0:00 - Intro
2:09 - The start of Netconcepts in 1995
5:20 - Pivotal moments for the agency and smartest move
7:50 - Hire a great team and grow the business
12:02 - How early on did your intention on selling your business?
17:11 - Stephan's gold nuggets
21:15 - The sale of the business - Putting it to the market
32:27 - Transformation experience of Stephan - The Golden Handcuffs
37:33 - What happened next after the transformation
41:09 - Business is a spiritual game
43:36 - Best place to look and learn more about Stephan Spencer and closing remarks
Stephan Spencer went to sell his consulting business in the late 1990s but buyers all wanted him to sign up for a long, painful, and risky earnout. Keen for a clean exit, Spencer took the business off the market and set out to make it less dependent on him personally. In the episode, he details the three unique strategies he pursued for withdrawing from the day-to-day operations of his business. By 2010, Spencer had the business running so independently that at one point he was able to take a six-month sabbatical. That’s when he knew he could sell without such a lengthy earnout. Ultimately, Spencer sold his business to Covario in 2010 for a combination of cash, stock and a six-month earnout—an earnout so short it’s almost unheard of for a marketing services business sale.
Spencer was able to make a clean break from his company because he had transitioned from being a “Hub & Spoke” manager to being what we call an “Apple Picker”.
Learn more about Stephan Spencer at www.stephanspencer.com.