A local “overnight success” (17 years in the making!) is being acquired for $1.65 billion by a leading private equity investor and its story is chock full of lessons for business in this region.
The best time to sell a business is when you are not looking to sell, and that was definitely the case for Cvent. The price per share offered in this deal — a 69 percent premium on the trading price immediately prior to the deal announcement — demonstrates just how much the buyer wanted Cvent. First lesson for entrepreneurs to remember: The best time to sell a business is not when you say it is, but when the market says it is.
Cvent is also a story of individual entrepreneurial success. The company was born during the Internet wave of the late 90s and managed to survive the subsequent downturn in the venture capital markets and engage in a long-term strategic growth plan. This is a lesson in the power of sticking to a plan and grinding it out as an entrepreneur.
Chief executive Reggie Aggarwal is a terrific example of how the entrepreneurial characteristics of commitment, optimism and failing upward combined to help him lead his business to this point. Aggarwal was resourceful, irrepressible and willing to be accountable — and he still talks candidly today about devastating failures that…
Read entire column at WashingtonPost.com.