"How I Sold My SaaS in An 8-Figure Exit" with Matt Wensing

realizing that this is something that realizing that this is something that got discovered when the ink is pretty got discovered when the ink is pretty got discovered when the ink is pretty much dry we're waiting to wire you know much dry we're waiting to wire you know much dry we're waiting to wire you know and if this person raises their hand and if this person raises their hand and if this person raises their hand what's that going to do you know and so what's that going to do you know and so what's that going to do you know and so um dealing with stuff like that I mean I um dealing with stuff like that I mean I um dealing with stuff like that I mean I remember being on so this is around remember being on so this is around remember being on so this is around Christmas time I remember being at a Christmas time I remember being at a Christmas time I remember being at a holiday concert for my kids waiting to holiday concert for my kids waiting to holiday concert for my kids waiting to get in and being on the phone with the get in and being on the phone with the get in and being on the phone with the angel investor saying okay man we we're angel investor saying okay man we we're angel investor saying okay man we we're not going to change the deal that that not going to change the deal that that not going to change the deal that that ship has sailed this week I'm diving ship has sailed this week I'm diving ship has sailed this week I'm diving into the process of selling a SAS into the process of selling a SAS into the process of selling a SAS company seeing that bank transfer is company seeing that bank transfer is company seeing that bank transfer is something we all dream about but the something we all dream about but the something we all dream about but the process for getting to that point can be process for getting to that point can be process for getting to that point can be a bit of a mystery in today's chat I'm a bit of a mystery in today's chat I'm a bit of a mystery in today's chat I'm sitting down with Matt wiing to talk sitting down with Matt wiing to talk sitting down with Matt wiing to talk about how he took his business wrist about how he took his business wrist about how he took his business wrist pulse from start to finish the UPS the pulse from start to finish the UPS the pulse from start to finish the UPS the downs and the sale of it for a downs and the sale of it for a downs and the sale of it for a life-changing amount of money and if you life-changing amount of money and if you life-changing amount of money and if you stick around to the end you'll learn stick around to the end you'll learn stick around to the end you'll learn about the one thing he wishes he would about the one thing he wishes he would about the one thing he wishes he would have known before selling before we dive have known before selling before we dive have known before selling before we dive in I want to say thanks to our sponsor in I want to say thanks to our sponsor in I want to say thanks to our sponsor Quiet Light brokerage I'll tell you more Quiet Light brokerage I'll tell you more Quiet Light brokerage I'll tell you more about them in a bit let's get into it about them in a bit let's get into it about them in a bit let's get into it hey Matt thanks for coming on can you hey Matt thanks for coming on can you hey Matt thanks for coming on can you tell me a bit about risk pulse and who tell me a bit about risk pulse and who tell me a bit about risk pulse and who it was for sure uh risk pulse was the it was for sure uh risk pulse was the it was for sure uh risk pulse was the first startup I started uh now number first startup I started uh now number first startup I started uh now number two but uh yeah I began in 2004 on the two but uh yeah I began in 2004 on the two but uh yeah I began in 2004 on the idea built it up to being a Enterprise idea built it up to being a Enterprise idea built it up to being a Enterprise B2B SAS and we focus on selling supply B2B SAS and we focus on selling supply B2B SAS and we focus on selling supply chain analytics got it supply chain chain analytics got it supply chain chain analytics got it supply chain analytics so like what problem did it analytics so like what problem did it analytics so like what problem did it solve and for whom yeah uh so to give solve and for whom yeah uh so to give solve and for whom yeah uh so to give you a very specific example uh if you you a very specific example uh if you you a very specific example uh if you are the maker of beer mayonnaise uh a are the maker of beer mayonnaise uh a are the maker of beer mayonnaise uh a lot of products that you find on the lot of products that you find on the lot of products that you find on the grocery shelves you care a lot about

