Why I Sold My Business to My Competitor

Why I Sold My Business to My Competitor Will Talks Biz Episode 14Telling people that I sold my business to a competitor intrigues them. The idea of a competitor has created connection to thinking we have to beat them or be the best.  Looking at competitors as your adversary often comes down to your mindset.

Key Takeaways:

{3:57 } You might have more in common with your competitors than you do with other people. They are often going through similar things, being impacted by similar industry changes, and understand new laws that come to the industry.

{5:05} My goal was always to be the owner of my own land. Over time that was paid off. When you have a lease you can sell your business, but not the building. When you own the land you have more to give a competitor when you are ready to sell.

{7:20} When the pandemic hit I had to focus on the one business we had opened more than the one we were in the process of remodeling. There was a lot of exhaustion trying to establish the level of work ethic among new hires as my existing employees .

{9:34} A team first approach works because if you show you care about them, they will be there for you when things aren’t going well. Put your team above your own needs, making sure they have a place to work and a place they can rely on.

{14:53} It is so easy for me to tell the story of selling my business now because I am looking back. When you are in the moment it is scary, but all I can say is the only way to make that dream happen is to just do it. Just one day say you are going to do “this” selflessly for your team.

Eventually you’ll see that you can be more successful in business when you focus on building community versus competition.

Connect with Will:


Book I Can’t Read: A Guide to Success Through Failure

Email: Will@willtalksbiz.com

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