Was it wise to sell 16 Handles?

Franchise Times published this great article written by Beth Ewen about the new owners of 16 Handles and it got me thinking, should I have sold company?

Collins Dictionary defines wisdom as?the ability to use your experience and knowledge in order to make sensible decisions or judgments.

The 16 Handles journey is “only” in its 15th season. I didn’t create the brand to just sell froyo when it was a growing fad. I always dreamed of creating a lasting brand that people would love for generations to come.

Here is some history of me and the new Owner/CEO.

Me:

1. I moved to NYC at 27 years old to open the first location in 2008 when the economy was distressed and uncertainty was high
2. Outmaneuvered the froyo competition with grit and creativity
3. Expanded through franchising and broadening the category with dietary celebrations and additional soft serve formats (eg. ice cream, plant based)
4. Sought and adopted early tech solutions for efficiency (POS, Mobile App, Social Media)
5. Collaborated with individuals and brands that resonated with my target audience

Neil Hershman:

1. Bought 16 Handles and became CEO at 27 when the economy was distressed and uncertainty was high
2. Competed in ultratriathlons, summited Mt. Everest, and opened a location in Times Square during the pandemic
3. Is expanding through national franchise development and broadening the category with acquisitions and offerings
4. Testing and improving tech solutions for efficiency
5. Brought on Danny Duncan as investor, co-owner, and Chief Concept Officer to reach the next generation of consumers

I bought my first e-scooter after watching Neil get to and from his stores and my office for meetings. I started running after turning 40 in 2020 and asked Neil for tips to train for the NYC Marathon. We would occasionally meet up and run along the East River in the morning and discuss/debate what was and wasn't working well in the business. Neil would often share what he was doing to make improvements at his stores.

So you see, selling 16 Handles to Neil and Danny felt more like I was passing the baton in a a long distance relay race of brand building. Who better to than someone who isn't satisfied after completing quintuple triathlons and summitting the highest peaks in the world, and a partner who entertains and influences millions of next-gen consumers ?

Sounds sensible to me. Don’t you think??