Marketero · Entrevistas
I sold 8 businesses by age 32 [here’s how]
29 ideas de marketing sacadas de «I sold 8 businesses by age 32 [here’s how]», de Alex Hormozi. Sobre todo de estrategia y decisiones de negocio, oferta y…
- 29 ideas despiezadas
- Fuente Alex Hormozi
- Dura 42 min
- Publicada en 2022
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No dejes que la promesa de un cierre rápido te baje el precio
Estrategia y decisiones de negocioTodos los compradores usan la velocidad como argumento de venta: cierre en 30 días si aceptas menos. Hormozi se lo creyó una vez, aceptó peores términos y el cierre tardó 112 días. La siguiente vez respondió que se tomaran el tiempo que quisieran porque su empresa seguía creciendo, y así fue él quien quedó en posición de fuerza.
will begin, they're going to try and negotiate time saying like, Oh, we can get a faster close if blah, If you accept this lower price, bullshit, they're going to take as long as they want. Literally ignore it. They seriously, they will try and use speed. I had every single person try to use speed as a selling point. I thought it was legit the first time they said 30 day close and it took, sorry, they said four, I said 30 day close and it took 112 days. And I accepted worth, this is on one of the other companies we sold. I expected worse terms on that. Right. So the next time I came around…
Escúchalo en el minuto 28:47
Poner un umbral de facturacion en la llamada a la accion
ConversiónLa llamada a la accion del video no invita a todo el mundo: "si facturas mas de 3 millones, escribenos y vemos como ayudarte". El filtro de facturacion se anuncia en voz alta para que solo se postulen los que encajan y el equipo comercial no pierda tiempo cualificando.
told me this stuff. And so I'm hoping that for you guys, this helps you out. And, uh, and Hey, if you're doing over 3 million, you can hit us up and, uh, we'll see what we can do to help you out and help walk you through the process. And just so you know, this is the actual video of us giving
Escúchalo en el minuto 40:16
Escribir el número que aceptarías antes de hablar con nadie
Estrategia y decisiones de negocioAntes de arrancar el proceso conviene escribirse una carta a uno mismo con el número que se aceptaría y las razones para aceptarlo. Los banqueros inflan las expectativas hablando de cifras que luego no llegan, y vender es de los procesos más emocionales que existen porque se vende una parte de la propia identidad.
and whatnot and start getting greedy. Um, and I don't think that's why it's like decide, write down a number before you start the process and talking to all these guys, cause they'll blow your mind up and they'll tell you that you're going to sell for a billion dollars and then you sell for not a billion dollars. Okay. For much less, less than that. So write down the number, write it to a letter to yourself and say, I would accept this for this reasons. All right. Because this is one of the most emotional processes you can possibly go through. It's selling a part of yourself, selling part of…
Escúchalo en el minuto 16:32
Estrategia y decisiones de negocioEl error típico es concluir que nadie quiere comprar después de contactar a diez candidatos. Para conseguir un múltiplo decente de un comprador institucional hay que llevar la empresa a unos 500 compradores potenciales.
Next is that when you, when people do start this process, a lot of the mistakes that they make, they don't go through enough potential acquires. They're not trying to target enough people. They're like, I talked to 10 people and no one wanted to buy. Well, no shit. You talked to 10 people. You got to talk to 500. Right. And that's how you can get, somebody's going to give you, uh, the right kind of, uh, multiple on your business. If you want to sell to an institutional
Escúchalo en el minuto 5:32
Estrategia y decisiones de negocioSi vendes el 10% de la empresa por mil millones te llevas cien, pero un banquero con el 4% sobre el valor de empresa se llevaría 40 de esos 100. Hay que negociar la comisión sobre el efectivo que tú recibes y vigilar sobre todo los mínimos, el upfront y el breakup fee, más que los targets y los ratchets.
minimums and especially how they're going to get paid. Like what number are they getting paid off? Are they getting paid off the total enterprise value? Are they going to get paid off the cash you receive? Right. And you want to negotiate off the pass you receive, not the enterprise value. Cause let's say you sell 10% of the company for a billion dollars. I'm just saying for, you know, silly math. So you'd get a hundred million bucks. If let's say they got 4% of enterprise value, right? They would get 40 million of the a hundred million. All right. So there's little things like
Escúchalo en el minuto 15:44
Los institucionales solo se mueven cuando dices que te levantas de la mesa
Estrategia y decisiones de negocioHormozi aprendió a la mala que la frase que desbloquea la negociación es que si no consigue ese punto el trato se cae. Hasta que empezó a hablar así, los banqueros no negociaron por él. Las negociaciones se ganan antes de empezarlas teniendo opciones: la mejor posición para vender es tener un negocio que no quieres vender.
