The Wise Exit: Recent Episodes
Todd Sullivan
The Wise Exit is an open dialogue with fellow founders and former business owners sharing real stories and offering honest advice around selling their companies to some of the top acquirers in the world.
Beyond the entertaining and educational exit stories, host and M&A Advisor, Todd Sullivan is here to help demystify the Mergers & Acquisitions (M&A) process. For example:
- How much is my business worth?
- What is Net Working Capital?
- When should I get a Quality of Earnings analysis
- Should I hire an Investment Banker, M&A Advisor, or Business Broker?
- When do I talk to my Key Employees about a possible transaction?
We hope you enjoy... and learn a few things along the way!
https://exitwise.com/
E51: THIS WEEK'S GUEST - PROFESSOR JOE O'MAHONEY
In this episode, Joe talks about:
- How his personal M&A experience helps improve his consultancy for his clients
- How professional service firms are valued during an M&A transaction
- What great companies do to prepare for an exit
- How AI is disrupting the M&A world and what founders and entrepreneurs can do to leverage it
GUEST BIO:
Professor Joe O'Mahoney, an industry specific business consultant who built and sold his own company in 2007.
Since his exit, Joe has been using his personal experience in M&A to help business owners successfully grow and exit their boutique consultancy businesses. Over the years, Joe has provided consultancy for many of the world's largest consulting firms, including McKinsey and Company, IBM, Deloitte and Bain.
And today he is the professor of consulting at Cardiff University and Advisory Board member at several high growth businesses.
We hope you enjoyed my conversation with Professor Joe O'Mahoney.
WHERE TO FIND PROF. JOE O'MAHONEY:
LinkedIn
X (Twitter)
EPISODE REFERENCES AND READING MATERIAL:Joe O'Mahoney Dot Com
Free Resources To Help Your Firm Grow
The Consulting Growth Podcast
Questions To Ask Potential M&A Advisors When Selling Your Boutique (blog)
How Much Is My Business Worth (Exitwise Valuation Calculator)
E50: THIS WEEK'S GUEST - OLIVER LOW
In this episode, Oliver talks about:
- Finding the right buyer for your startup (private equity, family office, strategic buyer, or holding company)
- The value of surrounding yourself with M&A expertise when selling your business
- How selling in the "4th inning" can often lead to better liquidity and professional options
GUEST BIO:
Oliver started his career at Microsoft in 2006. He spent time at MySpace from 2008 to 2010 and then launched a digital agency called Platform360, a B2B agency which was purchased by a strategic acquirer Silverbullet in 2018. After the acquisition, Oliver joined Silverbullet and helped take the company public in 2019, where his team is still benefiting from the acquisition structure Oliver and his M&A team designed.
Oliver currently runs Tiny Studio, a venture studios that sits within Tiny.com. Tiny is a holding company which was started to invest in and acquire companies. Oliver now sits at the center of helping make the Tiny portfolio companies grow.
We hope you enjoy the conversation with Oliver Low.
WHERE TO FIND OLIVER LOW:LinkedIn
X (Twitter)
Oliver Low's Newsletter
EPISODE REFERENCES AND READING MATERIALS:
More about Tiny dot com
The Ticking Clock of M&A: How Delays Can Kill The Sale of Your Business (blog)
Are You Prepared To Sell Your Business? (blog)
How Much Is Your Company Worth?
E49: THIS WEEK'S GUEST - JONAH MIDANIK
In this episode, Jonah discusses:
- The value of putting an entrepreneurial win on the board
- Deciding to step down from the CEO role to prepare his company for its next stage of growth
- Advice for fellow founders thinking about fundraising and the M&A process
GUEST BIO:
Jonah has been fortunate to see the startup journey from many different perspectives. First, as a successful bootstrapped founder of Casino Media Group, an advertising agency focused on the online gaming sector (becoming the agency of record for PokerStars and Bet365).
After selling to Immersion Media in 2008, Jonah used his advertising, gaming and technical talents to help the UFC develop the first legal online betting platform in the United States (ultimately powering the first legal hand of online poker live in the U.S.).
Jonah then went on to found Limelight, a venture backed company focused on live events. After finding significant success, Jonah stepped away from the CEO role to sit on the board of Limelight and spend his time helping companies grow at a different kind of venture capital firm called Forum Ventures.
