12 Jul Built to Sell Radio: The Carve-Out Exit
Cary Moretti is the founder of NewSportMedia, an IT consulting company that does work with sports leagues. Along the way, Moretti created a software application called LeagueStat. The app helped hockey leagues like the AHL and CHL provide fans, journalists, parents, and scouts with real-time statistics on their favorite teams.
NewSportMedia grew to 27 employees, but Moretti was conflicted. The professional service side of his business required a different model than the software app that he had built. He knew that if LeagueStat were to reach its potential, he would need a deep-pocketed investor or a new home with a company that could invest in the business. Moretti decided to carve LeagueStat out of NewSportMedia and sell it as an asset separate from his consulting company.
Moretti is a self-described “nerd” who loves to code but knew little about negotiating the sale of his business. In this episode, Moretti describes what he learned about selling a company with humor, candor and a heaping dose of humility.
You’ll discover:
- The pricing model that led Moretti to the brink of bankruptcy twice.
- How Moretti fixed his business model.
- The nuances of carving out a part of your business to sell.
- What Moretti wishes he had known about selling a business.
