Mike Jackness is on ColorIt.com getting his business sold and today we’re continuing the story. We already have one podcast on this where we talked about getting the of
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