WHERE TO FIND JONAH MIDANIK:
Limelight Platform - https://www.limelightplatform.com/
Forum Ventures - https://lp.forumvc.com/pitch-us-form
LinkedIn - https://www.linkedin.com/in/jonahmidanik/
Twitter - https://twitter.com/midanik_jonah
E48: ELISE MITCHELL - 3 TIME FOUNDER & CEO and TIGER 21 CHAIR
Today, my guest is Tiger 21 chair and three-time entrepreneur Elise Mitchell, who founded Mitchell Communications Group, which was named a top ten fastest growing PR firm globally.
Elise was named PR Week's Public Relations Professional of the Year and a top 50 power player in PR. She's also the author of Leading Through the Turn. Under Elise's Leadership, her agency grew initially using an outsourced talent model while landing global brands, including Walmart, Procter and Gamble, Hilton Hotels and Tyson Foods. Her company was a two time Inc 500/5000 fastest growing company.
And in 2013, Elise successfully completed a strategic sale of her company to global ad agency powerhouse Dentsu. In this episode, Elise and I discuss how she learned to turn adversity into opportunity to launch her business. Why you should take calls from prospective acquirers even if you don't want to sell your business, and how setting your business and team up for success after you're gone is the true measure of a great exit.
I hope you enjoyed my conversation with Elise Mitchell.
EPISODE 48 SHOW NOTES AND REFERENCES:
EliseMitchell.com and Velocity Collective LLC: https://elisemitchell.com/
"Leading Through The Turn" (McGraw Hill): https://www.amazon.com/gp/product/125986099X/ref=dbs_a_def_rwt_bibl_vppi_i0
Mitchell Communications acquired by Dentsu: https://talkbusiness.net/2013/01/mitchell-communications-acquired-by-dentsu/
How To Handle Inbound Interest: https://exitwise.com/blog/someone-just-offered-to-buy-your-company-now-what
WHERE TO FIND ELISE MITCHELL:
LinkedIn: /elisemitch
Twitter: @elisemitch
WHERE TO FIND TODD SULLIVAN (HOST, M&A ADVISOR, AND CEO of EXITWISE):LinkedIn: /toddfsullivan
Twitter: @Todd_Sullivan
E47: SVEN MILDER - FOUNDER, STARTUP ADVISOR, and M&A EXPERT
Today, Todd Sullivan talks to Sven Milder, a serial entrepreneur who has built, purchased and sold multiple companies throughout Europe and Southeast Asia.
Sven understands how to raise capital, how to leverage low cost workforces, and how to use technology to improve efficiencies and profitability in any business he's involved in. Sven shares how he thinks about fundraising for startups, why he's now buying profitable companies as platforms for growth, and using technology to support his M&A endeavors.
Sven's Experience:
Over the last decade Sven has helped 300+ Founders Raise US$140M+ in capital and supported US130M+ in acquisitions. In that same time he's launched, grew, scaled & exited 2ventures.
Sven's Expertise:
Sven is an expert in funding, acquisitions and company turn arounds for scalable businesses under 90 days. By delivering you fast track growth, he is able to make an impact in your and his world.
I hope you enjoy the conversation with Sven Milder.
EPISODE 47 SHOW NOTES AND REFERENCES:
Pitch-House: https://pitch-house.com/
Founders Tribe Newsletter: https://founderstribe.xyz/newsletter
Beyond Venture Capital: Exploring Funding Options for Entrepreneurs in 2023
WHERE TO FIND SVEN MILDER:
LinkedIn: /svenmilder
Twitter: @svenmilder
WHERE TO FIND TODD SULLIVAN (HOST, M&A EXPERT, AND CEO of EXITWISE):LinkedIn: /toddfsullivan
Twitter: @Todd_Sullivan
E46: MELISSA KWAN - 3X BOOTSTRAPPER / CEO OF EWEBINAR
Join Todd Sullivan in a conversation with Melissa Kwan, the co-founder and CEO of eWebinar, a top automated webinar platform. Prior to eWebinar, Melissa spent 13 years building three successful companies without venture capital backing. Her last company, Spacio, became the real estate industry's number one open house sign-in solution, helping agents automate lead capture and follow up.
