#19: Navigating A Business Buyout With Family Involved with Claire Daniels, Trio Media

Welcome to The Exit Plan, a podcast for business owners interested in learning more about selling their business. Claire Daniels, who has a background in strategic in-house marketing roles, took on the role of CEO at Trio Media's Digital Marketing Agency in 2020. She became part of the company in 2018 with a strong emphasis on prioritizing customer satisfaction, making it the central focus of all her endeavors. In this episode, Claire Daniels, the CEO of Digital Marketing Agency of Trio Media, shares her journey of how she became involved in the business. Following the passing of her brother and her sister-in-law's pregnancy, Claire chose to contribute to the company while navigating her own aspirations. As her sister-in-law became pregnant again, the business underwent changes, leading to conflicts upon her return from maternity leave. Owing to divergent decisions and objectives between the two owners, they eventually opted to buy out the company. Claire eventually took over as CEO and bought out her sister-in-law's shares.  Claire also shares the process of acquiring the company, managing a legal dispute involving her sister-in-law, and securing the transfer of her shares to resolve the issue. Despite initial dissatisfaction from her husband, Claire mentions that things have since settled with her sister-in-law and assures that everything is going well with their personal relationships. Further, she shares outlines of their future objectives that include rebranding and integrating AI into their operations. While contemplating expansion and potentially acquiring other companies, Claire is uncertain about seeking external funding. Although not a venture she initiated outright, Claire acknowledges the significant effort and emotional investment she has dedicated to the company, emphasizing its pivotal role in the business's success. Expressing contentment with her current role, Claire conveys her enjoyment of every aspect of the journey. Be inspired as we listen to this episode of winning your goals, enjoying your journey while setting up proper communication to maintain good relationships with other people.  Sign up to The Exit Plan mailing list: http://eepurl.com/iC8sIY WHAT YOU WILL LEARN: Managing a business while experiencing business-related relationships and co-founders departure Handling financial problems to maintain a business How to properly communicate with business partners and how to deal with inside work conflicts Resolving legal matters such as shares and company related issues CONNECT WITH CLAIRE:  LinkedIn | www.linkedin.com/in/claire-daniels-trio-media Website | www.trio-media.co.uk Twitter | @triomediaclaire Instagram | @mrsclairedaniels THE EXIT PLAN The Exit Plan is for business owners that are interested in learning more about how to sell their business. Each episode Barnaby Cook interviews someone who has bought or sold a business - either a creative agency, or a production company. The conversation gets under the skin of why they wanted to sell, or were looking to acquire, how the deal was structured, how they agreed upon a valuation and what lessons they learnt along the way.