In this week’s episode of Built to Sell Radio, John Warrillow interviews Michael Lynch, the creator of TinyPilot, a hardware device that allows users to remotely control their computers without installing any software. Â
Like most small companies, TinyPilot was a Main Street business with around $1 million in revenue and roughly $250,000 in profit, so Michael’s story is a revealing snapshot of a typical exit for the majority of small businesses.
In this episode, you’ll discover how to:Â
Sell a Main Street business.Â
Handle a low-ball offer.Â
Escape the feeling of being trapped inside your business.Â
Distinguish between selling your shares vs. your assets.Â
Avoid legal snafus during diligence.Â
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About Michael Lynch
Michael Lynch is a developer and blogger with a background in the tech industry who graduated from Columbia University in 2007 with a Bachelor of Science degree in computer science. Michael has worked as a software engineer at Microsoft and Google and as a security engineer at NCC Group.
He was the founder of TinyPilot, a company known for its solutions in remote server management. Michael shares his experiences and insights on software development, security, and entrepreneurship on his blog.Â
Definitions
Â
Due-Diligence:Â
This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.
Earn-out:Â
This is a financing arrangement for the purchase of a business, where the seller must meet certain performance goals before receiving the full purchase price. It reduces the buyer’s risk and aligns the interests of both parties post-acquisition.
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