Mike Rynchek is the founder of Spyder Trap, a digital marketing consulting agency. He sold it to Bright Health in 2017. He walks me through the history of Spyder Trap and how he transitioned the company for Bright Health’s use. He had to settle client relationships that didn’t fit into Bright’s new direction. Relationship is a big word for Mike. He spent most of his energy focusing on his company’s reputation. As well as building good working relationships with his clients.
We discuss how Mike scaled his business and how he prepared it for sale. He also stresses the importance of integrating your work into life, rather than trying to find a “balance.” It is a point that many people don’t consider when they examine their family/work life relationship.
You will learn about:
- Mike’s entrepreneurial background.
- How Mike got involved in consulting.
- The services Spyder Trap offered their clients.
- The milestones that marked Spyder Trap’s growth.
- Why Mike chose hustle over strategy.
- The benefits of using a service model.
- The benefits of maintaining good client relationships.
- How Mike created recurring revenue in his business.
- The 3 Rs Mike follows in his businesses.
- Mike’s goals for the business.
- The opportunities that lead to Spyder Trap’s sale.
- Why Mike chose to sell to Bright Health.
- The emotional side of letting go of clients.
- The questions you need ask before you consider selling.
- Finding integration in your work and family life.
- Mike’s advice to the audience.
Mike raises an interesting point about finding integration in your work and family life. There is a difference between integration and balance. Integration is ideal because balance is very unrealistic. Ask yourself what is important to you? How will those things change when you sell? Is that what you want? Ask all these questions and really self-examine yourself before you even consider selling your business.
Links and Resources
Mike Rynchek considers himself a natural born entrepreneur. He began his company Spyder Trap in college at St. Cloud State University. In 2017, he sold the company to Bright Health, a former client. After staying on for a year with Bright Health, he moved onto other endeavors. Mike now works as a consultant for numerous technology companies and Fortune 500 companies.