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Ep\xa0177, 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\u2019s had since college \u2013 selling a business before the age of 30.

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3 Key Points:

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1. Offers to buy a business may be a ploy to gain information by competitors. Often it\u2019s prudent to hold off on any announcements before seeing a contract.
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2. LOI\u2019s aren\u2019t created equally. Some of them are offers of pure cash while others include other things like stock in a publicly traded company.
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3. Even after a signed LOI, many deals fall through. Due diligence is required for the actual exchange of money for a company.
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Time Stamped Show Notes:

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• 01:00 \u2013 If you haven\u2019t caught up already, one of Nathan\u2019s biggest competitors has offered to buy Heyo.
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• 01:26 \u2013 One concern is that the offer may not be serious, only a ploy for information.
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• 01:51 \u2013 Ken Armijo calls in to offer advice: before taking the buyers seriously, wait until they produce a contract.
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• 03:02 \u2013 Nathan plans to obtain LOI\u2019s (Letter of Intent) from companies that might be interested in buying Heyo and leveraging competition to raise its price.
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• 03:17 \u2013 Another Top Tribe listener weighs in on what Nathan should do with the company.
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• 04:36 \u2013 Nathan called CEO\u2019s to talk about Heyo\u2019s desirability so he could better understand its selling points.
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• 05:06 \u2013 Nathan talks with Jim Risner of Votigo, one of Heyo\u2019s main competitors in the SMB space (Small Business Space) about obtaining a LOI (Letter of Intent).
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• 05:51 \u2013 With one LOI in hand from Jim, Nathan began emailing other CEO\u2019s to gauge other interest in Heyo. He obtained four LOI\u2019s from interested companies.
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• 06:30 \u2013 The LOI\u2019s weren\u2019t created equally \u2013 some of them are pure cash and others include stock in a publicly traded company.
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• 07:27 \u2013 Jim Risner talks about Votigo and why they would want to acquire Heyo.
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• 09:10 \u2013 Votigo\u2019s been thinking about entering Heyo\u2019s space for a while, expanding into the SMB market. Buying the company would be a big head start into the space.
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• 10:21 \u2013 Bethany London calls in to express her thoughts that selling Heyo, a long-time dream of Nathan\u2019s, might not be all that it\u2019s cracked up to be.
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• 11:34 \u2013 One of Nathan\u2019s friends from Virginia Tech\u2019s Pamplin School of Business offers his thoughts that Nathan may have outgrown Heyo.
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• 13:58 \u2013 Nathan signed the LOI - he\u2019s selling Heyo.
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• 14:22 \u2013 Many deals fall through even after a signed LOI.
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• 15:21 \u2013 Tune in next Monday to find out what happens. And also, call in to express your thoughts @ com/talk
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Resources Mentioned:

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• Edgar \u2013 Nathan uses Edgar instead of other scheduling tools\xa0for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over \u2013 time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn\u2019t have to work or pay for.
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The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).

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Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe athttp://NathanLatka.com/TheTop