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Built to Sell Radio
Ep 472 Exit Story: The Broken LOI: How George Hartley Salvaged the Sale of SmartrMail
Dec 13, 2024
George Hartley, co-founder of SmartrMail, shares his journey of turning an email retention tool into a $2 million SaaS platform. He recounts the major setback he faced when a buyer couldn't close the deal. Hartley emphasizes the importance of vetting potential buyers and lessons learned from a failed LOI. He also discusses the psychological pressures of selling a business during significant life changes, the complexities of fund verification, and the emotional dynamics in the acquisition process.
50:17
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Quick takeaways
- George Hartley learned that securing multiple interested buyers can salvage a sale and lead to better offers, especially amidst market challenges.
- The importance of expert advice and a competitive approach in negotiations was highlighted as crucial for maximizing SmartrMail's selling price.
Deep dives
The Birth of SmarterMail
SmarterMail originated as a retention tool for Blue Thumb, an online art marketplace co-founded by George Hartley and his brother. They created an email tool that leveraged user data and preferences to recommend art, driving 10% of Blue Thumb's revenue. Recognizing the tool's potential for broader application, they decided to spin it off into its own SaaS company focused on marketing automation for e-commerce. This transition was initially challenging, taking 17 months to launch but eventually resulted in a full suite of marketing tools offering services like email and SMS automation.
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