Dear BTF Community,
In this story, Constance Fenyo, Business Consultant, Speaker, Senior Executive, Entrepreneur, Investor and Author, discusses:
- Lessons learned from the sale of a big company;
- Why the Business Transitions Forum would have helped; and
- Lessons learned from climbing Kiliminjaro
Enjoy,
Mark
Constance Fenyo, a business consultant, speaker, senior executive, entrepreneur, investor and author, is an experienced entrepreneur with a demonstrated history of successfully working in the legal information services and software industry.
She’s skilled in effective negotiation with all levels of government, bringing new software products to market. She also has seasoned experience in business planning, transforming markets, M&A, leadership development, and sales.
At the recent Business Transitions Forum in Vancouver, she was on a panel discussion “Transition Stories: The Good, The Bad & The Ugly” where she related her experience in the sale of Dye & Durham Corporation, a search and registration company, a few years ago. It’s a billion dollar market cap company and the origins of the company go back to 1874.
She sold it to a third party and “it became a very onerous transaction.”
“The due diligence part of it just about killed me. A very different set of complexities when you’re selling to family versus selling to a third party, very different type of deal,” she added.
“I wish I would have attended the BTF before I sold my company. I was pretty smug. I got the price that I wanted for it. And I thought, well, that’s great. You know that’s just the beginning. Price is only the beginning. The terms are very, very important. And I realized after the deal started, I needed more help than just my CFO and me. And so thank goodness, we got a great team together, but the price had already been set.
“And had I been to this BTF prior to selling, I would have positioned the business differently. So I would have had a different multiple, understanding the difference between a strategic buyer and a financial buyer. I had a strategic buyer, but I treated it like a financial buyer. Honestly I was not in the best headspace. My husband had just died. I had my two kids in high school at the time. Truly it wasn’t the best time to negotiate. I was just tired.
“(BTF) is a great group. I would heartily, heartily, heartily recommend it, endorse it. People really need to go for so many reasons, grow, sell, scale, make your business better, make it stronger, learn what buyers look for and learn what sellers look for.”
“Even if you’re not thinking of selling, you never know when that opportunity will come knocking at your door, which is what happened to me. I wasn’t looking to sell it. I had people come and knock at the door and say, Hey, I’m interested, are you? I truly wish I would have gone through this forum prior to saying, Hey, yeah, I’m interested. Sure. Here’s my price. And thinking it was great.”
In the fall she completed one of her goals in life.
“The Kilimanjaro climb was super cool. I was glad to be off the grid with my grown up young adult son,” she said. “It was fantastic.”
Here are the 7 Life Lessons she learned climbing Kilimanjaro, which she posted on LinkedIn:
- It’s difficult to reach a significant goal on your own. You inevitably will need a team of people to help you along the way. In our trek to the Roof of Africa, guide Ravi would frequently chant “One Dream – One Team, More Fire, More Water, To the Top, Non-Stop”. We needed nourishment – thank you to cook Enzekiel & Server Eriki who provided delicious, satiating, nourishing meals for our weary bodies (more fire) and 3L of water so we were hydrated. We needed to know what direction to take and path to follow, especially on the night climb (To the Top, Non-Stop). Expert Guides Ravi & Jackson, knew every step in between the rocks & boulders, along the route to the top. Thank you for your expert and calm guidance, patience and competence. We had a crew of 13 porters that carried tents, chairs, tables, gear, cooking supplies, food and water that ensured we were fully equipped at each camp. Wow, were these folks amazing. Quick, sure-footed, happy and kind all while carrying big loads. So glad there is regulation limiting the weight that can be carried. Thank you, Simba Team.
- Life isn’t just about results. It’s about the journey itself. Ravi & Jackson would always caution us to take things “Pole, Pole” which in Swahili means slowly, slowly. Taking the time to marvel at the clear sky with the bright stars twinkling, savoring the delicious mouth-watering meals that were prepared for us, having deeper conversations with the people on our team, singing Swahili songs at camp, watching the sun light up the sky at sunrise or cast pinkish, bluish hues over the landscape at sunset made for spectacular memories of our trip.
- Big daunting goals are successfully attained when broken down into smaller goals. At the end of the day’s climb, usually around tea time, our guides would come into the mess tent to give us the plan for the next day – what the terrain would be like, how long we would be climbing, expected weather and level of difficulty. No questions were permitted regarding the summit, only the next day’s trek. One day at a time was a manageable way to reach the summit.
- A little friendliness goes a long way. Learning to speak a few words of Swahili made a tremendous difference even if we didn’t quite pronounce the words correctly. Big smiles broke out and hearts opened when we made consistent effort to converse in the local language.
- If you are healthy, age is mind over matter. I was the oldest climber on the mountain by far, evidenced by the sign-in sheets upon arrival at each camp. While in good physical fitness, compared to the 25- & 30-year-olds around me, I worried, would I be able to hold up? Concentrating on putting one foot in front of the other, one step at time was a mental game. In the end, go for your goals. Be 100% committed. Put in your best effort and don’t give up, no matter what your age.
- To get to your destination takes a) preparation and b) your team needs to know where you’re headed. Before leaving, our guides checked our gear to ensure we had all the necessary clothing and equipment to successfully make it to the summit. Enough food was purchased ahead of time so that everyone in camp would have enough to eat. Sufficient tents, mats, tables, chairs, water, cooking supplies & equipment was accounted for. Everyone on the team knew the route & acclimatization schedule. Porters knew the camps we would be staying in and were ready for us.
- Everyone appreciates encouragement along the way! Climbing Kilimanjaro, especially on summit night is a long hike. We started at midnight, in the darkness of night. Some members of our team had painful blisters, others were chilled to the bone, some were exhausted from lack of sleep. Step by step, following the long line of hikers with their headlamps dotting the ridge against the black, night sky seemed never-ending. And then, I would hear Kazi Nzuri Mama Simba!! (Swahili for Good job!) from our team leaders. Our guides would call out words of encouragement to each one of the team and with this little boost we were able to continue. Positive words of support are critical, especially when the going gets tough.
Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian. He also made the RETHINK’s global list as a Top Retail Expert 2024.