Built to Sell Radio is a weekly podcast for business owners interested in selling a business. Each week, we ask an entrepreneur who has recently sold a business why they decided to sell their business, what they did right and what mistakes they made through the process of exiting their business. Built to Sell Radio is the ultimate insider's guide to approaching the most important financial transaction of your life.
Ep 408 Why Thompson Reuters Paid $124 Million for a $9 Million Business with Jon Coss, Founder of Pondera Solutions
When Jon Cross founded Pondera Solutions in 2011, his goal was to reduce fraud in U.S. government programs like Medicaid and Unemployment Insurance. By 2020, Cross and his partners had built Pondera to more than $9 million in annual recurring revenue when they received an offer from Thompson Reuters for a reported $124 million.
Ep 407 Bootstrapping His Way to $23 Million Exit with Lloyed Lobo
In 2017 Lloyed Lobo and his partner, Alex Popa, founded Boast, a software application designed to simplify the process of applying for research and development tax credits. The bootstrapped company struck a chord with customers that found the process of applying for R&D tax credits cumbersome. By 2020 Lobo and Popa had built Boast to more than $5 million in revenue when they agreed to a $23 million majority recapitalization from Radian Capital.
Ep 406 Exit, Rest, Restart: Rob Walling on Navigating the Entrepreneurial Lifecycle
At the age of 41, Rob Walling sold Drip, an email marketing software for enough money that he "would never have to work again".
His only problem? Figuring out what to do next.
In this special edition of Built to Sell Radio, we explore how to re-define your purpose and find happiness and fulfillment after you exit your business
Ep 405 Betting It All to Build a $100 Million Outdoor Luxury Empire with Sarah Dusek
Sarah Dusek and her husband started Under Canvass, which offered large-scale tented hotels (think “glamping”) outside national parks around the U.S.
The business got off to a successful start, and within five years, Dusek had four locations, which were collectively generating $3 million in EBITDA. Rather than sit still, Dusek decided she wanted to grow much larger and raised $16 million of capital made up of a combination of equity and mezzanine debt at a rate of 13%, which Dusek personally guaranteed.
The stress of having her entire net worth tied to her business eventually caught up to Dusek, and she decided to sell a majority stake of her business to a private equity group (KSL Capital). Dusek rolled 25% of her equity and stayed on as CEO. By the time she stepped down from her leadership role, Under Canvass was worth more than $100 million.
Ep 404 How Michia Rohrssen Sold Prodigy For 65x Revenue
In 2015, Michia Rohrssen co-founded a SaaS business called Prodigy to help car dealerships sell online. He grew the company to $3.3M in annual revenue when he faced a difficult decision.
Rohrssen thought he could sell Prodigy for around 4-6 times revenue, but after paying off his investors, there wouldn’t be much left over for the founders. That’s when he decided to make a risky pivot to his business model. The change meant a short-term drop in Prodigy’s revenue, while also making it more attractive to strategic acquirers. Ultimately Rohrssen and his co-founder sold the smaller version of his company for a staggering $110 million, or around 65 times revenue.
Ep 403 Should You Hire a COO? with Casey Cavell
Casey Cavell has plenty of party stories: he dropped out of college to become a professional poker player, tried his hand (successfully) at buying self-storage facilities and apartment complexes, and eventually found his way to the business of baseball. More specifically, a franchised baseball academy for 5-10 year olds that he grew to five locations.
Cavell essentially managed two exits from his D-BAT Academy franchises, first selling 66% of the business at a value of $1.5 million and then unloading his remaining equity at a $10 million valuation.
New listener. Now telling others.
Read John’s book years ago (aka pre-Covid when time had meaning). Another business owner put me onto the podcast - I listened to just 1 episode before taking a call for a potential deal - and it was a wealth of valuable info. Thank you!
The Best Podcast For Business Owners
I have been loving this podcast. Unlike other shows, John dives deeply into what it takes to build and successfully sell a business. Packed with so much value! Give it a listen!
I have to tip my hat to John, this podcast is just packed with so much value.
After stumbling upon this show a year ago, I’ve actually approached decisions I’ve made in business in a new way.
Highly recommend to any entrepreneur who finds themselves in the trenches of building business.