In 2002 Chuck Crumpton started Medpoint to help businesses bring medical devices and pharmaceuticals to market. The company quickly took off after Crumpton landed a prominent blue-chip client.
It was a blessing and a curse.
At one point, the blue-chip customer made up 83% of Medpoint’s revenue. Determined to reduce his customer concentration, Crumpton implemented a clever strategy to minimize his dependency.
The strategy worked as Crumpton successfully reduced his reliance below 50%, allowing him to sell Medpoint in 2020 for around five times EBITDA.
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