Jim Lackey sold his company Passport Health Communications to a strategic acquirer twelve years after the company was founded. Jim takes us through the process of launching the company with an angel investor, then through a growth phase with the help of venture capital, then going through hyper-growth with two rounds of private equity investment before being sold to a strategic acquirer. Jim offers four practical pieces of advice to entrepreneurs who might be considering going through the M&A cycle. A visit with Jim Lackey is like an MBA in successful business development.
Jim Lackey shares his background in education, why he chose to join the administrative side of healthcare, and how his entrepreneurial journey began with an HMO management company. We talk with Jim about whether or not he had an exit strategy when he began, or at what point he developed an exit strategy. Jim shares the wisdom he gained by working with angel investors, venture capitalists, and growing his business by acquiring other companies in the health care space.
Jim Lackey now loves to mentor younger entrepreneurs and share his wisdom with others. In this interview Jim gives advice on thinking strategically, identifying who your target buyer is, and structuring your company to be appealing to your target buyer. Jim shares the 3 A’s to assess your team and get your business ready to take to market, how to strengthen your business by choosing the right team members, and why you should hire people smarter than you are. Jim Lackey is a true veteran entrepreneur and has a lot of great wisdom packed into this interview.