Melissa sold Spacio in 2019 to a strategic buyer. After years of struggling to build her company with virtually no resources, our fellow founders will easily relate to Melissa's story, especially those who have not had the benefit of venture capital funding.
From eating one meal a day to reduce our personal burn to growing Spacio to over 100,000 users and selling for mid-seven figures. Melissa Kwan gives our listeners a good look into the expectations versus reality of building and exiting a successful SaaS business.
We hope you enjoy the conversation with Melissa!
EPISODE 46 SHOW NOTES AND REFERENCES:
HomeSpotter Acquires Open House Innovator Spacio - https://blog.homespotter.com/2019/01/17/homespotter-acquires-spacio/
eWebinar - https://ewebinar.com/automated-webinar-library
The 10 Aha! Moments That Got Us to Acquisition While Maintaining 94% Control - Part 1 of 2 | Part 2 of 2
The 10 non-negotiables that led me to start eWebinar
Design the life you want to lead (not around the next demo)
PROFIT LED Podcast, hosted by Melissa Kwan - https://ewebinar.com/podcast
WHERE TO FIND MELISSA KWAN:
LinkedIn: /melissakwan
Instagram: @themelissakwan
Twitter: @themelissakwan
WHERE TO FIND TODD SULLIVAN (HOST, M&A EXPERT, AND CEO of EXITWISE):LinkedIn: /toddfsullivan
Twitter: @Todd_Sullivan
E45: Ryan Vaughn - Executive Coach/Founder of Inside Out Leadership
Today Todd Sullivan is joined by Ryan Vaughn, the founder of VNN Sports, one of the largest marketing platforms in the U.S. for high school sports.
Ryan caught the entrepreneurial bug at an early age when he started selling Pogs to his classmates in the fourth grade. Through the following years of self-discovery, as well as trial and error, Ryan raised capital and willed VNN to life. Ryan made the decision to personally exit his business in 2020 and now coaches, executives and founders through their entrepreneurial journeys at his latest company, Inside Out Leadership.
Today, Ryan and I talk about the resiliency and optimism required for entrepreneurs to build a company against serious headwinds that are often hard to anticipate. We talk about how lonely it can be in the CEO seat when making major decisions that can seriously affect the lives of your family, partners and employees. And finally, we debate when a founder should personally exit the business to focus on his or her next stage of life and leave part of their entrepreneurial legacy in the hands of others.
I hope you enjoy my conversation with Ryan Vaughn.
Where To Find Ryan Vaughn:
LinkedIn - https://www.linkedin.com/in/ryanhvaughn/
Twitter - https://twitter.com/RyanHVaughn
Inside Out Leadership - https://www.leadinsideout.io/
Where To Find Todd Sullivan (Host, M&A Expert, and CEO of Exitwise):
LinkedIn - https://www.linkedin.com/in/toddfsullivan/
Twitter - https://twitter.com/Todd_Sullivan
Exitwise - https://exitwise.com/
Email - todd@exitwise.com
E44: Ryan Landau - Founder/CEO of Purpose Jobs and Startup Community Champion
Today Todd Sullivan is joined by a great friend, multi-time founder, and Iron Man Athlete, Ryan Landau.
Ryan, along with his brother Andrew, built Chalkfly, a company that helped transform how school and office supplies are purchased online. Launched in 2012, Chalkfly was among the fastest growing early stage e-commerce companies out there. It was quickly acquired by Global Office Solutions in under three years.
Ryan's one of the most introspective and corporate culture conscious founders that I know. It's not easy to make the decision to sell your business so quickly. But Ryan has some great stories and great advice for all of us who may be thinking about selling our business in the early innings.
I hope you enjoy the conversation with Ryan Landau.
Where To Find Ryan Landau:
LinkedIn - https://www.linkedin.com/in/ryanlandau/
Twitter - https://twitter.com/RyanKLandau
Purpose Jobs - https://www.purpose.jobs/
Where To Find Todd Sullivan (Host, M&A Expert, and CEO of Exitwise):
LinkedIn - https://www.linkedin.com/in/toddfsullivan/
Twitter - https://twitter.com/Todd_Sullivan
Exitwise - https://exitwise.com/
Email - todd@exitwise.com
E43: Craig Dickens - Entrepreneur and CEO of JD Merit Investment Bank
Today, Todd Sullivan's guest is Craig Dickens, a serial entrepreneur with thirteen exits, who decided to start an investment bank to help demystify the M&A process and help fellow founders create the exits they deserve.
