In this episode of the Inorganic Podcast, co-host Ayelet Shipley interviews Carrie Kerpen, a pioneer in social media and co-founder of Likeable Media. They discuss Carrie's journey from starting a social media agency to successfully exiting the business. Carrie shares insights on the importance of profitability, setting exit goals, choosing the right M&A advisor, and negotiating earn-outs. She reflects on her experiences and the lessons learned, particularly for women entrepreneurs, and emphasizes the need for community and support in the business world.

Takeaways

• Carrie started Likeable Media in 2007, one of the first social media agencies.
• The initial focus was not on exiting but on building a profitable business.
• Setting a target exit value can help guide business decisions.
• Timing and personal readiness are crucial when deciding to sell a business.
• Choosing the right M&A advisor can significantly impact the sale process.
• Negotiating earn-outs requires careful consideration of control and reporting.
• Reflecting on the exit process can reveal areas for improvement.
• Building a community for women founders can provide essential support.
• Women entrepreneurs often face unique challenges in the exit process.
• M&A can be a powerful tool for business growth and problem-solving.

Chapters

0:00 Introducing Carrie Kerpen

1:05 Founding Likeable Media

3:33 Early Growth & Cash Flow Challenges

5:22 Becoming CEO and Focusing on Profitability

6:37 Market Shifts & Productizing the Agency

7:21 Building a Brand through All the Social Ladies

9:07 Financial Stability & the $20M Exit Goal

10:43 Knowing When It's Time to Sell

12:55 Choosing an M&A Advisor vs. a Banker

15:36 Price vs. Timing After the Exit

18:22 Negotiating & Protecting an Earnout

22:02 Life After the Sale

23:12 What Carrie Would Do Differently

24:51 Acting Like a Platform and Rethinking Capital

25:58 The Exit Gap and The Whisper Group

27:45 Closing Thoughts

Connect with Christian and Ayelet

Ayelet’s LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/

Christian's LinkedIn: https://www.linkedin.com/in/hassold/

Web: https://www.inorganicpodcast.co

In/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured

Connect with guest, Carrie Kerpen

https://www.linkedin.com/in/carriekerpen/

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