15 Mar Built to Sell Radio: A $30 Million Bird in Hand
Before Zoom, when you wanted to meet with a group of people remotely, you used a teleconferencing service. If you lived in Canada during the early 2000s, you probably used one of Frank Cianciulli’s lines.
Cianciulli built Enunciate Conferencing, a telecommunications business, to $15 million in revenue and more than $5 million in profit. The company was booming and doubling every two years, which is why he hesitated at first when Premiere Global made an acquisition offer of $30 million. But when Enunciate ran into a technical glitch causing the loss of a handful of customers, Cianciulli got spooked. He realized he had a bird in the hand and decided to accept the offer from Premier Global.
For Cianciulli, it was the end of an incredible journey from a standing start to an eight-figure exit in six years. This episode is peppered with wisdom, including:
- How participating in awards can increase your likelihood of getting an acquisition offer.
- Why minority investors usually value your business lower than a majority acquirer.
- How Premiere Global used a boozy dinner to lower Cianciulli’s defenses.
- What it was like for Cianciulli to tell his Dad he had been offered $30 million for his company.
- Why Cianciulli broke down in tears three months after selling his business.
- Why Cianciulli says part of him regrets selling.
- The secret to buying just about any business.
Despite his incredible financial success, Cianciulli still regrets selling Enunciate in part because he had not separated himself personally from his company. Find out how psychologically ready you are to exit by getting your PREScore™.