which I just explained this. And so this is the negotiating point. This is a writer downer for you. They only responded. And I had to learn this the hard way to, if I don't get this point, the deal is off. Otherwise they basically just steamroll you. And you might say like, well, maybe you had bad banking experience. Who knows? But I'll just tell you, this is my experience is that you have to be willing to walk away from the table in order to get the best deal. All right. Which is why you win negotiations before you start them by having options. All right. You want to have an amazing…
Escúchalo en el minuto 17:59
Repartir dividendos antes para no regalar el capital de trabajo
Estrategia y decisiones de negocioAl final del proceso se negocia cuánto capital de trabajo se queda dentro del negocio. Si llevas un año con un millón parado en la cuenta, el comprador argumentará que ese millón viene con la empresa. Por eso al negocio pequeño le conviene ir sacando dividendos y dejar poco en la cuenta, y negociar que el capital de trabajo exigido sea el mínimo para operar.
you there too. Right? It's like, Hey, let's say you've got a million bucks of working capital in the bank account. They're gonna be like, well, you've had a million dollars sitting there for a whole year. So that comes with the business. You're like, well, I've just had it there. Cause I didn't take dividends out of it, which why by, the way, is a good reason to dividend out stuff and keep, you know, little in the bank account. If you're a smaller business. Now, if you're reinvesting and buying and doing MNA and stuff, then that's a different question, which most of you guys aren't doing that…
Escúchalo en el minuto 36:50
El comprador final salió de un seguimiento que hubo que exigirle al banquero
Estrategia y decisiones de negocioEn su operación el comprador definitivo no estaba en la primera tanda de interesados: apareció porque su CFO presionó a los banqueros para volver a contactar a alguien ya descartado. Los banqueros tienden a hacer lo mínimo para cobrar, así que hay que empujarlos con números concretos de contactos y de seguimientos.
process works. And the thing is, a lot of these guys are lazy. So you have to push them on these numbers to send out more like repeat, follow up with these people. And I'll be honest with you on the deal that we ended up doing. It wasn't, uh, the first set of buyers that we got to the table. It was actually somebody that my CFO pushed our bankers to follow back up with again, that ended up being the, final acquirers. All right. So like you want to push them because at the end of the day, they're going to try and do as little as possible to get paid.
Escúchalo en el minuto 21:05
Sostener el crecimiento los 12 a 18 meses previos a la venta
Estrategia y decisiones de negocioUna caída pequeña se lee como bandera roja porque el comprador la extrapola hasta el infinito; un crecimiento pequeño se extrapola igual, pero a favor. Por eso conviene sostener la curva de crecimiento durante los 12 o 18 meses anteriores a la operación para conseguir un número mucho mejor.
All right. So if the business isn't growing, you're going to get a big discount on it. Now I said earlier that the longer businesses in place, uh, the more valuable is, which is true. But if you're not growing or you don't have like a ways of growing it, or it means that like the strategy you're doing is no longer working. People will see that as a risk. So if you have even a tiny amount of decline, people see that as a big red flag. Cause then they'll extrapolate that into infinity on the flip side. If you have a tiny amount of growth, people do extrapolate that out further. So like flip it…
Escúchalo en el minuto 8:23
Ensenar la grabacion real del momento en vez de contarlo
Estrategia de contenidosEn lugar de limitarse a narrar como fue cerrar el trato, publica la videollamada real del cierre dentro del mismo video: "este es el video de verdad de nosotros dando la palabra final y viendo cerrarse un trato de 50 millones en el mundo real, esta todo ahi". La grabacion cruda funciona como prueba de que lo que ensena lo vivio.
and help walk you through the process. And just so you know, this is the actual video of us giving the final word and seeing a $50 million deal go down in the real world, um, between us and the lawyers and the property firm. So it's all there. Uh, enjoy it.
