In April, I sold TinyPilot, the hardware company I founded. Here are some practical lessons I learned:
– Invested heavily in documentation to streamline transitions.
– Created a thorough checklist for the business handover.
– Worked with a broker I trusted, like Quiet Light.
– Avoided seller financing due to potential risks.
– Assumed I’d get nothing after closing to avoid disappointment.
– Recognized my limits post-sale influence.
– Revised the broker agreement to ensure fair payment terms.
– Discussed contentious issues directly with the buyer.
– Used dedicated accounts to simplify the handoff.
Takeaways for the future include offering incentives for cash buyers and announcing the sale to the team later.
https://mtlynch.io/lessons-from-my-first-exit/