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Feb 8, 2016 · 15m · top-founders

Nathan Records Negotiation With Seller, Should He Sell Heyo or Not?

Nathan Latka · 7m spoken Jim Risner · 2m spoken Stuart Meese · 1m spoken Ken Armijo · 47s spoken Podcast Listener · 40s spoken Bethany London · 32s spoken
0:00 / 0:00

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Entrepreneur Nathan Latka navigates the high-stakes decision of selling his company, Heyo, by orchestrating a competitive bidding war among competitors while weighing candid advice from mentors and listeners. After evaluating competing deal structures, Nathan signs a Letter of Intent and prepares for the challenging due diligence phase.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 53.5% of the talking time here. How this is scored →

Nathan as informed peer 1.2 Guest teaching 0.5 Guest disagreement 0.2 Nathan pushing back 0.3
05100:0010:000:01–2:28 · Nathan as informed peer 0/10 Nick's Perspective on Selling and Career Freedom Segment consists of listener voicemails from Nick and Ken Armijo offering advice on selling the company, followed by Nathan narrating his reactions. As a voicemail compilation with narration, there is no direct host-guest pushback or combativeness.2:29–4:35 · Nathan as informed peer 0/10 Transparency Dilemmas and the Strategy for a Bidding War Nathan monologues about transparency risks and bidding war tactics interspersed with caller voicemails. No direct two-way live interaction occurs.4:35–7:25 · Nathan as informed peer 3/10 Understanding the Letter of Intent with Jim Risner Nathan introduces Jim Risner and briefly asks him to define what an LOI is for the audience before cutting back to narration. The interaction is totally collaborative and straightforward.7:27–10:04 · Nathan as informed peer 4/10 Jim Risner Outlines Votigo's Strategic Fit for Acquiring Heyo Nathan interviews Jim Risner on Votigo's competitive positioning and strategic motivation for acquiring Heyo. The conversation is polite, though Nathan presses lightly on competition and timing.10:04–13:05 · Nathan as informed peer 0/10 Mentorship Insights on Milestones and Outgrowing Heyo Voicemail messages from Bethany London and Stuart Meese prompting Nathan's personal reflections about outgrowing Heyo. No real-time interaction takes place.13:06–15:37 · Nathan as informed peer 0/10 Signing the LOI and Facing the Due Diligence Phase Solo narrative monologue by Nathan Latka dramaticizing signing the LOI and facing due diligence. Host-side scores are 0 for monologue per instructions.0:01–2:28 · Guest teaching 0/10 Nick's Perspective on Selling and Career Freedom Segment consists of listener voicemails from Nick and Ken Armijo offering advice on selling the company, followed by Nathan narrating his reactions. As a voicemail compilation with narration, there is no direct host-guest pushback or combativeness.2:29–4:35 · Guest teaching 0/10 Transparency Dilemmas and the Strategy for a Bidding War Nathan monologues about transparency risks and bidding war tactics interspersed with caller voicemails. No direct two-way live interaction occurs.4:35–7:25 · Guest teaching 2/10 Understanding the Letter of Intent with Jim Risner Nathan introduces Jim Risner and briefly asks him to define what an LOI is for the audience before cutting back to narration. The interaction is totally collaborative and straightforward.7:27–10:04 · Guest teaching 1/10 Jim Risner Outlines Votigo's Strategic Fit for Acquiring Heyo Nathan interviews Jim Risner on Votigo's competitive positioning and strategic motivation for acquiring Heyo. The conversation is polite, though Nathan presses lightly on competition and timing.10:04–13:05 · Guest teaching 0/10 Mentorship Insights on Milestones and Outgrowing Heyo Voicemail messages from Bethany London and Stuart Meese prompting Nathan's personal reflections about outgrowing Heyo. No real-time interaction takes place.13:06–15:37 · Guest teaching 0/10 Signing the LOI and Facing the Due Diligence Phase Solo narrative