What price should you sell your business at? 23 Years Old Evan Spiegel Refuses $3 Billion From Facebook
Who is Evan Spiegel?
Evan Spiegel is one of the founders and the chief executive officer of the popular service for transferring messages Snapchat. This young entrepreneur is only 23, and recently he was offered $3 billion for his business. The offer was made by the social giant Facebook and actually, it was … refused?!? Let’s make it crystal clear, we are talking about 3 billion US dollars here… in cash. Who just refuses such amount of money that would be enough for the living expenses of thousands of people? Well, Evan does.
Actually many entrepreneurs wouldn’t accept even more money for their businesses. Mark Zuckerberg, for example, took down the $1 billion offer that Yahoo offered. Later, the biggest social network said also ‘no’ to Microsoft rejecting a $15 billion acquisition offer. Was that a mistake? Even $15 billion seems a huge amount of money, today Facebook is valued at more than $120 billion.
Why did the heck these guys refuse these billions of dollars? Well, I think the reason here is after a certain amount, the money wouldn’t matter for you, too. Once Mark Zuckerberg was asked why he had rejected such sweet offers for his social network. He simply said that he had enough money and didn’t need more. He actually had every material thing needed – a nice house, a car and all stuff like this, and it the same time he would probably never get a business idea as big as Facebook. This is why he has been refusing to sell it. As simple as that! And time shows that he has made the right decisions.
So if you have a business and sometimes you get an offer from a buyer, think about this from above.