Today, I am excited to announce the sale of some of the assets of Simplegrid Technology, Inc. Simplegrid started off as a dream for me; when I first started the company, I knew I was a good consultant, and I thought that is all it would take to run an IT consultancy. Boy was I wrong! It took a lot of hard work, perseverance and failures to help mold me into a business man that can actually build and sell a company. It’s a bit bittersweet, as we are selling off a portion of something that we created from scratch, with our own blood, sweat and tears, but at the same time I am very proud of the efforts and accomplishments that my team and I have put together to get us to this day.
You may be asking what an asset sale is. When I had first started contemplating the sale of Simplegrid, I just assumed that I would sell off the entire business – all of our client contracts, the Simplegrid brand, and our employees and management team would then work for the acquiring company. As we were negotiating with potential suitors, I quickly realized that a complete company sale wasn’t in the best interests of myself our employees. Instead, we chose to sell off some of our assets – in this scenario, our Managed Services division. I’ll get into details about the valuation of the company and other factors to consider when selling a company in later blog posts, but in short, we found the highest value in selling off our Managed Services contracts, as both Simplegrid and our acquirer were able to quantifiably value the worth of those contracts.
As for the future, I’m very excited. In the short term, I will be a consultant for the new company as I assist them with the transition, and some of our team will be joining them as well. In the long term, the sale of these assets will allow me to free up more time to work on Clippership International, LLC, our seed investment fund. It will also allow me to dedicate more time to the non-profit organizations I work with. Lastly, graduating from the Kellogg School of Management in May also makes a great transition point into new opportunities. The future looks bright, and I am thankful for the opportunities in front of me.
Before signing off, I realize that there is no way I could’ve done this alone. The sum is always greater than it’s individual parts, and that cannot be truer for the Simplegrid team. I couldn’t have done this without them and the appreciation I feel for all of their efforts knows no bounds. We started off as professional contacts, but we quickly grew into close friends, and then into family. Thank you.
And lastly, thank you to my family. My wife and children have been very patient with me over these past four years, as I worked late hours, traveled almost every week for both work and school. I missed many dinners, and cancelled last minute on many of our family events. To my lovely wife Naveen – not once did you complain (ok, well maybe once or twice). But believe me that your patience and understanding didn’t go unnoticed. My success is your success. I couldn’t have done it without you.
Key Takeaways:
- Sometimes selling your entire business isn’t the best option.
- Your team plays a critical role in the success of your business.
- Having a strong, supportive family is tantamount to your career goals.
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