Craig is one of the investment bankers on the Exitwise platform, and we decided to have on to share his particular expertise for guiding first time sellers to not leave money on the table when selling their companies. In today's discussion, we chat about what to watch out for with unsolicited offers. We talk about translating emotion into finance by educating our clients before and throughout the entire sale process.
And finally, we share why all business owners should have an investment banker on speed dial years before you're ready to sell your business.
I hope you enjoy my conversation with Craig Dickens.
Where To Find Craig Dickens:
LinkedIn - https://www.linkedin.com/in/craigdickens/
Twitter - https://twitter.com/DickensCraig
Where To Find Todd Sullivan (Host, M&A Expert, and CEO of Exitwise):
LinkedIn - https://www.linkedin.com/in/toddfsullivan/
Twitter - https://twitter.com/Todd_Sullivan
Episode 43 Show Notes & References:
Beware of the Pre-emptive Offer – https://jdmerit.com/beware-of-the-preemptive-offer/
Trifecta of M&A - https://jdmerit.com/the-trifecta-of-ma/
BoomerPreneurs – secure your legacy https://jdmerit.com/boomerpreneurs-secure-your-legacy/
Managing Emotions in M&A Process https://jdmerit.com/managing-emotions-in-an-ma-deal-2/
Why Have an Investment Banker on Speed Dial - https://jdmerit.com/investment-banker-on-speed-dial/
MySwimPro - https://myswimpro.com/
NIX Biosensors - https://nixbiosensors.com/
Mergers & Acquisitions Explained: Quality of Earnings Q&A - https://exitwise.com/blog/mergers-and-acquisitions-explained-quality-of-earnings-q-and-a
The Importance of Quality of Earnings When Selling Your Business - https://exitwise.com/blog/the-importance-of-quality-of-earnings-when-selling-your-business
42: Today, join Todd Sullivan in his conversation with Nick Huber, a serial entrepreneur who has leveraged his substantial social media audiences to drive incredible value for his businesses and for the entrepreneurs who he advises and invests in with.
With a partner, Nick built his first storage service business right out of college, but decided to sell the business to focus on building a self-storage and real estate empire. Nick and Todd talk about how he used his first company to learn how to make money, how to delegate work, and how to uncover bigger opportunities. Nick also shares how every business owner should be building their audience through social media to leverage this often untapped distribution channel for their businesses.
I hope you enjoy my conversation with Nick Huber.
Where To Find Nick Huber (Guest):
LinkedIn - https://www.linkedin.com/in/sweatystartup/
Twitter - https://twitter.com/sweatystartup
Business Brokerage - https://nickhuber.com
Personal Brand - https://sweatystartup.com
Self Storage - https://boltstorage.com
Bold SEO - https://boldseo.com
Insurance - https://titanrisk.com
Recruiting - https://recruitjet.com
Landing Page / Web Development - https://webrun.com
Overseas Staffing - https://supportshepherd.com
Debt and Equity - https://bluekeycapital.com
Tax Credit - https://taxcredithunter.com
Cost Segregation - https://recostseg.com
Performance Marketing - https://adrhino.com
Pest control - https://spidexx.com
Where To Find Todd Sullivan (Host):
LinkedIn - https://www.linkedin.com/in/toddfsullivan/
Twitter - https://twitter.com/Todd_Sullivan
E41: Join Todd Sullivan and Mac Lackey, a serial entrepreneur who's built and sold six businesses with multiple eight figure exits to NBC Sports and News Corp, just to name a few.
Mac has been featured on CNN, The Wall Street Journal, Fast Company, USAToday and The New York Times, and now spends his time working with business owners through his extraordinary program called ExitDNA, which helps grow businesses from tens of millions to hundreds of millions of dollars so they can be sold for maximum value. Mac and I not only talk about his insights to business growth and maximizing exits, but we also have some fun learning how he went from playing pro soccer out of college to buying a professional soccer team after selling his last business.
