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Built to Sell Radio

Latest episodes

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Apr 4, 2025 • 59min

Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out

Garren Hilow, co-founder of Abveris, shares his incredible journey from a bootstrap startup with a small stake to a $190 million all-stock sale. He discusses the challenges of co-founding a biopharmaceutical company, overcoming financial hurdles, and successfully navigating the complex sale process. Garren reflects on the emotional turmoil of a botched earn-out and the lessons learned along the way. He also finds joy in personal triumphs post-sale, like acquiring a fishing boat and appreciating family moments amidst the ups and downs of entrepreneurship.
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12 snips
Mar 28, 2025 • 1h 7min

Ep 487 After the Deal: How the Ultra-Wealthy Invest After Selling Their Business

In this enlightening conversation, Michael Sonnenfeldt, founder of Tiger 21, shares his journey from selling two companies to guiding ultra-wealthy entrepreneurs in smart investing. He highlights the emotional challenges of wealth after exit and the importance of building a support network. Discussion includes pitfalls to avoid, the significance of character in investment groups, and the contrasting psychology of spending between self-made and inherited wealth. Sonnenfeldt emphasizes mentorship and the importance of emotional support in nurturing healthy family dynamics amid affluence.
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Mar 21, 2025 • 1h 1min

Ep 486 Inside the Mind of an Acquirer: The Harvard Playbook for Buying Your Business

A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making them a legitimate option for certain sellers. 
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Mar 14, 2025 • 1h 10min

Ep 485 After the Deal: The Psychology of Selling—Kill Criteria, Walkaway Mindset & Why “Telling Your Company’s Story” Often Drives Up Your Multiple

Rob Walling, a serial entrepreneur and TinySeed founder, and Dr. Sherry Walling, a clinical psychologist and mental health advocate for entrepreneurs, delve into the psychology behind selling businesses. They explore crucial concepts like kill criteria, the emotional rollercoaster of exits, and the importance of personal storytelling in boosting company value. Their insights highlight how emotional preparation and strategic planning can distinguish thriving exits from those that leave owners lost. Additionally, they discuss celebrating personal milestones and the significance of financial literacy for future generations.
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Mar 7, 2025 • 1h 10min

Ep 484 How to Know When It’s Time to Sell

Kristie Shifflette built a 13-location Orangetheory Fitness empire from scratch—bootstrapping a capital-hungry business, personally guaranteeing leases, and taking on risk most founders wouldn’t touch. In the end, it paid off for Kristie and in this episode, you’ll discover how to:  Bootstrap a capital-intensive business without giving up control  Reduce your risk when taking on an investor  Attract entrepreneurial employees who will care as much as you do  Think about the $10 million milestone (and why it matters to private equity)  Know when to take some chips off the table—and when to double down  Ace management presentations with an acquirer  Play hard to get (even when you want to sell)  Get an acquirer to bump up their offer   Max out an earn-out payment—even if you don’t quite hit your targets  Spot an acquisition offer that’s likely to be re-traded 
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Feb 28, 2025 • 1h 28min

Ep 483 Exit Story: Frank Shultz on Escaping the 50/50 Trap and Buying Out a Partner

When Frank Shultz co-founded Infinite Blue, he and his partner split ownership 50/50. The business thrived, but their working relationship soured. Frank wanted to buy out his co-founder, but with a valuation in the eight figures, he faced a daunting question: where would he get the cash? 
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Feb 21, 2025 • 1h 17min

Ep 482 Exit Story: Bob Gilbreath — "The Adult Version of the Marshmallow Test" and How to Capitalize on an Earn-Out

Bob Gilbreath, an accomplished entrepreneur, shares his insightful journey through two successful earn-outs in service businesses, transforming a perceived gamble into financial triumph. He discusses strategies for motivating teams amidst high stakes, the evolution of his digital agency, and the pivotal partnerships that fueled growth. Gilbreath emphasizes the emotional complexities of transitioning from independence to corporate life, highlighting the importance of relationship building and personal growth during the earn-out process.
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Feb 14, 2025 • 1h 3min

Ep 481 After the Deal: What 70 Founders Reveal About Generational Wealth, the Achievement Trap & the Happiness Illusion

Most founders focus all their energy on getting to an exit, but few stop to consider what comes next. In this episode of Built to Sell Radio, John Rood shares what he learned after selling Next Step Test Prep to private equity—and why he decided to write Beyond the Exit. 
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Feb 7, 2025 • 1h 28min

Ep 480 Exit Story: The $80M Deception—How Kevin Wagstaff Walked Away and Won

When Kevin Wagstaff and his brother bootstrapped Spectora, a SaaS platform for home inspectors, with just $2,500 each, they never expected to one day face an $80 million acquisition offer. Spectora transformed the home inspection industry by replacing outdated paper reports with a digital platform that streamlined workflows, saved inspectors time, and enhanced the client experience.  But when an acquirer attempted to re-trade the deal at the last minute—adding a $25 million seller’s note, a $10 million earn-out, and a 36-month call option—Kevin learned a hard lesson: just because an offer is on the table doesn’t mean the deal is done.  The acquirer assumed Kevin and his brother would be too invested in the deal to walk away. But thanks to their advisor’s guidance, they stood firm. The result? The acquirer backtracked, offering the original terms. Kevin and his brother still walked, ultimately selling a majority stake at a $90 million valuation to a better partner. 
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Jan 31, 2025 • 1h 18min

Ep 479 Exit Story: How to Attract a Fortune 500 Acquirer With Brock Weatherup

Selling your business to a Fortune 500 company is a dream for many founders. Strategic acquirers often pay the most because they can integrate your business into their larger ecosystem. It’s rare to pull off even once—Brock Weatherup has done it three times.  In this episode of Built to Sell Radio, Brock reveals the strategies that helped him attract Fortune 500 buyers like PetSmart and Petco. This episode is a roadmap for anyone who wants to sell their business to a strategic acquirer. 

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