Escúchalo en el minuto 40:24
Oferta y precioDe un exit de 100 millones el comprador puede poner 25 en earn out, 25 en financiación del vendedor y 20 en equity que reinviertes, dejando 30 en efectivo. De esos 30 salen el 20% del equipo, el 30% de impuestos y los gastos de cierre y escrow: quedan unos 17 millones. Por eso los términos pesan tanto como el precio.
to be seller financed. You're going to roll 20%, which is 20 million. So there's $30 million left. Uh, and so we'll give you $30 million in cash. Uh, and you say, Oh, I sold my company for a hundred million. Right. And then of the 30, you've got the bonuses and you've got other equity, you know, partners, if you have those, and then you've got the tax man. So all of a sudden, let's say you've got 20% that's given to your team. So now you're at 24 million and then tax man takes his 30. Right. Uh, and you've got closing fees and things like that and escrow fees. Uh, and so now you're at, uh…
Escúchalo en el minuto 25:41
Si los clientes vienen por ti, el negocio no vale nada sin ti
Estrategia y decisiones de negocioEl riesgo de hombre clave es que el dueño sea quien trae los tratos o quien ejecuta: si la gente viene por él, cuando se va el negocio queda sin valor. Acquisition.com trabaja tres a cinco años con las empresas para eliminar esa dependencia, y así fue como Gym Launch pasó de negocio de gurú a licenciadora vendible a nivel institucional.
And this is a huge one for small businesses, key man risk, as in like, are you the one who's the rainmaker? You're the one who's bringing in, you know, all the deals. Are you the one who's, you know, the special man who does all the fulfillment, all that kind of stuff. Like, are people coming for you? If they're coming for you, then they're not going to come for your business, which means that when you leave the business is worthless. Right. And so you're a big risk. And a lot of times, this is, I'll be frank with you in acquisition.com. We work with companies that have key man and we work…
Escúchalo en el minuto 9:22
Retención y relación con el clienteEl comprador llama a tus clientes, también a los antiguos que ya no pagan, para preguntarles si compraría esta empresa y cómo fue su experiencia; el fondo que compró su empresa se gastó del orden de 250.000 dólares en esa investigación. También interroga a los empleados que ya conocen el trato para comprobar cuánto depende el negocio del dueño en el día a día.
your employees. They're going to interview them. The firm that purchased, I spent like $250,000. I'm pulling that number out of air, but it's a lot on research, uh, to, to see what the, what your customers think about you. So if you're terrified to think about what your customers who, who are past customers who no longer pay you think about you, be prepared, right? They're going to talk to them and be like, should I buy this company? Is this a good company? Right. What has your experience been like? Right. And same thing, uh, with your employees. Now they're not going to ask them about the…
Escúchalo en el minuto 30:10
El teaser es una página cuyo único objetivo es conseguir la llamada
Mensaje y copywritingA los bancos se les manda un teaser: un resumen de una sola página con lo más atractivo del negocio, los activos y las listas, que se vea muy bien. No vende la empresa; solo tiene que lograr que acepten una llamada, y en esa llamada les vendes que ellos vendan tu negocio.
have that, that, uh, some introductions, right. You, you then give them a one page summary document. You send them cause they'll be like, okay, well send me, send me a, teaser, right? It's like a sizzle sizzle page of like all the sexy things about your business, the assets, your lists, how you, you know, it's just literally a one page summary that should look really sexy. Someone can look at and be like, I would like to take another call with these people. That's it. That's the objective is just to get them to say, yes, I'll take a call with you. Once they say, yes, I'd like to take a call…
Escúchalo en el minuto 13:00
El embudo de una venta institucional: 500 contactos para un solo comprador
Medición y experimentosDe 500 compradores contactados salen unos 98 NDA firmados, unas 14 indicaciones de interés (el 15%), la mitad de esas llegan a presentación con el equipo directivo, de ahí caen dos a cuatro cartas de intención y al final queda un solo trato, que se negocia enfrentando a los finalistas entre sí.
recommend doing it. So you have 500 buyers contacted and you'd want to ask these questions. How many buyers are we contacting? How big is your list? What are, what are your potential acquirers? Right. 98, uh, NDAs from there, you'll usually get like 14 or so IOIs, 15%, right? Uh, from there, about half of those, uh, you'll do kind of like management presentations from there, you'll get two to four LOIs and IOIs indication of interest, which is non-binding. And LOI is also typically non-binding. Um, but it's a letter of, uh, of interest, which is like, this is what we're prepared to pay for…
Escúchalo en el minuto 20:21
Canales de adquisiciónMuchos negocios no saben de dónde salen sus clientes: simplemente llegan. Sin un proceso de adquisición fiable y repetible, idealmente por varios canales, el comprador no paga un buen múltiplo o ni siquiera abre la conversación.
relationship manager, which happens really commonly in small businesses. Next one is no defined sales process. A lot of times people don't really have an acquisition process for getting new customers. They don't know how they get customers. They just kind of come their way. And so if you don't have a repeatable or reliable way of acquiring customers, ideally through multiple channels, which I'll cover in a second, you will probably not get a very good multiple or even want to get any kind of deal at all.
