22 Feb Built to Sell Radio: How to Sell When Everything Is Broken
In 2004, Cesar Quintero started Fit2Go, a meal delivery service in Miami. The business delivered healthy meals to office workers in South Florida, and by 2017, Fit2Go was earning 12% profit on $3 million in revenue. That’s when Quintero decided to sell half of his business based on a four times EBITDA valuation.
Quintero kept the other half of his shares and became a passive investor, only to see the business falter when COVID devastated Miami. Quintero ended up structuring a sale of his remaining equity at a lower valuation. Now entirely removed from the company, Quintero shares his lessons with openness and humility, including:
- The biggest mistake he made in selling half of his business.
- How open-book management helped him improve profit margins from 5 to 12%.
- How his “mind trash” impacted his sale.
If you’ve been devastated by COVID-19 and want out of your business at any price, you’ll find Quintero’s story both insightful and inspiring.
Even though he ended up selling his second tranche of equity for less than his first, Quintero remains happy with his decision to sell because he had an idea for a new business he wanted to start. Coming up with a plan for what you want to do next is one of four factors correlated to a happy exit. To discover your performance on all four elements, get your PREScore™ now.