monologue by Nathan Latka dramaticizing signing the LOI and facing due diligence. Host-side scores are 0 for monologue per instructions.0:01–2:28 · Guest disagreement 0/10 Nick's Perspective on Selling and Career Freedom Segment consists of listener voicemails from Nick and Ken Armijo offering advice on selling the company, followed by Nathan narrating his reactions. As a voicemail compilation with narration, there is no direct host-guest pushback or combativeness.2:29–4:35 · Guest disagreement 0/10 Transparency Dilemmas and the Strategy for a Bidding War Nathan monologues about transparency risks and bidding war tactics interspersed with caller voicemails. No direct two-way live interaction occurs.4:35–7:25 · Guest disagreement 0/10 Understanding the Letter of Intent with Jim Risner Nathan introduces Jim Risner and briefly asks him to define what an LOI is for the audience before cutting back to narration. The interaction is totally collaborative and straightforward.7:27–10:04 · Guest disagreement 1/10 Jim Risner Outlines Votigo's Strategic Fit for Acquiring Heyo Nathan interviews Jim Risner on Votigo's competitive positioning and strategic motivation for acquiring Heyo. The conversation is polite, though Nathan presses lightly on competition and timing.10:04–13:05 · Guest disagreement 0/10 Mentorship Insights on Milestones and Outgrowing Heyo Voicemail messages from Bethany London and Stuart Meese prompting Nathan's personal reflections about outgrowing Heyo. No real-time interaction takes place.13:06–15:37 · Guest disagreement 0/10 Signing the LOI and Facing the Due Diligence Phase Solo narrative monologue by Nathan Latka dramaticizing signing the LOI and facing due diligence. Host-side scores are 0 for monologue per instructions.0:01–2:28 · Nathan pushing back 0/10 Nick's Perspective on Selling and Career Freedom Segment consists of listener voicemails from Nick and Ken Armijo offering advice on selling the company, followed by Nathan narrating his reactions. As a voicemail compilation with narration, there is no direct host-guest pushback or combativeness.2:29–4:35 · Nathan pushing back 0/10 Transparency Dilemmas and the Strategy for a Bidding War Nathan monologues about transparency risks and bidding war tactics interspersed with caller voicemails. No direct two-way live interaction occurs.4:35–7:25 · Nathan pushing back 0/10 Understanding the Letter of Intent with Jim Risner Nathan introduces Jim Risner and briefly asks him to define what an LOI is for the audience before cutting back to narration. The interaction is totally collaborative and straightforward.7:27–10:04 · Nathan pushing back 2/10 Jim Risner Outlines Votigo's Strategic Fit for Acquiring Heyo Nathan interviews Jim Risner on Votigo's competitive positioning and strategic motivation for acquiring Heyo. The conversation is polite, though Nathan presses lightly on competition and timing.10:04–13:05 · Nathan pushing back 0/10 Mentorship Insights on Milestones and Outgrowing Heyo Voicemail messages from Bethany London and Stuart Meese prompting Nathan's personal reflections about outgrowing Heyo. No real-time interaction takes place.13:06–15:37 · Nathan pushing back 0/10 Signing the LOI and Facing the Due Diligence Phase Solo narrative monologue by Nathan Latka dramaticizing signing the LOI and facing due diligence. Host-side scores are 0 for monologue per instructions.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 49.6% · guest 50.4%0:00 · Nathan 49.6% · guest 50.4%3:00 · Nathan 49.7% · guest 50.3%3:00 · Nathan 49.7% · guest 50.3%6:00 · Nathan 58.7% · guest 41.3%6:00 · Nathan 58.7% · guest 41.3%9:00 · Nathan 35.7% · guest 64.3%9:00 · Nathan 35.7% · guest 64.3%12:00 · Nathan 63.8% · guest 36.2%12:00 · Nathan 63.8% · guest 36.2%15:00 · Nathan 100% · guest 0%15:00 · Nathan 100% · guest 0%
Sharpest disagreement ▶ 8:37 Jim clarifying Votigo's strategic timeline

Jim gently pushes past Nathan's query to emphasize that Votigo deliberately chose this moment to enter the SMB market rather than acting on an impulse.