Escúchalo en el minuto 5:14
Canales de adquisiciónMuchos negocios no saben de dónde salen sus clientes: simplemente llegan. Sin un proceso de adquisición fiable y repetible, idealmente por varios canales, el comprador no paga un buen múltiplo o ni siquiera abre la conversación.
relationship manager, which happens really commonly in small businesses. Next one is no defined sales process. A lot of times people don't really have an acquisition process for getting new customers. They don't know how they get customers. They just kind of come their way. And so if you don't have a repeatable or reliable way of acquiring customers, ideally through multiple channels, which I'll cover in a second, you will probably not get a very good multiple or even want to get any kind of deal at all.
Escúchalo en el minuto 5:14
Elegir banquero por vertical y por tamaño de operación
Estrategia y decisiones de negocioEl banco tiene que haber vendido negocios como el tuyo (suplementos, ecommerce, software, formación) y del tamaño del tuyo. Si solo cierra operaciones de 500 millones y tú facturas 10, sus compradores no te van a mirar porque el cheque es demasiado pequeño para el tamaño de su fondo.
So there's two components. It's, you know, do they, have they sold supplement businesses? Have they sold e-commerce businesses? Have they sold software businesses? Have they sold e-learning businesses? Have they sold whatever type of business you have? Number one. And number two, have they sold them of your size, right? If someone, you know, has sold lots of e-commerce, but they've only done deals that are like 500 million and up and you're doing like 10 million top line, you're not going to be a fit for them because the buyers that they already know are not going to want to buy your thing…
Escúchalo en el minuto 11:55
Pocos clientes grandes hunden la valoración del negocio
Investigación de mercado y clienteSi diez clientes sostienen la facturación, que se marchen dos o tres borra un negocio de treinta años. El comprador lo lee como riesgo y aplica un descuento enorme o directamente no se interesa, y el daño es peor cuando esas relaciones existen porque el dueño es quien las gestiona personalmente.
is that people are too small. The next one is that there's a customer concentration, meaning you have too few customers that equate to the business, right? If you have like 10 big customers, if two of them leave or three of them leave, all of a sudden you lose like a 30 year business. That is very risky. All right. People don't like that. And so they will give you a massive discount on the value of the business or not even be interested because it's too risky. And especially if that's like those relationships are there because of you and they're, they, you know, they like you and you're the…
Escúchalo en el minuto 4:52
El valor de empresa son las ventas futuras con un descuento por riesgo
Oferta y precioEl valor de una empresa es la suma de todas las ventas que hará de aquí al fin de los tiempos, con un descuento que representa la probabilidad de que ocurran. Muchas ventas futuras muy probables dan un valor alto; ventas escasas o en declive castigan por los dos lados y dan un valor bajo.
is the big bottom line of that section, which is enterprise value is a discount applied to future sales, to future sales, which means you have to take the total amount of sales that a business takes between now and the end of time. And then you apply a discount to it, which basically means risk. What's the likelihood that occurs? All right. And so if you can show that you have a lot of future sales are going to happen, and it's very, very likely that they, that they're going to occur, then you have a very, very valuable business. If you have a small amount of future sales or a declining…
Escúchalo en el minuto 10:31
Las paginas de firma se liberan de forma simultanea
Estrategia y decisiones de negocioEn el cierre de una venta de empresa ninguna parte entrega su firma antes que la otra: los abogados piden que cada lado confirme que libera sus paginas de firma "contemporaneamente" con las del otro. Esa simultaneidad es lo que evita que comprador o vendedor queden expuestos durante el cierre.
And so, uh, if you could confirm that, uh, you release your signature pages, uh, contemporaneously with the release of the seller signature pages, uh, we will be done on our side. Okay. Confirmed. Um, Elizabeth. We are good. Can you, uh, can you confirm your release of signature pages, um, contemporaneously with the buyer signature pages such that we can close? Confirmed.