I hope you enjoyed the conversation with Mac Lackey.
Where To Find Mac Lackey (Guest):
- LinkedIn: https://www.linkedin.com/in/maclackey/
- Twitter: https://twitter.com/MacLackey
- YouTube: https://www.youtube.com/maclackey
Episode 41 Required Reading, Listening & Viewing:
- Creating The Exit Opportunity - Mac Lackey eBook
- ExitDNA - Mac's platform to help founders create a powerful OPTION to exit on their timeframe, terms and at maximum value
- Algeciras Club de Futbol - In March, 2023, Mac officially became a part-owner of the Spanish futbol club, Algeciras FC
- MacLackey.com
Where To Find Todd Sullivan (Host):
- LinkedIn: https://www.linkedin.com/in/toddfsullivan/
- Twitter: https://twitter.com/Todd_Sullivan
Thanks so much for joining us this week. Want to subscribe to the CASHING OUT PODCAST? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!
Join Todd Sullivan and Greg Head, a software and SaaS expert with multiple exits under his belt, as they discuss his background building exceptional businesses, the experiences that shaped his view of Venture Capital as a growth vehicle, and his path to becoming a champion for practical founders everywhere.
Greg not only explains how venture capital often imposes unrealistic growth requirements, but he also emphasizes how founders who retain their equity experience larger personal financial wins when it comes time to sell their businesses.
Greg is a 30-year software industry veteran who was part of the startup-to-scale journeys of three different software companies in the CRM industry, including one IPO.
Today, Greg spends his time mentoring SaaS founders on the value of bootstrapping their companies to retain equity, ownership and control of the business decisions.
I hope you enjoyed the conversation with Greg Head.
Where To Find Todd Sullivan (Host):
- LinkedIn: https://www.linkedin.com/in/toddfsullivan/
- Twitter: https://twitter.com/Todd_Sullivan
Where To Find Greg Head (Guest):
- LinkedIn: https://www.linkedin.com/in/gregheadaz/
- Twitter: https://twitter.com/GregHead
Episode 40 Required Reading, Listening & Viewing:
- Practical Founders podcast
- Practical Founders Peer Groups
- Gregslist.com - Gregslist is the curated up-to-date list of local software and SaaS companies in 12 major cities in North America.
- Scaling Point - Helping practical software startup founders grow and create valuable companies without big funding.
Thanks so much for joining us this week. Want to subscribe to the CASHING OUT PODCAST? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!
Today our guest is Derek Gaskins, a good friend and founder of Retail Bloom (now Blue Wheel Media), a full service e-commerce and digital marketing company, which Derek created inside the walls of his family's third generation business, Aleva Stores. Derek grew this business quickly and then separated it from his family's business to sell it to a private equity firm in a very creative and lucrative transaction.
Derek is an e-commerce and digital marketing visionary and in today's discussion shares his advice on how to value a business inside a parent company, when to sell your business, and how to structure a transaction to really bet on the future.
Where To Find Todd Sullivan (Host):
- LinkedIn: https://www.linkedin.com/in/toddfsullivan/
- Twitter: https://twitter.com/Todd_Sullivan
Where To Find Derek Gaskins (Guest):
- LinkedIn: https://www.linkedin.com/in/dgaskins/
- Twitter: https://twitter.com/derekgaskins
Episode 39 Required Reading, Listening & Viewing:
- Aleva Stores
- Blue Wheel (formerly Retail Bloom)
- The Story of Aleva Stores - Derek Gaskins on the The Pre W. Smith Show
- Unveiling the Power of Rollover Equity
Thanks so much for joining us this week. Want to subscribe to the CASHING OUT PODCAST? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!
Join Todd Sullivan and Kim Kaupe, Founder of Bright Ideas Only and weekly host of the Coffee With Kim podcast, as they discuss her journey to entrepreneurship and the adventures of creating a number of ultra-successful businesses and media agencies.
Kim also dives into the experience of trying to sell one of her business in 2022, and the decision to pull out of the deal because it was not aligning with her values.
Kim thinks of herself as an “accidental entrepreneur” who uses her business education to garner success in the experiential marketing space. She’s worked with industry pillars such as Oprah, KISS, and The New York Mets to bring one-of-a-kind experience to fans around the world.
