Summary

In this conversation, Todd Sullivan speaks with Shegun Otulana about the intricacies of selling a business, particularly in the health tech sector. Shagan shares his journey of building and selling Therapy Brands for $1.25 billion, discussing the factors that led to his decision to sell, the importance of preparing for an exit, and the role of clarity in value creation and company culture. He emphasizes the need for founders to understand buyer expectations and the risks involved in transferring ownership. The conversation also touches on the significance of having the right team and external partners during the transaction process, as well as the impact of company culture on business success. Finally, Shegun discusses his commitment to giving back to the entrepreneurial community and supporting other founders on their journeys.

Takeaways

• Selling your company is a crucial decision.
• Understanding when to sell is vital for business owners.
• Clarity in value creation is essential for a successful exit.
• The culture of a company can significantly impact its success post-exit.
• Founders must prepare their businesses to be exit ready.
• The market will evaluate your business based on its current performance, not just its vision.
• Having the right team and external partners is critical during a transaction.
• Entrepreneurship has the power to change lives and create opportunities.
• It's important to ritualize and solidify company culture before a transaction.
• Understanding the risks involved in selling is crucial for founders.

Chapters

00:00 The Importance of Selling Your Business
02:57 Shegun Otulana's Entrepreneurial Journey
05:50 Deciding to Sell: Factors and Strategies
09:09 Preparing for an Exit: Getting Exit Ready
11:56 Clarity in Value Creation and Culture
15:10 Understanding Buyer Expectations
18:00 The Role of Team and External Partners
21:13 Navigating the Transaction Process
23:56 Lessons from the First and Second Transactions
26:47 The Impact of Culture on Business Success
30:02 Giving Back: Supporting Other Entrepreneurs