The Deal that Never Happened: Lessons from an Almost-Sold Business

I hope this finds you soaking up the summer sun, taking rejuvenating hikes, going for long swims, and reclaiming the joy you might’ve put aside in the hustle of life (I, for one, am enjoying all of that and more this summer). Today, I want to step outside of the usual content around finding creator market fit and give a glimpse into my own journey to build leverage and define success on my own terms – one that may resonate with you as a creator.

This time last year, I found myself standing at a pivotal crossroads.

I was on the brink of selling my business and going all in on a startup I was a part of at the time. As many of you might have guessed by now, I ultimately did not sell, but the experience was enlightening and, so I want to share the lessons I’ve learned along the way.

Let’s talk about:

• The road so far in leading my own company

• Lessons I learned through the experience

Background first, the lessons next

Before we start though, I’ll provide a bit of background on my studio, Visionary Rising, which I’ve led for the last seven years. Since launching in 2016, I’ve grown a team, built a profitable model, and worked with brands, creators, and startups to help them define, refine, and expand their visions. Our services include strategy, content creation, and brand positioning through the lens of market-product-fit.

In 2020, at the height of the business and just before expanding the model to Toronto and London, the pandemic happened.

I, like many other independent agencies, was forced into trying to figure out what came next in a world where nothing was clear.

The goal at that time was simple: survive.

Something shifted along the way and we didn’t just survive; we figured out how to thrive. In an uncertain world, a creative studio with a lean team, low overhead, and top-tier output became very valuable.

Overnight, I went from managing a small startup and team of 4 as a side hustle to a staff of 20 that was a mix of full-time employees and freelancers across multiple time zones and with competing priorities. Needless to say, by the time I was approached to sell the company in November 2021, I was absolutely ready to do it.

A mentor once told me to never make decisions in situations when I was upset or exhausted because a person always chooses the thing that is in the best interest of meeting that need.

Here are the lessons I learned while going through the process and the reason I ultimately decided to continue building…for now…

Lesson #1: Don’t rush the process

Decisions – especially life-altering ones – aren't meant to be rushed.

I was ready to sell, move on, and start building something new. Partially because I was excited by the prospect of having more money than I’d dreamt of, but mostly because I was absolutely tired seeing how I had been burning the oil on both ends in both a full-time job and acting as the CEO of the agency.

I recognized that I really loved starting and building the company, but that I’d become overwhelmed with all the other elements of running a business while also building a career. The issue was that I’d started the studio to stoke my creative fire, but my role had turned into more operations, management, and administrative tasks that left little room to create or dream.

Faced with the realization that much of my role in the agency and role in my career was mired in the same types of tasks, selling the company seemed like the best next step because something had to give. Right?

Lesson #2: Set your price and live your life.

We all love a good bargain, don’t we? But when the first offer came knocking, I realized that this wasn’t a yard sale. This was my business and brainchild. It was worth more than a hastily accepted offer. So, I, along with my amazing attorney who’d been with me since the start, negotiated, pushed, and made sure we got a fair offer that we both felt was in alignment with what I deserved.

It’s a lesson in not selling yourself or your worth short.

This has carried over into how I run the studio today. I’ve said ‘no’ to 90% of the clients that approach our team for projects, mostly because they either undervalue the work or don’t value their needs enough to make the investment.

Remember, it’s not a negotiation if you aren’t willing to walk away.

I am always willing to walk away.

Lesson #3 The only constant is change.

Change is the only constant, right? If the last few years have taught me anything, it’s taught me that the only way to prepare for change is to embrace it.

The idea of selling the business was a change from the initial vision I’d set out for, but when the opportunity came - my willingness to embrace change is what ultimately led to the conversations continuing.

In the middle of the due diligence process, I realized that my business wasn't just some corporate entity. It was so much more than that. It had become an extension of me, a platform for my voice, a vessel for my vision, and a way for me to deeply contribute meaningful work, which is often gated in companies that aren’t your own.

I fought to ensure that I would be involved in many of the decisions to the changes that would inevitably come to the business and team.

Lesson #4 Ask for help from people you trust.

No one is an island, especially not when you’re building a business.

Seeking advice, getting a fresh perspective, and understanding the experiences of others – these were all game changers for me. I’d advised a few companies on acquisitions through the years, but those decisions were often being made in rooms where I wasn’t present. I’d never actually been on the other side of the table before the founder approached to sell their company.

