Are you a business owner who is looking to exit to maximize value and do it on your own terms? Look no further! Today we are joined by Drake Scifers, an entrepreneur who has done just that. In 2020, Drake successfully sold his business – a wireless Internet service provider – to a larger regional player. Drake’s story of a successful business exit is an inspiring one, and he has a wealth of knowledge to share. So what made Drake’s story of exit so successful? How did he navigate the David and Goliath situation of competing with multibillion-dollar internet service providers? How was he able to position himself for a successful exit? Drake Scifers will be giving us the answers to these questions and more, so stay tuned!
Meet Drake Scifers, a serial entrepreneur who successfully exited his business in 2020. Drake’s journey to success started with a problem he recognized in his local area. He founded a wireless internet service provider to solve it and the business quickly grew. With the help of an investor and a consultant, he was able to successfully scale the business and eventually exit on his terms. Drake’s story is an inspiring one that illustrates the power of creative problem-solving and the importance of building relationships with investors. He is a great example of how to make an impact in the business world.
Here are the steps you need to follow to also get a high valuation, scale up revenue quickly, taking advantage of changing industry dynamics:
1. Focus on gross revenue rather than profitability to get a higher valuation.
2. Utilize innovative strategies such as utilizing apartment complexes to increase bandwidth and lower cost.
3. Approach local competitors for acquisition as they may be more willing to negotiate terms.
As Drake Scifers demonstrated, it is possible to exit a business on one’s own terms and maximize value. By focusing on gross revenue, utilizing innovative strategies such as targeting apartment complexes, and approaching local competitors for an acquisition, entrepreneurs can position themselves for success. Drake’s story is an inspiring one and a reminder that if you have the drive and creativity to solve a problem, you can achieve success on your own terms. It just takes determination and boldness.
For more on this topic and perspective, check out this episode on Succession Plus Youtube Channel and Exit Insights Spotify.
