#2 WizzPass exit to FM Systems with Brad and Ulrich

Aaron chats with Brad and Ulrich, Co-founders of WizPass, about their entrepreneurial journey from starting a visitor management software company to exiting the business by selling it to FM Systems. Brad and Ulrich share the highs and lows of scaling WizPass, the pivotal moments that defined their success, and the complexities of the exit process. They discuss the challenges faced in aligning their goals, the strategic decision to either raise more funds or sell the company, and the critical role of M&A advisors and legal counsel in navigating the sale. They also provide insights on valuation, the importance of thorough preparation for due diligence, and the emotional aspects of selling a business.

KEY TAKEAWAYS:

Alignment of Goals: Ensuring both founders have aligned goals for the business from the start.

Strategic Decisions: Balancing the choice between raising more funds or opting for a sale.

Role of Advisors: The importance of M&A advisors and legal counsel in securing a favorable deal.

Due Diligence: The necessity of thorough preparation and documentation during the due diligence process.

Post-Sale Integration: Navigating the post-sale integration and maintaining company culture and vision.

BEST MOMENTS:

"We were just extremely lucky that we hit them at a point where they were out looking for a visitor management software."

"Document and structure your business well in advance to be prepared for due diligence."

"It's crucial to have alignment on the goals of the business from the beginning."

"The deal happened exceptionally fast, with the letter of intent coming just days after the initial conversation."

"The emotional impact of giving up control was significant, but seeing our product expand globally was exciting."

"We ended up working under a larger corporation, which brought new challenges and learnings."

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