Photo from Lioness Magazine

To Sell or Not to Sell – One Start-Up’s Story of Exiting the Business – Lioness Magazine

Written by Tara Spain, reSET Board Member and Contributor

“To sell or not to sell?” is a question faced by many start-ups and entrepreneurs. The decision to let go of a business that you developed, nurtured and grew can be difficult and daunting, yet promising and rewarding.

For reSET entrepreneurs Natasha Zena and Dawn Leaks, the decision to sell their business, Lioness Magazine, was always part of the plan. Last year, Lioness, an online publication for female entrepreneurs, was acquired by Innovation Women, the leading visibility bureau for entrepreneurial, technical and professional women.

Prior to launching Lioness in 2014, Natasha was running a public relations consulting firm where she serviced mostly female-run businesses. She quickly realized that her clients were hungry for information geared toward women, and despite women-owned businesses being one of the largest growth segments, it was difficult to find a news outlet that adequately catered to women entrepreneurs who wanted to launch a high-growth business. Natasha knew this was a gap in the market that she could fill, so she came up with the idea to launch an innovative, online publication for women.

“I wanted to empower female entrepreneurs and create a space for start-up enthusiasts,” said Natasha. A journalist by trade, she had a strong panache for writing and creating content, but knew she needed help with strategy and operations. That is what prompted her to reach out to Dawn, who had extensive experience with operations, mentoring and coaching. In 2015, the two joined forces and Lioness was well on its way.

“Lioness is the go-to news source for female entrepreneurs around the globe,” noted Dawn, who served as CEO of Lioness while Natasha served as publisher. Although the pair started with a vision to help local entrepreneurs, the publication quickly expanded and became an international publication with resources focused on starting and scaling start-ups and fostering leadership skills. Lioness also features interviews with prominent women leaders including actress, rapper, and entrepreneur, Queen Latifah, and motivational speaker and author, Lisa Nichols.

Prior to selling, Lioness had reached nearly 100,000 subscribers/readers, with 70% of those being women. As the publication grew, Natasha and Dawn realized they had taken the business as far as they wanted to go, so they began their search plans for a business that would acquire Lioness while maintaining its integrity.

“We were ready to exit and are really proud of where we landed,” said Natasha. “We were able to negotiate our terms and remain true to our vision in the process.”

Natasha and Dawn are now pursuing other ventures and have some sage advice for entrepreneurs planning an exit strategy:

1. Think about your exit strategy early during the ideation phase. Develop a clear plan and do your research.
2. Put together a short list of businesses that align with your company’s values. Stay true to your mission and know what you want.
3. Do not underestimate the worth of your business; your business does not have to be perfect to sell.
4. Be flexible. Acquisitions look very different depending on your goals. Practice “radical candor” during the negotiation process. Set aside your ego, but do not be afraid to ask for what you want.
5. Sift through the information and take your time. Selling can be an overwhelming process, so stay focused and take the time you need to reach the best deal for you and your business.
6. Trust your gut and just do it!

Natasha and Dawn credit much of their success to the training and support they received at reSET. Lioness was part of the 2018 reSET Impact Accelerator program.