Escúchalo en el minuto 40:39
El en 18 meses estare listo es la excusa que hace vender tarde
Estrategia y decisiones de negocioCasi todos los emprendedores responden que estarán listos para vender en 18 meses: un año delataría que no lo están y 18 meses suena lo bastante lejos como para que los problemas se resuelvan solos. El resultado es que muy pocos venden demasiado pronto y la mayoría vende demasiado tarde, cuando ya no puede vender.
investor. Um, next one is getting timing wrong. So everybody always thinks that like, man, if I said another 18 months, I cannot tell you the amount of times, like it's almost like the, standard response of entrepreneurs is I'll be ready in 18 months because a year they know they're not ready, but 18 months for some reason feels like it's far enough out that they'll like somehow magically have way of their one and all their problems will be done, which is not true. All right. So, uh, getting the timing wrong is a huge issue. And a lot of people sell too late. Very few people sell too early…
Escúchalo en el minuto 5:49
Investigación de mercado y clienteHormozi vendió sus empresas a seis clases distintas de comprador: private equity o family offices, compradores estratégicos, amigos, competidores, clientes y socios. Mapear las seis amplía el universo de candidatos en vez de esperar únicamente al comprador institucional.
even cooler. I've actually sold those businesses to six different types of buyers. I sold to financial buyers or private equity. I sold to, and family offices. That's what FO is. So private equity or family offices, which is all forms of private equity, but institutional buyers or family offices. Second, I bought, I sold to strategic buyers, which is the one who bought my software company. I sold to friends. I've sold to competitors. I've sold to customers and I've sold to partners.
Escúchalo en el minuto 1:28
Estrategia y decisiones de negocioEl equipo se entera del trato cuando ya esta cerrado: en la propia llamada de cierre, un viernes, planean anunciarlo internamente el lunes y el martes siguientes. Hasta la firma la operacion se mantiene reservada, y el anuncio se programa como un evento aparte.
So are we, we're excited for, uh, for the future and, uh, we have so many, it's going to be fun to announce it to the team on, I think, Monday and Tuesday. So we're, we're stoked.
Escúchalo en el minuto 41:55
El cierre formal se resuelve en un par de confirmaciones verbales
Estrategia y decisiones de negocioDespues de meses de proceso, el acto de cerrar la operacion dura menos de dos minutos: el abogado pide a cada parte que confirme, cada una responde "confirmado", y con eso se da por cerrado el trato. Todo el trabajo esta antes; el momento del cierre es un tramite.
Can you, uh, can you confirm your release of signature pages, um, contemporaneously with the buyer signature pages such that we can close? Confirmed. Great. Congratulations, everybody. Um, just in time for a, for a nice weekend, hopefully. Uh, I'll, you know,
Escúchalo en el minuto 41:01
Oferta y precioEn operaciones cerradas con compradores institucionales el múltiplo mediano que cita es 6,7 veces la facturación de los últimos doce meses. La inmensa mayoría de los negocios, en cambio, se venden en operaciones privadas a una, dos o tres veces, porque no son negocios fiables y en el fondo son ventas de activos.
If there's a completed sale, I think I just can't remember where I pulled this stat from the median, uh, number for, uh, M and a deals for, for this was, uh, for $5 million plus deals or sorry, I can't remember what the median was. Shoot. I think the median was $5 million. I can't, uh, screw that. The point is that the multiple was 6.7 times trailing 12 months. And that is for institutional buyers right now. You might not have an institutional buyer, which is why the vast majority of businesses that get sold, get sold in private deals for like one X, two X, three X.
Escúchalo en el minuto 7:19
El cierre real de una venta de 50 millones de dolares
Estrategia y decisiones de negocioHormozi cierra la venta de su negocio en una operacion de 50 millones de dolares. El cierre ocurre en una videollamada entre los vendedores, los abogados de ambas partes y la firma compradora (property firm), y queda grabado tal cual sucedio.
and help walk you through the process. And just so you know, this is the actual video of us giving the final word and seeing a $50 million deal go down in the real world, um, between us and the lawyers and the property firm. So it's all there. Uh, enjoy it.
Escúchalo en el minuto 40:24
Estrategia y decisiones de negocioAl cerrar la operacion el comprador lo enmarca como un hito tras un camino largo, pero situa a las partes "en la linea de salida", no en la de llegada. El exit no termina el trabajo: abre la fase en la que hay que entregar lo prometido junto al nuevo socio.
This is a big milestone. Um, we're happy to be here with you. And, um, you know, I know this has been like a long road and we're happy to be at the, at the starting line here. So are we, we're excited for, uh, for the future and, uh, we have so many, it's going
Escúchalo en el minuto 41:40
Devolver en contenido lo que otros te ensenaron
Estrategia de contenidosHormozi cierra explicando que lo que acaba de contar se lo ensenaron otros y que lo comparte con la esperanza de que le sirva a quien escucha. El contenido se plantea como devolucion del conocimiento recibido, no como material original propio.
told me this stuff. And so I'm hoping that for you guys, this helps you out. And, uh, and Hey,
Escúchalo en el minuto 40:16
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