Built to Sell Radio Ep 476 Exit Story: How Ben Landers Avoided an Earn-Out in His 8-Figure Sale of Blue Corona
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Jan 10, 2025 Ben Landers, founder of Blue Corona, shares his remarkable journey of building an 8-figure digital marketing agency aimed at home service businesses. He reveals how he achieved a clean sale without earn-outs, a rarity in his industry. The conversation covers his transition from corporate life to entrepreneurship, the evolution of his business model, and the importance of data-driven marketing. Additionally, Ben discusses the emotional challenges of partnerships and the misconception that wealth equates to happiness, offering deep insights into navigating business sales.
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Blue Corona's Origin
- Ben Landers's career began at larger companies like HotJobs and WorldCom before transitioning to small businesses.
- He joined Bob Perini's bottled water company as a mentor and later co-founded Blue Corona.
Equity Split Struggle
- Landers and Perini clashed over Blue Corona's equity split, with Landers initially seeking 50% despite not contributing capital.
- After contentious negotiations, they settled on a 47.5/47.5 split, with 5% going to Perini's daughter and requiring supermajority voting.
Supermajority Voting Friction
- Requiring supermajority voting created friction in decision-making.
- Landers, involved in daily operations, often clashed with Perini over spending and office space.