 Hardest push from Nathan ▶ 8:25 Nathan presses Jim on why timing is perfect

Nathan specifically probes Jim on his exact statement about timing being perfect to uncover the buyer's motivations.

 Biggest teaching moment ▶ 5:22 Jim Risner defining the LOI mechanism

Jim educates the audience and frames the discussion by breaking down the core legal and financial mechanics of an LOI.

 Nathan holds their own ▶ 5:50 Nathan explaining M&A deal structures

Nathan demonstrates high M&A competence by detailing redlines, cash versus earn-out structures, and stock valuation tradeoffs across four competing LOIs.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Nick's Perspective on Selling and Career Freedom 0000 Segment consists of listener voicemails from Nick and Ken Armijo offering advice on selling the company, followed by Nathan narrating his reactions. As a voicemail compilation with narration, there is no direct host-guest pushback or combativeness.
Transparency Dilemmas and the Strategy for a Bidding War 0000 Nathan monologues about transparency risks and bidding war tactics interspersed with caller voicemails. No direct two-way live interaction occurs.
Understanding the Letter of Intent with Jim Risner 3200 Nathan introduces Jim Risner and briefly asks him to define what an LOI is for the audience before cutting back to narration. The interaction is totally collaborative and straightforward.
Jim Risner Outlines Votigo's Strategic Fit for Acquiring Heyo 4112 Nathan interviews Jim Risner on Votigo's competitive positioning and strategic motivation for acquiring Heyo. The conversation is polite, though Nathan presses lightly on competition and timing.
Mentorship Insights on Milestones and Outgrowing Heyo 0000 Voicemail messages from Bethany London and Stuart Meese prompting Nathan's personal reflections about outgrowing Heyo. No real-time interaction takes place.
Signing the LOI and Facing the Due Diligence Phase 0000 Solo narrative monologue by Nathan Latka dramaticizing signing the LOI and facing due diligence. Host-side scores are 0 for monologue per instructions.

Statements from this episode (8)

Assertion Not checkable as stated
Latka: Major competitor emailed an acquisition offer for Heyo
“And the email was one of our big competitors emailing me to acquire Hayo.”
Nathan Latka Feb 8, 2016 ▶ 1:04
Insight
Armijo: Wait for a contract before telling your team about buyout interest
“I would say that wait till they show you a contract, because right now they might just be fishing, and, you know, dangling a carrot in front of you, and it would be harder for you to tell your team Oh, the deal fell through.”
Ken Armijo Feb 8, 2016 ▶ 2:03
Disclosure
Latka: Plans to secure LOI and trigger bidding war for Heyo
“So, I've got to get to an LOI or a letter of intent and then see if I can create a bidding war between all the folks or the companies that put in the letter of intent to potentially buy HAYO.”
Nathan Latka Feb 8, 2016 ▶ 2:59
Assertion Not checkable as stated
Nathan Latka secured four written LOIs to acquire Heyo
“In the end, many, many big companies were interested in buying Heyo, but I got four of them to actually submit a written redlined letter of intent.”
Nathan Latka Feb 8, 2016 ▶ 6:08
Insight
Latka advises against M&A earnouts due to lack of post-sale control
“Some of them were cash and earn out, which means, you know, we get money over a period of time if we hit certain metrics, which I really don't like because I have no control over the business if we sell it.”
Nathan Latka Feb 8, 2016 ▶ 6:51
Disclosure
Risner: Votigo Decided to Expand into SMB Market by Acquiring Heyo
“So we've actually been you know, kind of been thinking about entering the space for a while and just recently kind of, you know, really, you know, made the decision and, you know, from a strategic standpoint to kind of open the floodgates, if you will to the S…”
Jim Risner Feb 8, 2016 ▶ 9:18
Assertion Supported
Nathan Latka: Under 0.1% of 30-year-olds have sold a business
“Less than .1% of 30 year olds have sold a business.”
Nathan Latka Feb 8, 2016 ▶ 11:10
Disclosure
Nathan Latka signs LOI to sell Heyo
“I signed. We are selling Heyo.”
Nathan Latka Feb 8, 2016 ▶ 14:00
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