The Pitch
#132 The Exit: Selling Shipt for $550 Million
May 8, 2024
Bill Smith, a high school dropout from Alabama, shares his journey of starting and selling Shipt for $550 million. From overcoming challenges and shifting business focus to making the decision to sell, he discusses the complexities and emotions of reaching a successful exit. The narrative touches on entrepreneurship struggles, strategic expansion, grocery industry response, and the exhilarating acquisition announcement at Target headquarters.
47:29
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Quick takeaways
- Successful pivot from failed concept to grocery delivery service led to Shipt's $550 million sale.
- Personal funding, partnership with Target, and perseverance through financial challenges were crucial to Shipt's success.
Deep dives
Bill Smith's Entrepreneurial Journey: From Cell Phones to Successful Exits
Bill Smith's entrepreneurial journey started early, selling cell phones at 16 and venturing into businesses at a young age. He founded a company named Insight in the prepaid cards business, which led to his first exit. He then founded Shipt, a grocery delivery service, aiming to tap into the on-demand economy. Smith faced challenges like a failed initial concept, yet he managed to pivot successfully into grocery delivery, growing Shipt exponentially.
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