What does it actually take to sell a creator business? That’s what I wanted to get into with Pat Flynn and Liz Wilcox, who sat down with me to share some big news. After 18 years of building Smart Passive Income, Pat has officially sold the business - and Liz is the new owner.
In this episode, Pat and Liz take us through the entire process, from why Pat decided it was time to let go, to how they valued and structured the deal, why Liz was the right person to take over, and how they planned the transition to make sure the audience felt supported. We also get into what makes a creator business sellable, including building systems, community, recurring revenue, and a brand that can thrive beyond its founder.
If you're building a creator business and want to understand how to make it more valuable, transferable, and ultimately sellable, I think you'll get a lot out of this conversation.
Timestamps:
00:00 Introduction
01:15 Pat's big announcement
02:48 Liz's journey to acquiring SPI
04:30 How SPI became a sellable business
06:27 Pat's massive success with Pokemon
08:21 The impact of SPI's community
10:47 Why Pat let go of SPI
12:38 Prioritizing community over profit
14:10 The financial aspects of the deal
16:15 The future of Smart Passive Income: Team WIN
18:30 What makes a business sellable
20:00 Merging Liz's brand into SPI
21:23 10x is easier than 2x
22:50 The challenge of selling a personal brand
24:50 The intentional transition process
If you enjoyed this episode, please like and subscribe, share it with your friends, and leave a review. I read every single one.
Learn more about the podcast: https://nathanbarry.com/show
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Follow Pat:
X: https://twitter.com/PatFlynn
Website: https://patflynn.com
YouTube: https://www.youtube.com/@patflynn
LinkedIn: https://www.linkedin.com/in/patflynn
Follow Liz:
Website: https://www.lizwilcox.com
YouTube: https://www.youtube.com/@thelizwilcox
LinkedIn: https://www.linkedin.com/in/liz-wilcox-58740b1b0
Featured in this episode:
Kit: https://www.kit.com
Smart Passive Income: https://www.smartpassiveincome.com
Built to Sell: https://builtosell.com
Will It Fly?: https://patflynn.com/book/will-it-fly
The Virtual Campground: https://thevirtualcampground.com
Highlights:
01:15 - The big announcement
07:12 - Liz's personal mission for SPI
14:32 - The Pokémon channel's incredible growth
25:27 - The profound impact of communities
35:40 - Negotiating and structuring a business sale
