Aaron chats with Vincent Viviers, Co-founder of Bottles, about his entrepreneurial journey from starting an alcohol delivery app to exiting the business by selling it to Pick n Pay. Vincent shares the highs and lows of scaling Bottles, the pivotal moments that defined their success, and the complexities of the exit process. They discuss the challenges faced during the COVID-19 pandemic, the strategic pivot to grocery delivery, and the critical role of brokers and legal counsel in navigating the sale. Vincent also provides insights on valuation, dealing with investors, and the importance of thorough preparation for due diligence.
KEY TAKEAWAYS
- Execution Over Ideas: The importance of acting on ideas rather than merely having them.
- Navigating Investor Relations: Balancing investor expectations with business realities.
- Strategic Pivots: How a quick pivot to grocery delivery during the pandemic led to exponential growth.
- Valuation Realities: Understanding different methods of valuation and managing expectations.
- Due Diligence: The importance of thorough preparation and transparency during the due diligence process.
- Exit Strategies: The role of brokers, lawyers, and the structure of earn-outs in the exit process.
BEST MOMENTS
- "We were completely fearless, and there was no challenge thrown at us that we didn't overcome."
- "Ideas are worthless; execution is everything."
- "Fear was our primary motivator; we were scared the whole thing could fall apart."
- "Get the right broker and legal counsel; they are critical to navigating the exit process."
- "Document and structure your business well in advance to be prepared for due diligence.
