Nathan Latka started Heyo.com from his dorm room at Virginia Tech. Nathan got an offer to sell their five-year-old business Heyo by their competitor. Listen as Nathan discusses with his team the process and ramifications of potentially selling their business. Listen to Nathan Live: Click here to grab a spot live with Nathan on February 4th where he’ll answer questions about the acquisition and discuss whats next. In Episode #177, Nathan talks more about selling Hisyo and brings on Jim Risner of Votigo.
When I was 19 I started Heyo.com from my dorm room at Virginia Tech. This is the story of how we grew it to many thousands of paying monthly customers, raised $2.5m in venture capital, and sold it yesterday to our #1 competitor.
The First Acquisition Email and My Suspicions
In Episode #171, Nathan breaks some big news regarding his business Heyo — he got an offer to sell it. Listen as Nathan discusses with his team the process and ramifications of potentially selling their business.
10:30 — A big part of deciding whether to sell Heyo is its future potential.
11:18 — Nathan doesn’t like the offer — he plans to reach out to other potential buyers get LOI’s (letters of intent) to leverage Heyo’s value.
13:37 — Christina, Heyo’s head of branch strategy joins the show.
16:01 — Nathan thinks that Heyo’s brand wouldn’t be shut down if acquired by their competitor, only reused.
18:01 — Nathan and Christina have faith in their team to find a new project if Heyo were acquired.
19:01 — Christina thinks that as long as they properly manage the communication to their customer base, the transition will be smooth for users.
21:48 — There are numerous people tied to the business — Nathan sees his business partners as life-long, not business long.
22:19 — The investors in Heyo is an important factor to consider in the acquisition decision.
22:44 — What do you guys think — should Nathan sell Heyo?
How We Created a Bidding War Among 4 Companies to Drive Up Deal Price
In Episode #177, Nathan talks more about selling his business Heyo and brings on Jim Risner of Votigo to talk about what makes Heyo desirable. Listen as Nathan comes to a decision regarding a dream he’s had since he was 18— selling a business before the age of 30.