Chapter 52Thank Those Who Helped You Along the Way
When the deal finally closes, regardless of how substantial or modest your financial outcome is, it’s crucial to acknowledge and show appreciation to those who supported you throughout the journey. Success never happens in isolation; behind every entrepreneur is a network of individuals whose guidance, patience, and support were instrumental.
Firstly, your board members and investors deserve special acknowledgment. Their trust, patience, and backing played a significant role in bringing the deal to fruition. A fitting gesture would be hosting a memorable dinner to express your gratitude. This meal might indeed become the priciest dinner tab you'll ever cover, but it's also a rare and special opportunity to express genuine thanks to those who believed in your vision from the beginning. Make this event meaningful and memorable, as this gesture of gratitude solidifies lasting positive relationships.
Your significant other has likely borne the emotional toll of your entrepreneurial journey. They've endured your stress, anxiety, and frequent distractions over the months or even years leading up to this moment. It’s essential to spend quality time together and have an open conversation about how to best celebrate this milestone in your shared life. It needn't be extravagant—perhaps a heartfelt home-cooked meal, a simple movie night out, or a special activity you've repeatedly postponed. For example, my wife and I considered going back to Northern Italy as that was one of our favorite trips, but ultimately decided to wait until our kids were older. The significance isn't in the grandness of the gesture but in the sincerity of the acknowledgment.
Your children also shared indirectly in your entrepreneurial journey, often experiencing your divided attention or late nights at work. Simple yet meaningful gifts or gestures can communicate your appreciation. In my case, I chose to splurge on books for my kids, especially indulging my son's enthusiasm for the Smithsonian series. Little thoughtful gifts, tailored to their interests, can carry immense sentimental value.
Reflecting further, think about those individuals who were consistently your emotional anchors—friends, mentors, colleagues, or family members who provided unwavering support during tumultuous times. A personalized handwritten card, thoughtfully expressing your gratitude and appreciation, can be incredibly meaningful and enduring.
For your broader team, even those who were not retained, whose hard work and dedication contributed significantly to your success, consider hosting a celebratory event or team outing. It could be as elaborate as a weekend retreat, a team dinner, or even a simple catered lunch at the office. Publicly recognizing each team member's contribution during these gatherings further strengthens team bonds and morale. Another meaningful approach is providing personalized gifts or small bonuses tailored to their individual interests or needs, reinforcing the idea that their contributions have not gone unnoticed. Our Head of Peoples was not offered a position from the acquiring company, but he did an immense amount of work leading to the acquisition. So my cofounder Borui spent money out-of-pocket to accompany him on an all-expense-paid international trip, thanking him for the work he has put in. Borui also went out his way to send referrals to other entrepreneurs who might be hiring for his type of roles.
Lastly, it's important to express your gratitude to your key contact or sponsor from the acquiring company. Their advocacy, support, and guidance throughout the acquisition process were undoubtedly pivotal. Take a moment to craft a thoughtful handwritten note or consider giving a modest yet meaningful gift. These gestures of appreciation help solidify a strong foundation for the ongoing working relationship, ensuring continued success and collaboration in the future.
Ultimately, closing an acquisition is not merely an ending but a profound moment for expressing gratitude. By thoughtfully acknowledging and celebrating those who helped you achieve success, you nurture relationships that extend far beyond transactional boundaries, enriching both your professional and personal lives.