Yair Bar-On

Transcript

When we decided to sell the company, we had to think about whether we would do it ourselves or choose a partner who would help us with the process. And the decision was influenced by many factors. When we made this decision, we thought about two things. First, this is the first time I'm selling a company. When I built my startup and started selling my product, it took me a very long time until I was really selling my product well. I made a lot of mistakes at that time. Why should I make those same mistakes with my company? I'm going to sell a company. Second, should I try to handle my own company or should I bring in someone who has sold many companies and knows how to do it and who will help me do it right. That was the first idea we had. Then, we thought about the cost. And it's going to cost us several hundred dollars. Are we ready to pay someone else who will come here for a minute and help us sell the company? It was just a minute, but it was part of the decision. And the answer was yes, because with this person, with this company on board, we would be more valuable. So, the decision was influenced by two things. Whether we wanted to do this ourselves and whether the efficiency would be greater if we chose an external partner who would help us make the deal. It was very easy to see from the first minute that we were working with a partner who had done this many times before. We started by building the deck, this pitch that would be sent to potential buyers. It's not the deck I would have sent to the entrepreneur, but I worked with someone who had done this for a living and had done it multiple times. And the message was very different from what I would have sent to the entrepreneur. Finding these prospects was done in a way that made sense for the buyers and for IPTP. Again, it's not the language I would have used, but it's the English that the market uses. So, we were able to do the right work for people and we explained what we were doing and why this deal would be real for these buyers. And then, we set up a discussion between a potential buyer and a seller. This is IPTP's profession. If I were looking for a partner to help me sell my company next time, I would look at the deals they've done so far and see if these deals are relevant to my industry. This is important because they need to speak my language and they need to know the people in the industry. They need to have real connections. And I can only assume that if they've done so many deals in this industry or in this area, they know the people, the companies, they understand their language and they know how to talk about my product. When we met IPTP, we met people who I thought I would like to have on my team. That was a very important reason to start working with them as our consultants and partners.