Listen to the Episode Below:
Thought you’d work in your business forever? Afraid of “your baby” falling into the wrong hands? Not sure what you’d do if you left your business? Are these “what’s next” questions blocking you from seeing bigger opportunities for your business—and your life?
In this episode, entrepreneur Dana Ostomel explores why she chose to sell her business, what made it attractive to a buyer, and how she found it a “happy home” (with an opportunity to keep an eye on it).
Finding the Right Buyer for Your Business…
- Look at existing businesses to get ideas for your own business model. Dana wanted her business to be customer-centric, so she modeled her customer service after Zappos. Figure out what your customers want, then find a way to give it to them. That will help your business grow and be attractive to buyers later.
- Consider the future of working with your investor or buyer. Selling does not necessarily mean that you have to give up all of your influence, so carefully evaluate how you will work together.
- Don’t settle. Just like marriage, it’s important to find the right buyer for your business, especially if you plan on working with them later. What makes your business special? Look for a buyer who appreciates those specific characteristics. Make sure it’s a good fit before agreeing to the sale.
- Keep an eye on industry developments. Dana noticed two important trends: many of her competitors had investors; and it was increasingly challenging to get brand awareness. Both factors made her evaluate whether she was the right person to stay at the helm. Are you?
Dana Ostomel is an entrepreneur who knows how to make vital decisions for her business. If you would like to learn to do the same, take the time to listen to Cash Out BIG!
Dana Ostomel is the Vice President of Nonprofit Industry Development at Firespring, a company that provides essential software and beautiful websites for nonprofits. Prior to her role at Firespring, Dana was the founder and CEO of Deposit a Gift, a crowdfunding platform popular with nonprofits that allows users to easily create an online fundraising campaign for any organizational or personal need. Firespring acquired Deposit a Gift in August 2016 with Dana residing as the company’s lead crowdfunding expert. Before launching her own business, Dana spent over a decade as a marketing and branding adviser, developing integrated marketing solutions for nationally-known brands such as Snapple, CENTURY 21, MasterCard and DIRECTV. Dana has a Bachelor’s degree in Communications from UCLA. She is a leading authority and sought-after speaker on the topics of crowdfunding, online community stewardship and nonprofit marketing.
“Failing to plan is planning to fail.” ~ John Wooden
Learn more about Dana Ostomel:
Twitter – https://twitter.com/dostomel
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