Built to Sell Radio Ep 479 Exit Story: How to Attract a Fortune 500 Acquirer With Brock Weatherup
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Jan 31, 2025 Brock Weatherup, a seasoned entrepreneur who has successfully sold multiple companies to Fortune 500 giants like PetSmart and Petco, shares his expertise. He reveals proven strategies for attracting lucrative acquirers and navigating complex negotiations. Listeners will discover the emotional rollercoaster of selling a business, the lessons learned from financial crises, and the importance of resilience. Brock dives into his journey with the pet industry and highlights the significance of adaptability and relationships in achieving entrepreneurial success.
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Fathead's Financial Crisis
- Brock shared a brutal experience at Fathead when their investor abruptly ended a crucial deal, leading to the company's funds being swept away.
- This crisis nearly caused payroll failure and deeply challenged Brock’s ethics and leadership.
Pet360 Growth and Equity Lessons
- Brock grew Pet360 from a struggling pet e-commerce site to a $100 million business with media revenue, leading to PetSmart acquisition.
- He learned critical equity lessons when investors’ participating preferred shares greatly diluted his exit proceeds.
Activist Investor Almost Killed Deal
- An activist investor partially derailed the PetSmart acquisition of Pet360, creating a 10-day crisis with layoffs looming.
- Despite the turmoil, the deal closed after a massive overnight effort to finalize docs, showing real deal volatility with large acquirers.