How to Know When It’s Time to Sell
“Kristie Shifflette built a 13-location franchise called Orangetheory Fitness and eventually sold using an M&A advisor that brought in seven offers which included many very qualified buyers. In this episode you’ll hear the process Kristie, and her advisor used to get her the best price and terms,” shares Sam Thompson, a Minnepaolis business broker and the president of M&A firm Transitions In Business.
Kristie Shifflette built a 13-location Orangetheory Fitness empire from scratch—bootstrapping a capital-hungry business, personally guaranteeing leases, and taking on risk most founders wouldn’t touch. In the end, it paid off for Kristie.
In this episode, you’ll discover how to:
- Bootstrap a capital-intensive business without giving up control.
- Reduce your risk when taking on an investor.
- Attract entrepreneurial employees who will care as much as you do.
- Think about the $10 million milestone (and why it matters to private equity).
- Know when to take some chips off the table—and when to double down.
- Ace management presentations with an acquirer.
- Play hard to get (even when you want to sell).
- Get an acquirer to bump up their offer.
- Max out an earn-out payment—even if you don’t quite hit your targets.
- Spot an acquisition offer that’s likely to be re-traded.
Kristie’s negotiation skills turned a good deal into a great one.