Brock Weatherup's Guide to Selling and Growing Your Business

Selling a business to a large company like a Fortune 500 can be a long and tricky process. Brock Weatherup, an experienced entrepreneur, shares his journey of selling companies to big names like PetSmart and Petco. His advice is helpful for any entrepreneur who wants to sell their business and make the most of it. Here's a breakdown of his key insights.

Negotiating the Sale: Be Ready for Surprises

Brock’s experience with negotiating business sales shows that the process can be full of unexpected challenges. Even small mistakes, like a 26-cent error, can delay a deal and require careful fixes. Brock says, “99 out of 100 times, that’s not what you think it’s going to be,” meaning that the final sale amount is often different from what entrepreneurs expect. At the last minute, there can be changes that require intense work to finalize the deal, like the two days he spent with PetSmart on finalizing the sale documents. Entrepreneurs should prepare for surprises and understand that negotiations may take more time and effort than expected.

Selling Your Business: Plan for Success

Selling a business to a major company needs more than just luck—it requires careful planning. Brock’s sales of Pet360 and Pet Coach to companies like PetSmart and Petco show how important it is to build a strong brand and partnerships. His success with Fathead, which grew to over $30 million in revenue, highlights how key partnerships can help your business stand out.

Brock also emphasizes how important it is to be ready to close deals quickly. For example, he closed a deal with Covetous in just 30 days. His advice for entrepreneurs is clear: be prepared to act quickly when the right opportunity comes.

The Emotional Side: Highs and Lows of Selling

Selling a business is as much about emotions as it is about money. Brock describes how he felt a huge sense of relief and disbelief after selling his businesses and securing financial stability. He calls it “the unburdening of financial comfort.” But, he also talks about the emotional lows, such as the difficulty of losing control over a company he built. This can be “damaging to your ego,” he says. Entrepreneurs should expect to face both the high of financial success and the low of letting go of something they worked hard to build.

Taking Risks: Balancing the Ups and Downs

Brock Weatherup’s story shows that taking risks is a big part of being an entrepreneur. He invested a lot of his own money into businesses, knowing there were risks, but also knowing that there could be big rewards. He says, “You’re taking a risk with it,” but he also stresses how those who trusted him could see the potential for success. Entrepreneurs should embrace the learning process, knowing that initial failures often lead to later wins.

Expertise in the Pet Industry: Creating Growth

Brock used his knowledge of the pet industry to grow his businesses. For example, he co-founded Vetted Capital, a venture capital firm focused on the pet sector, and worked on projects like Wild Society Nutrition. His venture into telemedicine for pets was acquired by Petco, which allowed him to help the company grow in the digital space.

Entrepreneurs can learn from Brock’s success by looking for emerging trends in their industry and finding ways to create value from them, just as Brock did with telemedicine for pets.

Rapid Growth: How to Scale Your Business

Brock Weatherup’s ventures grew quickly because he used smart strategies to expand. One of his businesses went from zero to $30 million in revenue in just three years. He attributes this growth to strong brand partnerships and understanding the market. Entrepreneurs should be excited about their work and be ready to take calculated risks. Brock says, “You gotta be excited about what you’re doing, and you gotta go into it kind of eyes wide open.”

Handling Financial Crises: Staying Strong in Tough Times

Brock Weatherup faced a serious financial crisis during the 2008 economic downturn. His company’s bank account was drained, and he couldn’t pay his employees. He had to make tough decisions, like relying on emergency promotions to generate cash. Despite the challenges, Brock stayed honest with his team and communicated openly about the difficulties they were facing.

This situation showed how important it is for leaders to remain transparent and act decisively when times are tough. Entrepreneurs need to be prepared to face financial difficulties and lead their teams with integrity.

Leading Through Crisis: Honesty and Action

During tough times, leadership is all about staying calm, being honest, and making decisions that will move the company forward. Brock says, “You gotta be a leader. You gotta figure out a way to step in and do something. Doing nothing helps no one.” He believes that open communication is crucial to maintaining trust with your team, even when things aren’t going well.

Transitioning from Entrepreneur to Corporate Leader

Brock Weatherup’s transition from running his own businesses to working in large companies like PetSmart and Petco was challenging but rewarding. He had to adjust to the corporate culture and learn new skills. Though he initially struggled, he grew through these experiences and used what he learned to start new ventures in the pet industry. Brock says, “I learned a lot and did a lot better at Petco than I did at PetSmart for sure.” His journey shows that even after selling a business, there are valuable lessons to learn in different environments.

Conclusion

Brock Weatherup’s experiences in selling businesses, handling financial crises, and transitioning to corporate roles offer important lessons for any entrepreneur. His advice about being prepared for unexpected changes, balancing risk and reward, and leading through tough times can help entrepreneurs navigate the challenges of selling their business.

If you're looking to sell your business and want expert guidance on how to approach the sale, manage the emotional aspects, and maximize the value of your business, Breaking the Mould Consulting Ltd is here to help. Our team specializes in providing strategic advice, helping entrepreneurs position their businesses for success, and navigating complex negotiations. Let us help you take your business to the next level. Contact us today to get started!