They Got Acquired - She waited too long to sell

September 19, 2023
​Read on web​

It can be hard to know WHEN you should sell.

When is the right time?

Founders typically worry about selling too early.

But some founders wait too long to sell, to a point where they’re burned out and the business declines as a result.

In retrospect, this inflection point might be easy to spot. But in the moment, it’s a challenge.

Talia Koren, founder of Workweek Lunch, admits missing her ideal window for a sale – and she knows her sale price suffered as a result.

She got a valuation for $800,000 in 2021, when her subscription meal plan business was booming.

But rather than sell, she challenged herself to double the business value.

Instead, the business declined, partly from market factors and partly because of her burnout.

She went through a disappointing sale process whereby three buyers retracted their offers.

Then she took a different approach, and eventually sold — for less than half of her original valuation.

Her No. 1 piece of advice for sellers is simple: Don’t wait to sell.

“Do it sooner than later, even when — especially when — things are going well,” she said.

Here’s the full story:

​She didn’t sell her subscription business at its peak — and looking back, wishes she had​

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Behind the Business (of TGA)

Everyone says to delegate. Often it makes sense, but sometimes it doesn't: when you don't have the money to hire, or you want to do something yourself, even if it means going outside your comfort zone.

But just because you do something yourself doesn't mean you have to learn it at a snail's pace. There's a middle ground that we often overlook: hiring someone to help you learn faster.

A business coach is a classic example of someone who can help you make progress faster. But what if you could get more granular support? What if it made sense to hire someone to help you get better at a specific part of your job?

I decided to go this route to build the front end of our buyers and deals database. We want to allow users to access all the data we've collected, plus filter it so it's useful.

My first approach was to hire someone to build it. But once I started poking around in the project, I realized that with a little help, I could build most of it — and I would really enjoy doing it.

We're using a no-code tool called Softr that creates front-end experiences for AirTable, where we house our data. So I hired a Softr expert to coach me while building it.

Yes, it will take me longer to build the MVP this way, and spending time on this means not working on other projects. But I've really enjoyed learning a new skill! Working on this portal myself has helped me see all sorts of opportunities to make it more valuable. Plus, once it's built, I'll know how to maintain it. And as a bonus, the project cost is much lower than hiring someone to build it for us.

Here's another example where I've applied this way of thinking:

A couple of years ago, my family wanted to go on a different kind of adventure holiday, to a dude ranch out west. But the options were overwhelming and we knew nothing about how to choose the best one.

So I Googled for a dude ranch consultant, and whatdoyaknow, they exist! We found someone who's experienced in this space, paid for an hour of his time, and he walked us through which ranches met our criteria, helping us whittle our list down to a handful of options.

He saved us a ton of time and helped us make a choice we might not have found otherwise, which was easily worth his hourly rate.

So let me ask you: Is there any area of your work or life where you'd like to move faster? Even if you don't want to hire someone to do the task for you, could you hire a coach to help you do it faster and better?

I'd love to hear what ideas you come up with or how you're doing this already. Hope you'll press reply.

See you next time,

Lexi Grant
Founder & CEO
​They Got Acquired​