Step 3 - Choices, Choices, Choices

11 Months Before “Deal Day”

So, I listened to Jeff and got Eyeful valued.

Three valuations - a bit like getting a quote on a house extension.

All of them blow my mind. One is so high that I’m sure they’ve got our numbers crossed with another business’s. Lisa, ever the pragmatist, reminds me we’re not doing these purely for money. She’s right - greed and happiness rarely coexist nicely. But nonetheless, that particular valuation felt like a lottery win. It’s difficult to ignore.

We’ve been quietly kicking the tyres of the three different exit options ever since.

The trade sale option feels brutal. I remember when the fintech company I worked in got sold - everything seemed to sour overnight. Maybe I’m just being overly sentimental, and the reality is that the Eyeful people and culture would be fine working for a bigger and different business. Who knows?

The EOT model gets more interesting the more I look at it. At first, it felt like we’d be funding our own exit - where’s the upside? We lose the asset and pay for the privilege? But since the valuations have come through and knowing that we’ll be fine whatever option we choose, we’ve got a bit more wriggle room. It could be the best of both worlds - life continues as is for the business (probably better with me out of the picture), and we get paid and I can sleep at night knowing that we’ve not stabbed anyone in the back.

Immediately - and inevitably - I start thinking about the worst-case scenarios. What if we face another global crisis? The fear of handing over control and then watching Eyeful struggle from the sidelines is sobering. But then again, how different would that be with me at the helm?

There’s no option that covers all the bases. That’s the cold, hard truth of the matter.

There’s no more I can do in terms of research - it’s time for us to make a decision.

One decision has already been made: we are selling up. It’s time.

Time to dedicate a bit more of myself to the kids before they disappear to uni or full-time work.

Time to be there for Lisa more. And family. And friends.

And time for me to create a new version of myself; one that isn’t completely defined by my company or job.

There’s nothing for it. I’ll share my thoughts - warts and all - with Luke and Lloyd at our next board meeting and see what they think. Maybe they’re already cooking up an MBO?!