Her previous companies, ZinePak and The Superfan Company, garnered global praise. From being named one of The Wall Street Journal’s "Startup of the Year" to being featured on Season 5 of ABC’s hit primetime show, Shark Tank, securing offers from 4 out of 5 sharks.
Kim has been featured on Forbes 30 Under 30, Advertising Age’s 40 Under 40, Inc.’s 35 Under 35 and been awarded EY’s Young Innovator of the Year Award. She regularly contributes commentary on business, entrepreneurship and entertainment to media outlets such as Rolling Stone, Forbes and Entrepreneur in addition to being featured on television networks, such as her appearance as a judge for 2019 Miss USA pageant LIVE on Fox.
Where To Find Todd Sullivan (Host):
- LinkedIn: https://www.linkedin.com/in/toddfsullivan/
- Twitter: https://twitter.com/Todd_Sullivan
Where To Find Kim Kaupe (Guest):
- LinkedIn: https://www.linkedin.com/in/kimkaupe/
- Twitter: https://twitter.com/kimkaupe
- Instagram: https://www.instagram.com/kimkaupe/
Episode 38 Required Reading, Listening & Viewing:
- Bright Ideas Only
- Coffee With Kim Podcast
- Shark Tank, Season 5 Episode - ZinePak
Thanks so much for joining us this week. Want to subscribe to the CASHING OUT PODCAST? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!
This episode is Part II of a two-episode series. If you haven't listened to Part I, we invite you to listen to it first before enjoying this episode.
Today, based on multiple requests from our listeners, my friend, fellow entrepreneur, and co-founder of Exitwise, Brian Dukes is going to interview me, Todd Sullivan, to help our listeners learn a little bit more about my background and how we came to start Exitwise. We'll take you through the four companies I've started and sold while sharing a few memorable stories about my co-founders, investors, customers, and acquirers that have made my professional journey worth the risk, the sacrifices, and the emotional rollercoaster that is entrepreneurship.
A few highlights:
(3:53) ... How Todd found himself on the "Tech Crunch 50" stage with Jason Calacanis
(9:19) ... How Peter Karmanos helped Todd get Crowd Zone installed in the Carolina Hurricanes stadium
(22:02) ... Getting Dan Gilbert's business card, and how Dan helped Todd relaunch Spirit Shop
(33:42) ... The creation of Exitwise
We hope you enjoy our conversation.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today, based on multiple requests from our listeners, my friend, fellow entrepreneur, and co-founder of Exitwise, Brian Dukes is going to interview me, Todd Sullivan, to help our listeners learn a little bit more about my background and how we came to start Exitwise. We'll take you through the four companies I've started and sold while sharing a few memorable stories about my co-founders, investors, customers, and acquirers that have made my professional journey worth the risk, the sacrifices, and the emotional rollercoaster that is entrepreneurship.
A few highlights:
(9:36) ... How professional hockey led to the creation of the first big product of Todd's career
(18:10) ... The creation of Capball, a meeting with Toys R Us, and a chaotic trip to pitch the product
(29:03) ... The Michigan (Ross) MBA program, and the creation of Spirit Shop
This is the first part of a two-part series. We hope you enjoy our conversation.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today I have a special guest friend and former personal mentor, Jeff Ma.
Jeff is best known as a former member of the MIT Blackjack team who won millions in the mid 1990’s. Jeff's success was the basis of the main character of a New York Times bestselling book, “Bringing Down The House”, and the highly successful movie “21”. Because of his focus on data and analytics, Jeff's success at the blackjack table translated well into his prolific entrepreneurial career.
Jeff and his teams built and sold Circle Lending to Virgin, Citizen Sports to Yahoo, and finally, tenXer to Twitter. Jeff has worked as a consultant to the San Francisco 49ers, the Portland Trail Blazers and a major sports apparel brand, helping them to make better decisions using data and analytics. His most recent book, "The House Advantage: Playing the Odds to Win Big in Business" was a business bestseller and draws on his unique experiences at the table and in the sports world creating a truly accessible work about business analytics. Jeff is passionate about how data and better visibility into one's performance can make people better.
Today Jeff and I discuss how his experiences at the poker table helped him build valuable companies and how he knew when to pick up his chips, leave the table and cash out.
