Two founders live eight time zones apart and use the separation to build a successful technology business in healthcare. After working on their business for 10 years, they leverage their commercial success in the United Kingdom to expand in the US. Maintaining clear communication about their exit strategy, despite their separation, allows them to be ready to sell when the opportunity comes.
The exit of Geof Auchinleck and Lyn Sharman as the founders and principal shareholders of Neoteric highlight these lessons when exiting your company:
- Plan your exit from the start. As partners, you need to stay in touch and be in agreement about what an acceptable exit is.
- When selling the company you have built, look beyond the surface to the quality and integrity of the company and the people you are selling to.
- All corporate activities and intellectual property must be documented and a proper minute book kept up to date.
- Use a virtual data room to gather together all key documents that will be needed by prospective acquirers.
The story of Neoteric is an inspiration. Not only did Geof and Lyn create a company and a product that makes hospitals safer for all of us, they looked after their employees and their product in addition to themselves before, during, and after the sale of Neoteric.
These insights were taken from the Exit chapter of my book Wind In Your Sails: Vital Strategies That Accelerate Your Entrepreneurial Growth. Learn more at windinyoursails.coachdjgreer.com