I reached out to mentors, peers, and people who'd been there to talk through their experiences and candidly share their perspectives.

What I found from this exercise was a very clear picture start to emerge that helped to inform the decisions I made while I was in the process.

A lot of the founders I spoke to regretted their decision to sell their first company outright.

They had differing opinions on whether the money they received was worth the price they paid, and they also felt they’d made a hasty decision due to exhaustion or out of necessity.

Lesson # 5: You are more resilient than you think.

Resilience. If I had to pick a 'word of the year', that would be it. It's easy to be optimistic when things are going smoothly, but what about when they're not? That's when resilience steps in. Amidst doubts and potential regrets, remember why you started. Stay true to your vision.

And speaking of vision, this entire process showed me just how far I'd come. From an idea on a napkin to a fully-fledged business, the journey was a testament to growth and achievement. And it reminded me to trust in myself, in my journey, and in my ability to go even further.

Lesson # 6: Self-care is not negotiable.

On this wild ride, I also realized that self-care is not negotiable. Amidst negotiations, calculations, and late-night meetings, don't forget to take care of yourself. You're your business's biggest asset. So, take that hike, read that book, and catch up on your favorite show. Your health – both physical and mental – is paramount.

Through the process, I realized that I was burnt out. With good reason, having navigated wildfires, a global pandemic no one saw coming, completely pivoting the business TWICE, and managing a team that was navigating personal family loss during a global loss – I was exhausted. Due diligence forced me to get clear about the process we’d established for the business and deeply understand the areas I could afford to phase out of.

I made self-care a priority, and as I restored myself, my reasons for selling disappeared. I realized that I didn’t want to sell at all, I just needed a clearer model that would focus on the things I loved and reposition the things that were draining me.

Lesson #7: Your Journey is Yours and Yours Alone

There's no one-size-fits-all strategy, no standard protocol for how to do this, but what I do know for sure is that your decisions should align with your values, vision, and the life you want to lead.

You're the architect of your journey and you hold the pen that writes your story. Embrace that.

Reflecting on my own journey of running the studio while building a career, I had to admit, that it was filled with challenges, doubt, and the occasional fear. But it also brought growth, learning, and a newfound sense of resilience.

Be relentless in asking yourself tough questions and answering them with decisive action.

Lesson #8: Build leverage and never let anyone trick you out of your bag.

One last thing: I ended up leaving that company I thought I was going to go all in on in November over differences in long-term vision.

I ultimately chose not to sell because I felt there was still more work to do.

It doesn’t mean that I won’t sell in the future, but having leverage means you get to decide when and how you use it.

I’m having fun again and enjoying the work again, but it took a lot of deep thinking about what exactly I wanted, then even more work in digging in to reposition the agency from the vision I didn’t want back into a vision I recognize: a lean team, low overhead, and doing work that matters.

Conclusion

Walking away from a potentially life-changing deal hasn’t kept me up at night one single moment because I know that it was the right decision for me and I’m excited to continue building out the vision I have - one step at a time.

As you start to carve out your own path in the Creator Economy, I hope this story reminds you to stay true to your vision, value your work, embrace change and, care for your well-being.

Here's to taking risks, embracing growth, and writing our own stories.

CREATOR PULSE

There are so many moving pieces to the creator economy with more and more things shifting every day. Here’s a list of things that crossed my desk this week that made me stop and think or get inspired and dream.

It’s more than Lebron James’ 2-year extension with the Lakers! But, it’s also a huge signal for creators as more and more brands enter the space. Remember when I said creators are the new media companies? This deal proves it.

Candle Media – whose businesses include Hello Sunshine, digital publisher ATTN, Latin-focused Exile Content Studio, and Moonbug Entertainment – will work with TikTok to develop custom creative opportunities for brand-centric storytelling, which will then be brought to the world’s largest brand advertisers through TikTok.

Publishers. Content. And Shared revenue streams, oh my.

Personal News

I recently joined DeCential Media to chat about my career so far, the creator economy, and a host of other things.

​​​Want more? Follow @lateciarising and let me know how I can help you scale as a creator. Want to support this newsletter or get featured? Respond directly to this email & I’ll be happy to collaborate.