I hope you enjoy my conversation with Jeff Ma.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today, I have a special guest, friend - home improvement entrepreneur, Brian Elias. With just $5K in savings, Brian started and built 1-800 Hansons, a company selling replacement windows, siding and roofing in the Midwest. Brian built Hansons to more than $70M in sales and today Hansons is one of the top 10 home improvement companies in the US. In 2017 Brian sold the majority of his share in Hansons to a private equity firm, Huron Capital.
Brian is a marketing genius who understands how to connect with people on a personal level and he is always willing to give back to his fellow entrepreneurs. Today Brian and I chat about his decision to sell his business, how he prepared his business to
maximize his sale price and his decision to roll some of his equity back into the business alongside his buyer in hopes of a second liquidity event.
I hope you enjoy my conversation with Brian Elias.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today I have a special guest, friend and prolific entrepreneur, Jay Adelson.
Jay is a serial entrepreneur, having co-founded and built countless significant companies over the last 20+ years:
- Founded Equinix (EQIX) in 1998, eventually helping drive to a successful IPO
- Helped launch Digg, Inc. and providing initial business strategy, taking the role of CEO beginning in 2005
- Co-founded Revision3, holding roles of CEO and then as Chairman until their sale to Discovery Communications
- CEO of SimpleGeo, and led the sale to Urban Airship in November, 2011
- Co-founded Opsmatic, serving as Chairman and led the sale to New Relic in October, 2015
- Currently serves as Chairman and Co-founder at Scorbit, a connected gaming company
- Currently a Co-founder and General Partner of venture firm Center Electric, LLC
Jay's incredible entrepreneurial talents are second to none, so it comes as no surprise that in 2008, Time Magazine named Jay one of the Top 100 Most Influential People in the World.
Jay shares some of the lessons he's learned so we can all be a little smarter when it comes time to sell our businesses someday.
I hope you enjoy my conversation with Jay Adelson.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today I have a special guest and friend who's been through an IPO and sold his last company to Microsoft.
Stephen Cox created his first success as an early employee at PurchasePro, a B2B eCommerce platform, which went public in 1999. Steven followed that up by building TakeLessons, an online music lessons platform to help other musicians and educators connect with students in person and online. Steven, his team and his investors did not find instant success with Take Lessons, but they never gave up.
And 14 years later, having raised 19 million from 14 different investors in three rounds, his company TakeLessons became one of the largest live educational sites on the web and was purchased by Microsoft in 2021.
Steven Cox shares how he was able to earn, in his words, the emotional equity to convince his board to increase the equity share for some key employees and co-founders of TakeLessons who are not only instrumental in building the take lessons business, but who are critical in making the sale to Microsoft happen.
Today's episode is for founders who may find themselves needing to ask investors and their board for a bigger piece of the pie for key employees or themselves to get everyone aligned around the sale of a business. I hope you enjoy my conversation with Steven Cox.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Brandon started in investment banking at Goldman Sachs and then jumped to private equity to learn the tricks of the trade. After graduating from Harvard Business School, Brandon not only started a company, but he also worked in strategy and in M&A roles in multiple industries. Ultimately, Brandon discovered his life changing opportunity as an independent sponsor by purchasing and rolling up dental practices in the Midwest.
Five years later, after building up a significant business, Brandon and his partner were approached by a much larger organization to be acquired.
For many independent sponsors, buying a business takes incredible skill, patience and persistence. Success does not happen overnight, and it takes real sacrifice. Brandon's story is one of systematic and tireless pursuit of improving his personal business skillset while diligently searching for his big opportunity.
We hope you enjoy our conversation with Brandon Halcott.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Larry is a recognized industry expert in the field of Customer Experience and the author of two books, Managing Forward and recently published Innovating Analytics.
Larry founded ForeSee Results to provide multichannel customer satisfaction analytics and analysis to clients worldwide in a variety of industries including retail, government, healthcare, finance, education and more. Larry grew the company from inception to a successful exit at the end of 2013.
In this episode, Larry tells the story of an extremely complicated dual sales process - preparing the company for IPO while also negotiating with a Private Equity firm on a full sale of the business. Listen to hear how Larry managed both paths, and how the story eventually turned out.
