In the final installment of our series of interviews, Billboards for Education Founder Matt Richman talks about selling the out of home company he formed.
What made you decide to sell your business.
I didn’t anticipate selling for another 5 years. I wanted to grow bigger. And then it hit me. I have 4-5 other businesses. They are online businesses. App development. Web development. Online marketing. They are growing and doing well and have huge potential but don’t need all the capital that a billboard company takes. I’d moved to Florida. I wasn’t even in the market. Due to changes in ordinances I wasn’t sure how many more signs I could put up. I thought the economy was going to go down but everybody was still buying. So why not go ahead and sell and I’d have some cash in a down economy and could scale my other businesses.
What was the sale process like.
It was easier than I anticipated. I have a buddy who buys and sells businesses and he said “Matt, it’s going to take 12 months and you’re going to be miserable.” I reached out to Marty Williamson at Williamson and Associates. We had spoken before. I thought he was a great guy. He said “Matt, there’s a lot of people that are interested.” I thought we’ll see what happens. He reached out to some people. We immediately got people saying we want those signs.
What are the advantages of using a broker when you sell.
I got into the billboard industry knowing very little about billboards. I’d never sold an out of home company before. It’s unique. Marty and Amber at Williamson and Associates were great. They answered all my questions. They brought buyers to the table that I never would have thought about reaching out to. When different things came up they were able to give me the perspective of the many deals they’ve done. For me it was wonderful.
On the ultimate buyer Trailhead Media
Trailhead’s a large company. I was afraid it would slow down. Trailhead was great to work with. Jennifer Sloane was their attorney. She was so fast. Everybody was reasonable on both sides.
This is the 6th and final interview with Matt on what it’s like to start, run and sell an out of home company. Matt’s previous interviews were…
Getting Close to Your Community
Bootstrapping an out of home company
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