Startups For the Rest of Us Episode 617 | News Roundup: Profitwell $200M Exit, Spreadsheet Mentality, and Watching an Acquirer Ruin Your Company
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Aug 23, 2022 Einar Vollset, a bootstrapper expert, and Tracy Osborn, an online business guru, dive into a whirlwind of startup insights. They discuss the recent $200 million exit of ProfitWell and its implications on founders. The duo critiques the "spreadsheet mentality" in business, advocating for a blend of data with qualitative insights. They also share practical money tips—like whether you can truly afford to buy something twice—and emphasize the delicate balance founders must strike between optimism and realism for sustained success.
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ProfitWell's Success
- ProfitWell, a bootstrapped company, was acquired for over $200 million.
- This demonstrates that bootstrapped businesses can achieve significant outcomes.
Selling Your Company
- Founders selling their company relinquish decision-making control.
- The financial reward should justify losing control and potential future disappointment.
Selling Too Early
- Selling a company early, especially without enough to retire, can create a false sense of guaranteed future success.
- Subsequent ventures often face unforeseen challenges, even for experienced founders.