Built to Sell Radio Ep 508 Exit Story: The Surprising Math Behind a $100 Million Exit
Aug 22, 2025
Dan Berger, founder of Social Tables, discusses his journey from a government job to building a $100 million SaaS company. He reveals the surprising math behind his exit—despite $20M in revenue, he walked away with less than $20M due to venture funding complexities. The conversation delves into the emotional toll of selling a business, the importance of belonging after an exit, and the challenges of balancing personal joy with employee loyalty. Berger also emphasizes the need for supportive networks in navigating transitions.
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Humble Side Project Became SaaS Success
- Dan Berger started Social Tables as a side project to solve seating-chart anxiety and it evolved into an event-planning SaaS tool.
- Over eight years it reached $20M ARR, 6,000 customers, and sold for $100M at ~5x recurring revenue.
Raise Capital With A Clear Growth Plan
- Do raise capital only when it clearly accelerates growth and you know how you'll use it to scale the business.
- Avoid raising just because it’s the expected playbook; have a specific growth plan before taking VC money.
Founder Stake And Real Take-Home Pay
- Dan retained just under 20% of Social Tables at sale and walked away with a little less than $20M after preferences and taxes.
- He also left about $1.5M on the table by departing the acquirer a year early.
