The Journey of Buying and Selling A Business

In a recent episode of the Uncommon Wealth podcast, hosts Philip Ramsey and Arron Kramer had the opportunity to interview James Green and Scott Lowe, former partners at Actual Tech Media. The discussion revolved around their journey of building and eventually selling their successful business. James and Scott shared their experiences, challenges, and insights gained throughout the process. This thought leadership article will delve into the main themes discussed in the podcast, providing an in-depth exploration of each theme using verbatim quotes from the transcript. We will also analyze the implications and potential impact of these themes, offering a comprehensive understanding of the journey of building and selling a business.

The Genesis of Actual Tech Media

The conversation began with a discussion about how James and Scott initially met and the inception of Actual Tech Media. James explained that they crossed paths while attending the same events and participating in similar activities. Scott and David, another business partner, were already working on a project and needed additional help. James took the leap and quit his job to join them in building Actual Tech Media. Scott highlighted the importance of each partner’s unique skills and contributions to the business. He mentioned Jordy’s ability to quickly build minimum viable products, David’s talent for connecting with audiences and teaching, and James’ expertise in sifting through the noise to identify market needs.

The Transition from Side Hustle to Full-Time Gig

As the conversation progressed, Philip and Arron inquired about the moment when James and Scott realized that Actual Tech Media had the potential to become more than just a side hustle. Scott shared that around 2015, they reached a point where they decided to make the business their full-time focus. James added that there were signs of growth and validation along the way, such as being approached by potential buyers and receiving positive feedback from clients. However, he also mentioned a challenging period when miscommunication and misalignment among the partners led to doubts about the future of their partnership. Fortunately, they were able to address these issues through open and honest conversations, ultimately strengthening their bond and aligning their goals.

The Decision to Sell

The hosts then delved into the decision to sell Actual Tech Media. Scott explained that the idea of selling arose when they received a solicitation from a competitor expressing interest in acquiring the company. This sparked their curiosity about the business’s value and potential opportunities. They explored the possibility further, seeking advice from experts and evaluating potential offers. James emphasized the importance of ensuring that the entire team was taken care of throughout the process, which required careful negotiation and inclusion of specific provisions in the purchase agreement. Scott acknowledged that the decision to sell was not an easy one, as it involved considering the well-being of the team and the long-term sustainability of the business.

Post-Sale Reflections and Challenges

After the sale of Actual Tech Media, James and Scott shared their experiences and reflections on the post-sale period. James expressed that he discovered a significant portion of his identity was tied to the business, leading to an emotional journey of self-discovery. He realized the need to reevaluate his priorities and redefine his sense of self. Scott mentioned that the transition brought both upsides and challenges. On the positive side, they gained access to more resources and opportunities for growth. However, he also acknowledged the toll it took on his mental and emotional well-being, leading him to impose boundaries and prioritize self-care.

Lessons Learned and Future Outlook

Reflecting on their journey, James and Scott shared valuable lessons and insights. Scott highlighted the importance of having a CFO and implementing better document management practices earlier in the business’s life. He also emphasized the need for setting boundaries and taking breaks to avoid burnout. James echoed these sentiments, emphasizing the importance of imposing limits and creating margin in future endeavors. He acknowledged the need for self-care and the potential pitfalls of overcommitment and lack of boundaries. Both James and Scott expressed a desire to explore new opportunities in the future, with James envisioning himself building another business and Scott considering a break to reassess his career path.

In conclusion, the journey of building and selling a successful business is filled with challenges, growth, and self-discovery. James Green and Scott Lowe’s experiences provide valuable insights into the process, highlighting the importance of effective communication, aligning goals, and taking care of the team. The post-sale period brings its own set of challenges, requiring individuals to redefine their identities and prioritize self-care. By learning from their experiences, entrepreneurs can navigate the complexities of building and selling a business more effectively, ultimately achieving long-term success and personal fulfillment.