(Part II of VI): An Anatomy of the Sale Process; Co-Founder & CEO of a managed network services company, Xcentric, discusses the business sale experience
This week on “In Process: Conversations about Business in the 21st Century,” we continue our third annual series of podcast episodes dedicated to the topic of preparing and selling your business.
In the second installment of our six-part podcast series, show hosts Evelyn Ashley and John Monahon of Trusted Counsel speak with Trey James, co-founder and (former) CEO of Atlanta-based Xcentric, a managed network services company, that sold to Right Networks in 2017. Trey is also a technology thought leader to the accounting profession who is recognized as one of the 100 most influential people in the industry by Accounting Today. Trey discusses how he built Xcentric with the idea of never selling, to experiencing industry externalities that eventually led him to change his mind to sell. James says, “….what I learned in the end is that selling a business is just as energizing as growing a business because there’s a whole lot that happens after selling that can so much more interesting that what you’re doing in that business.”
According to James, he never thought about selling Xcentric until his business got listed in the Inc. 5000 list. The listing led to calls from investment banking firms that wanted to talk about selling. Although he initially ignored the calls, three years later, the industry started to change. With potential threats looming in the marketplace, he knew it was decision time. The business was faced with the idea of having to innovate to stay relevant in the marketplace. After much thought and an executive retreat, he, his co-founder and the management team concluded that the business vision needed to change. The new larger vision became to sell Xcentric – and that is where their execution focused thereafter.
Getting the right team in place is critical for M&A deals. Once set, James recommends having a kick-off meeting for introductions and defining roles and responsibilities, as well as devising a timeline.
During the course of the podcast, entrepreneurs, business owners and C-level executives will learn about:
What eventually led James and his management team to decide to sell the business
Choosing the right investment banker
Lessons learned from the sale process
Learn more about the steps involved with getting to the point of selling a business by streaming the conversation in its entirety in the player below or download it to your mobile device via iTunes. Don’t miss a single episode, subscribe to our show “In Process Podcast” on iTunes to receive this episode as well as future episodes to your smartphone.
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