In 2008, MyCorporation.com CEO Deborah Sweeney worked as an employee with Intuit running MyCorporation, which at that time was a division of Intuit. "Despite amazing resources and expert team members each working in their own area of expertise," said Deborah, "the division was too small to truly succeed under a large corporation. Even making the smallest of changes was difficult to fully execute, and remaining nimble in a corporate environment was hard especially with the economy suffering as it was around the same time that Lehman Bros. filed for Chapter 11 bankruptcy."
"Intuit was undergoing significant changes. What would happen to MyCorporation? My husband and bankers and I discussed it and decided it would be viable to offer to purchase the division, even though the purchase was a tremendous risk. I proposed the idea to my boss semi-informally and he said it could be a viable option but he wanted me to present all options relative to the business. I put together a presentation and a few months later I heard back that Intuit was interested in selling the business to me. I believed in the business, the customers, and the employees wholeheartedly, and since Intuit is wonderfully pro-customer, pro-employee and known for doing right, they wanted me to work hard at demonstrating that the employees would remain in a good position, that I would retain the current benefits, that we would hire the employees who were then employed by Intuit and that we would transition the customers seamlessly."
"Having started my career as a lawyer and now transitioning to the role of a soon to be small business owner, I believed that I could make this happen. I put together documentation to demonstrate to the leaders at Intuit (and my bankers) that I could execute a successful business transition and a month later received the call – they were going to sell MyCorporation to me and now the legal portion of the process was about to begin. It was a fairly smooth process overall and in July 2009, Intuit announced my purchase of MyCorporation publicly."
"With that behind me, we were off to the races! We had to separate our systems, find a new location for the company, and notify the team and offer them positions (all of them accepted). While we were prepping to move, we went about the moving process while continuing to offer our customers the very best in customer service. This was now my business so we couldn’t afford to drop the ball on anything!"
"Ever since then, MyCorporation has never been more in sync with one another when it comes to working together. We come up with ideas, we iterate, we develop, we test, and we launch. If it works out, that’s awesome! If not, no worries – moving right along to the next idea. Our team learns from what we work on and in any and all stages of development, we give it 100% of our hard work and effort. That, to me, is one of the most important things about leadership – the ability to get the right people on your team and get them to deliver on their best work while inspiring them along the way and showing them how passionate you are about what they’re doing. When a leader gives it her all, the team will follow. I entrust the team to work hard, both on their own and as a group. I take a leadership approach that enables the team to be flexible and creative, and we hold each other accountable so that we get the most of out our hard work."
"We have ideas, we test, and we learn. We work alongside great partners, including TurboTax CPA Select by Intuit and believe that our strong partnerships can lead to being even more successful with the business. We talk with customers, get their feedback, and then come up with even more ideas. It’s a great cycle and one that has proven to be very successful for us here at MyCorporation. Buying MyCorporation from Intuit was a huge risk and required a lot of trust in my team, in Intuit’s team, and especially in myself. Nothing ventured is nothing gained and we did it! We believed we would and could and we made it happen. It was a team effort, from start to finish, and I couldn’t have it any other way."
MyCorporation is the online legal filing services company for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. Follow Deborah on Google+ and on Twitter @deborahsweeney and @mycorporation.