In this episode of The Big Exit Show, Marc gives details about Usabilla's significant pivot in 2012, which involved shifting focus to enterprise clients, phasing out less profitable products, and instituting annual contracts. This strategic move led to exceptional revenue growth and helped the company achieve breakeven within nine months. The conversation sheds light on the intricate process of preparing for and executing an acquisition. Marc also emphasizes the importance of aligning shareholder interests, exploring various exit strategies, and ultimately partnering with SurveyMonkey—a decision influenced by their people-focused approach and solid valuation. And finally Marc discusses his post-acquisition experience, including the challenges of adjusting to a new corporate environment and the personal toll during the COVID era. He reflects on his tenure, shares his activities post-exit, and offers advice on the significance of calculated risks and the benefits of bootstrapping in the initial phases of a startup. This episode provides valuable insights into the nuanced journey of managing a tech startup through transformational change and a successful acquisition. This is what we will talk about this episode: 00:00 Learning from late founder about company management.07:11 Determining founder type, admitting limitations, and startup challenges.09:45 Podcast discussed Paul's companies, including Usabilla.12:32 Creating technology for website screenshots, monetization struggles.14:51 Transitioned from 11 to 2, did everything.20:34 Early feedback led to successful product pivot.23:44 Cap table, cash flow, invoicing, healthy organization.27:29 Explored investment with advisors and experienced investors.29:43 Selected boutique firm understood global market, sealed deal.32:03 European company considers exit amid market uncertainty.38:38 Running two businesses with a solid partner.39:43 CFO managed finances, kept sale quiet. Cultural fit.45:24 Celebrated with team, had dinner, partied.47:58 Separation beneficial after company integration, typically within 2-3 years.50:25 Yusabila's public acquisition for 80 million USD.54:30 Business, family, running, and a new company.56:13 Successful journey with ups and downs. Great outcome.Get to know Marc van Agteren a little better:Marc van Agteren, a former Ernst & Young employee with a deep passion for web development, is a co-founder and key figure at Usabilla. A long-time friend of Paul Veugen, the original founder of Usabilla and fellow member of their student rowing club, Marc was witness to the company's inception in 2008. Despite being entrenched in a secure role at Ernst & Young, Marc's interest in innovative tools and web development grew. By 2010, the same year his girlfriend, now wife, relocated from Estonia to the Netherlands, Marc made the pivotal decision to join Paul at Usabilla, embracing his entrepreneurial spirit and technical expertise.Contact him on LinkedIn. Want to listen to the episode from Paul: The Big Exit Show | Selling Usabilla and Human.co - Paul Veugen on his multiple startup exits (transistor.fm) The Big Exit Show is an initiative by Peak and NP-Hard. Want to know more about Peak and the ventures we back? Check out our website. Want to know more about NP-Hard? Have a look at our website. Feedback for our podcast or want to be featured on our show? Please reach out at podcast@peak.capital.
