11 Apr Built to Sell Radio: The Clean Exit: 7X Revenue, No Earn-Out
After graduating from business school, James Benham interned at one of the large accounting firms. Benham quickly realized corporate life was not for him. Instead, Benham started a business and lived on less money than he made as an intern for ten years.
After a decade-long slog and several failed product ideas, Benham stumbled on SmartBid, a software product designed for general contractors to solicit and manage bids from their trades.
SmartBid took off and in 2018, Benham accepted an offer of 7 times Annual Recurring Revenue (ARR) in cash at closing. In this episode, you’ll discover how to:
- Bootstrap your business without raising outside capital.
- Minimize your downside when launching new products.
- Create a steady flow of new leads through speaking engagements.
- Avoid the temptation of exiting too early and figure out the ideal time to sell.
- Decide when to share your list of deal killers with an acquirer.
- Avoid an earn-out.
- Keep your team after you sell your company.