Exit Chronicles

I had the honor of being asked to speak about my experience as an exited entrepreneur.

I shared the story of how I helped prepare the asset sale of my business as a Co-Founder and COO.

Selling GatheringUs was one of the toughest experiences of my career.

As funeral homes returned to the business, it became clear that our virtual memorial model needed to evolve.

Cash flow struggles made it hard to be creative, and I felt like a gambler, hoping a few more weeks would turn things around.

Sometimes I'd spiral into inaction with too much to think about.

When my CEO and Co-Founder took a full-time job, I faced tough decisions. I didn’t have another role lined up and wasn’t sure what I was going to do next.

I was focused on keeping the business alive and protecting the memories we helped create.

As a Co-Founder, I felt a deep responsibility to care for the brand my CEO created and honor the trust our community placed in us.

Selling wasn’t just a financial decision; it was about safeguarding the legacies we helped preserve.

Thankfully, we found a competitor to buy our brand, therefore preserving our client relationships and keep the brand alive.

Here are three key lessons I’d give to someone considering selling their business:

1) Consider the cost of closing.

Whether you are selling or shutting down a business, there are considerable hidden costs. Remember to include these in your calculations.

2) Don’t discount the emotional impact.

When a business is more than a job, your identity is wrapped up in it. Pay attention to how you define yourself and ensure that you have the support you need.

3) Remember to plan for next steps.

After you exit a business, you may be working for a larger company, consulting, or wake up with nothing to do. Consider having a trip or a project planned to give you a sense of purpose while you find your way to the next thing. (I went to Italy with the family!)

What have you done or will you do when your business is out of your hands?

Photo: Thanks to ❖ Claudia N. Castro ❖ (pictured on the left) who interviewed me, Boyega Ajayi who put the Exit Chronicles together, and our hosts the team at Own Places Jefferson Property!