Ep. 47 Why Was This Money-Losing Business Worth $10 Million?
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Show Notes
For most of its 17 years, Imaging Path was a successful IT services contractor that peaked at more than $16 million in sales.
Imaging Path founder and CEO Corey Tansom kept a close eye on his business until, a few years prior to its sale, Tansom went through a divorce that caused him to spend a lot of time away from the office. Tansom was distracted, costs ballooned and margins shrank. Imaging Path started losing about $500,000 a year.
The situation at Imaging Path got worse when Tansom's bank decided to pull its financing. Tansom decided his best option was to sell his business – but who would buy a money-losing company?