Hosting Cocktail Parties, Building Relationships, Museum Hacks and Friends Newsletters with Nick Gray

Seller Financing

Nick Gray shares his unique experience of selling his company, Museum Hack, through seller financing. He explains that his CEO and marketing director approached him with an offer to buy the business, which he initially thought was unsellable. The deal involved zero money down, with the buyers agreeing to pay him over five years from the profits. This arrangement allowed Nick to secure five years of profits without any responsibility, and the new owners have since taken the business to new heights 1.

I sold it to them using seller financing. What that means is that they put zero money down and they said, look, we're just going to run the business like we've been doing, and yet we will pay you off over five years from all the profits.

--- Nick Gray

Chris Hutchins finds this approach intriguing, noting that it's a rare and insightful method for small business sales 1.

   

Creative Strategies

Nick Gray advocates for creative business strategies, such as his "friends newsletter," which he believes everyone should consider. Inspired by traditional family updates, he sends quarterly newsletters to friends, sharing personal updates and recommendations for shows, movies, and books. This approach has proven powerful and beneficial for maintaining connections 2.

I think everyone should have a friend's newsletter. When you were growing up, did your parents send, like, an annual Christmas card or holiday card with family updates?

--- Nick Gray

Additionally, Nick shares a clever hack for museum enthusiasts: joining the American Alliance of Museums as a friend of the association. For under $100 annually, this membership grants free access to numerous museums across America, encouraging more frequent visits and deeper appreciation of cultural institutions 3.