Season Two: Episode Fourteen — The road from startup to exit, from the co-founder of a recently acquired successful business.
Episode Description: Moyosola Soyemi (Fordham Law ‘20) and Eileen Gaffney (Fordham Law ‘20) interview Selin Sonmez, co-founder of Knock Knock City, Co., about the business process from startup to exit, including the various legal and business issues entrepreneurs should consider on their road to acquisition.
- [:30] Moyosola Soyemi and Eileen Gaffney introduce themselves and Selin Sonmez, co-founder of the recently acquired Knock Knock City, who shares the inspiration for her startup and her studies in industrial design.
- [8:45] Is it necessary to have an exit strategy when founding a company? The benefits of choosing a corporation over an LLC.
- [11:39] Selin shares the online resources she utilized to find answers to legal questions and the point at which she began consulting with a lawyer instead.
- [16:37] Tips for building a brand while protecting intellectual property rights, and financing without fundraising through maximizing SEO and partnerships.
- [20:47] Questions to ask yourself before proceeding with a buy-out, including how to determine if the buy-out company is one that you want to partner with.
- [27:28] Legal and logistical challenges of partnering internationally.
- [29:02] Negotiating deal terms, both independently and with the guidance of lawyers.
- [33:07] How to obtain accurate valuation of your company when selling.
- [37:37] A look at signing day and what life looks like for Selin after the acquisition.
- [41:35] The value of engaging in design thinking when looking for new business ideas.
- [44:44] Selin shares advice from the lessons she learned on the path from startup to exit.
Mentioned in This Episode:
- Knock Knock City
- Luggage Hero
- Angel: How to Invest in Technology Startups- Timeless Advice from an Angel Investor Who Turned $100,000 into $1,000,000 by Jason Calacanis
- Voyager HQ
- Design the Life You Love: A Step-by-Step Guide to Building a Meaningful Future by Ayse Birsel
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Startup LAWnchpad is the podcast that educates entrepreneurs about forming, growing and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.