The Story Of How We Sold A Line Of Business And Reoriented Our Company

Posted by Chris Myers on April 2 2018

Spring is one of my favorite seasons because it is a time of renewal and reinvention. It reminds us of new beginnings, new opportunities, and the chance for new life.

Now that Spring is finally upon us, I thought it would be the perfect time to share my personal story of renewal and reinvention in a way that I haven’t explored before in this blog.

I’ve written quite a bit about my entrepreneurial journey, but have historically stayed away from turning the spotlight on my business, BodeTree, which started out as a financial management tool for small businesses and evolved into a full-service offering for franchisors and franchisees.

However, at the urging of the editorial team here at Forbes, I’m going to share the story of how we grew, sold part of, and ultimately transformed our business altogether.

I think it’s a story that my fellow entrepreneurs will find both interesting and valuable. Our journey so far was anything but traditional.

Since our founding in 2010, we’ve dealt with the challenges of carving out a unique product niche, partnering with a dominant industry player, being dumped by the same industry player, switching industries, rebuilding teams and products, and ultimately selling part of the business we developed.

In the coming weeks, I’ll be focusing on how my team and I managed the transition and, more importantly, why we made the choices we did.

While the entire series will run over the course of the next few months, here’s a sneak preview of the first posts.

 

1.)  How The Team At BodeTree Came To Understand The Transformational Potential Of Exploring New Markets  -  I’ll share how the simple act of exploring a new market can have unexpected consequences for any existing business. 

2.) How BodeTree Learned To “Ooch” Its Way Toward Transformational Change - “Ooching” is a Southern term for controlled, incremental experiments. When you ooch, you’re just proving out a concept. This is how we found out that franchising was the right path for us.

3.) How I Learned That There’s More Than One Way To Exit A Business - So many entrepreneurs think there’s only one way to exit their business: a total sale. In reality, there are many ways to carve out the value you’ve created and still provide a vehicle for future growth.

4.)  Taking The Plunge: Why I Chose To Pivot A Successful Business - Before deciding to sell our banking channel and technology, We had to determine if we wanted to reorient the successful business I worked so hard to build.

I hope that throughout this series, I’ll be able to interact with readers to answer questions and dive deeper into the issues that you care about.

Tags: Entrepreneurial Mindset, Decision Making

Chris Myers

Written by Chris Myers

Chris Myers is the Cofounder and CEO of BodeTree and a Partner at BT Ventures. He is also a columnist for Forbes Magazine and a regular contributor for MSNBC.