Thermostats aren’t the sexiest products. Dads might love them, but it took something special to make the mighty Google pay attention. Nest Labs caught Google’s eye with smart phone controlled thermostats that learn your routine to become automated. Coming up with an innovative way to look at a traditional product is a sure-fire way to get people interested in what you’re doing.
Nest Lab wasn’t just bought on the strength of its idea. Founders, Tony Fadell and Matt Rogers, are former Apple chief executives and have proven their ability to innovate and create products people love. We can’t all have a high ranking position at Apple on our CVs, but having relevant experience working on exciting products will breathe confidence into anyone sizing up your business.
Big businesses don’t just buy brands that are exactly the same as them. Google have already said Nest Labs will keep its distinct identity. If you dream of one day selling your business to a big name, make sure it’s a brand worth buying with an identity people are going to keep caring about long after the sale.
Nest Labs will continue to be run by Tony Fadell. That’s possibly the most important part of this whole story. Google haven’t just bought Nest Labs, they’ve bought the services of an incredible entrepreneur. If you want people to be excited about what your business can do, make them excited about what you can do too.
The sale of Nest Labs, along with the string of businesses Google have bought recently, shows that big names buy small businesses on the merits of ideas and the people behind them. Your current sales figures aren’t the most important thing. It’s about your potential and ability to deliver. If you’ve got those, start getting your business out there and maybe Google will pay attention.
For more tips on selling your business, check out our top five mistakes to avoid.