We hope you enjoy our conversation with Larry Freed.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Shane Bliemaster has the interesting perspective of working for three companies that were acquired, the last of which was his own.
He went through his first M&A transaction as an employee of Peanut Labs, which was acquired by e-Rewards in 2010. Then he was part of the founding team of MoviePass, which was acquired in 2017. And finally, his last exit was as the founder of Marketing Supply Company, which he sold to Phenomenon in 2021.
Now because of Shane's previous experience with M&A, he decided to sell this last business without hiring an investment banker. In today's conversation, we'll explore how he made that decision, any advice he has for our fellow founders that might be in a similar position, and in hindsight, did he make the right call?
We hope you enjoy our conversation with Shane Bliemaster.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Josh has been the founder and CEO of five tech companies, which sold for a combined value of over 200 million. He's an internationally recognized expert on innovation and the author of four books on the subject. Josh is an accomplished venture capitalist as founding partner of both Detroit Venture Partners and his latest firm, Mudita Venture Partners.
In today's episode, Josh goes deep into his entrepreneurial journey at ePrize - a desperate search for investment, mid-stream offers, a recapitalization of the business, a well thought succession plan, and an incredible exit. Josh also highlights his experiences with both highly qualified & specialized bankers, as well as one banker that cost him several million dollars in his first exit.
We hope you enjoy our conversation with Josh Linkner.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
On today's episode we hear from Rick Marini. Rick is a serial entrepreneur with 25 years of operating and investing experience in the technology space. He founded and successfully sold 3 companies (Tickle, BranchOut and Talk.co). He is an active angel investor in 50 tech start-ups including 17 unicorns (including Snapchat, Reddit, Opendoor, and AngelList). In 2018, Rick was named a "Top 50 Angel Investor" by Forbes.
Rick is also the Co-founder & Managing Partner of Catapult Capital - a private equity firm that focuses on transactions in the Internet, advertising, media, consumer and broader technology sectors. Full buyouts include Grindr and JibJab. Rick currently serves as the COO of Grindr and on the Board of Directors for JibJab.
Rick was the Founder & CEO of BranchOut, the largest professional network leveraging the social graph with more than 800 million professional profiles. BranchOut raised $49 million in funding from Accel, Redpoint, Mayfield, Norwest and Floodgate. In 2014, BranchOut was acquired by a publicly-traded recruiting company.
Rick was Founder & CEO of Talk.co, an enterprise messaging app. In 2014, Talk.co was acquired by Hearst Corporation. Rick ran the Digital Innovation Group at Hearst from 2014-2016.
In 1999, Rick co-founded Tickle.com, one of the largest social media sites on the Internet. In 2002, Tickle won the “Rising Star” Webby Award as the fastest growing site on the Web. Tickle grew to more than 200 million registered users and was a top 20 Internet site. In 2004, Monster Worldwide acquired Tickle for $100 million.
Beyond Rick's depth of knowledge and experience, he is an amazing human being - he generously gives his time to coach and mentor early-stage companies and is a huge advocate for new founders looking for advice, support, and investment in Silicon Valley.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Today, Itai Ben-Gal joins the podcast to talk about how he took his passion for home audio and video to build, scale, and eventually sell iRule to a strategic investor. You'll learn how he raised capital through a variety of channels - angel funding, venture capital and strategic investors, navigated a complicated sale, and how he and his business partner managed a very complex earn-out. He even talks through how he used his iRule exit to "accidentally" start his next company, Nerdy Bunny.
Itai has some of the best personal and professional advice we’ve ever heard for our fellow founders going through and M&A process - we hope you enjoy the conversation with Itai.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
Ben Lewis has had two significant exits that we cover in Episode 1 of Cashing Out.
The first was Tapjoy, an extremely successful mobile ads platform doing more than $100M in revenue, which Ben sold to Offerpal in 2010. There was a big internal debate of whether Ben and his co-founder should sell the business when they did, and what ultimately happened with the business.
Ben's next business was called Karma Science which was a social commerce app focused on helping people give meaningful gifts from their mobile phones. Karma was acquired by Facebook just hours before Facebook went public in 2012 - there are a ton of learning that came out of that experience, and there are a few great Mark Zuckerberg stories, as well.
This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.