Selling A Company: 3 Things That Were Different About Byte

I recently announced the sale of Byte, a direct-to-consumer dental aligner company that I co-founded with a business partner in 2017. This has been a tremendous personal and professional win. As I reflect on the journey (and celebrate the outcome), I realize that Byte was different from my previous ventures in several key ways. When I began Byte I knew it had incredible potential, but never anticipated the explosive success that we have enjoyed. As I pondered why that was, I realized that I have been unconsciously incorporating hard-won lessons in entrepreneurship in ways that poised Byte for success from the very beginning. 

Here is what I learned.

1. Look for the under-served in a marketplace, and fill their need. Prior to services like Byte, if you wanted to straighten your teeth your only option was to visit a dentist or orthodontist, pay an exorbitant amount of money, and suffer through months or years of painful and unsightly dental treatment. The system worked well enough for those who could afford it, but those who could not were left out in the cold. The Byte service filled that hole in the market by offering a minimally invasive, inexpensive solution. There was a segment of the population that was being underserved by the dental industry. Once we started speaking to them and creating products and services that were within their reach, our popularity exploded. Think critically about the markets you are attempting to enter. An industry that seems highly competitive at first may have an underserved segment that is desperate for a product made specifically for them.

2. Do not say yes to everyone. A key component of Byte’s offering is honesty. If it turns out a potential client was not a good match for the Byte system, we would tell them so and refund their money. So many start-ups say yes to everyone and frantically try to make it work on the backend. All that does is create stress and sub-par products & services. Instead of trying to make your company a jack of all trades, aim to master one. Honesty and transparency create trust, and consumers are happy to work with trustworthy companies. 

3. Do not undervalue good intentions. When the COVID-19 pandemic hit, Byte pivoted in several key ways. First, we took the 150 3D printers we had and started making PPE for front line workers. When we realized we couldn’t keep up with the demand, we shared our design with other companies in an effort to get as much PPE to the front line as we possibly could. When lockdown orders when into effect, we opened up our national network of dentists to the public free of charge. Anyone could email us asking a question about their dental health and we would provide a free consultation. When we took these steps, we were thinking about the health of our nation not the health of our business. The COVID-19 pandemic introduced a generation-defining state of emergency, and we made the human decision to contribute to the solution. Incredibly, that choice turned us into a company that consumers were proud to align themselves with. Business boomed. Our authentic desire to help others wound up boosting our business in ways we did not anticipate or plan for. Do not second guess your desire to do good. Lean into it instead. 

As I look to the future, I am confident that the lessons I applied to Byte can be applied universally, and that the repetition of the same model will lead to success. At the same time, I am confident that there are always new lessons to be learned with every new venture. I am excited about what the future holds for me, and look forward to learning even more as I go.