grocery shelves you care a lot about grocery shelves you care a lot about shipment timings and delays and weather shipment timings and delays and weather shipment timings and delays and weather impacts to those and so we would impacts to those and so we would impacts to those and so we would calculate a risk score for every single calculate a risk score for every single calculate a risk score for every single shipment that a company like Unilever shipment that a company like Unilever shipment that a company like Unilever would send out and then they would use would send out and then they would use would send out and then they would use that risk score to actually adjust their that risk score to actually adjust their that risk score to actually adjust their Logistics got it so that's a I like that Logistics got it so that's a I like that Logistics got it so that's a I like that example so if I were to ask you say example so if I were to ask you say example so if I were to ask you say about your customer size and type and about your customer size and type and about your customer size and type and your price points is it like a bunch of your price points is it like a bunch of your price points is it like a bunch of Unilever yeah and we went up market and Unilever yeah and we went up market and Unilever yeah and we went up market and so we started out with you know a so we started out with you know a so we started out with you know a thousand customer customers but then we thousand customer customers but then we thousand customer customers but then we ended up with you know the 10 the 12 ended up with you know the 10 the 12 ended up with you know the 10 the 12 that represented a significant amount of that represented a significant amount of that represented a significant amount of our revenue and what were the price our revenue and what were the price our revenue and what were the price points like that these bigger customers points like that these bigger customers points like that these bigger customers are paying we were a um minimum five are paying we were a um minimum five are paying we were a um minimum five figure but aiming for six figures uh a figure but aiming for six figures uh a figure but aiming for six figures uh a year uh subscription price point and so year uh subscription price point and so year uh subscription price point and so at a certain point you decided to sell at a certain point you decided to sell at a certain point you decided to sell risk Bulls that's why you're on the show risk Bulls that's why you're on the show risk Bulls that's why you're on the show um how how big was it when you decided um how how big was it when you decided um how how big was it when you decided to sell sure so we were doing uh to sell sure so we were doing uh to sell sure so we were doing uh millions in Revenue uh we were a team of millions in Revenue uh we were a team of millions in Revenue uh we were a team of I want to say 15 plus some plus or minus I want to say 15 plus some plus or minus I want to say 15 plus some plus or minus some contractors so not a big company some contractors so not a big company some contractors so not a big company still like very you know you could fit still like very you know you could fit still like very you know you could fit all of us in a very large conference all of us in a very large conference all of us in a very large conference room still um but we were having a room still um but we were having a room still um but we were having a really big impact on the industry uh we really big impact on the industry uh we really big impact on the industry uh we were working with you know Marquee were working with you know Marquee were working with you know Marquee companies we had the right logos and we companies we had the right logos and we companies we had the right logos and we were being partnered with and talked were being partnered with and talked were being partnered with and talked about uh among the right people so about uh among the right people so about uh among the right people so strategically we were way more valuable strategically we were way more valuable strategically we were way more valuable than our size sort of showed if that than our size sort of showed if that than our size sort of showed if that makes sense it does make sense yeah and makes sense it does make sense yeah and makes sense it does make sense yeah and what was your trigger to sell it there's what was your trigger to sell it there's what was your trigger to sell it there's the upside and then there's the the

the upside and then there's the the the upside and then there's the the potential downside so the upside was potential downside so the upside was potential downside so the upside was what I just said you know we were what I just said you know we were what I just said you know we were gaining Steam and traction we just gaining Steam and traction we just gaining Steam and traction we just landed some major Enterprise landed some major Enterprise landed some major Enterprise subscriptions that really uh we were we subscriptions that really uh we were we subscriptions that really uh we were we were already established but I would say were already established but I would say were already established but I would say in a good way we became even more in a good way we became even more in a good way we became even more established on the other hand I knew established on the other hand I knew established on the other hand I knew that to make it even bigger we were that to make it even bigger we were that to make it even bigger we were going to have to raise a lot more money going to have to raise a lot more money going to have to raise a lot more money because you just it's extremely because you just it's extremely because you just it's extremely difficult to slow build a Enterprise difficult to slow build a Enterprise difficult to slow build a Enterprise sales play and so when you start sales play and so when you start sales play and so when you start thinking about raising a lot of money thinking about raising a lot of money thinking about raising a lot of money you're like okay we're talking about you're like okay we're talking about you're like okay we're talking about trying to raise tens of millions of trying to raise tens of millions of trying to raise tens of millions of dollars here um that's one option the dollars here um that's one option the dollars here um that's one option the other option is you sell it and somebody other option is you sell it and somebody other option is you sell it and somebody else does else does else does that either way somebody's gonna have to that either way somebody's gonna have to that either way somebody's gonna have to do that but is it going to be me or is do that but is it going to be me or is do that but is it going to be me or is it gonna be somebody else right and then it gonna be somebody else right and then it gonna be somebody else right and then when you sell it you get the cash off when you sell it you get the cash off when you sell it you get the cash off the table instead of basically keeping the table instead of basically keeping the table instead of basically keeping your net worth tied up in this asset yep your net worth tied up in this asset yep your net worth tied up in this asset yep and so so you made this decision of I and so so you made this decision of I and so so you made this decision of I think I want to sell this what was the think I want to sell this what was the think I want to sell this what was the process for selling it like did you work process for selling it like did you work process for selling it like did you work with a broker did you do it on your own with a broker did you do it on your own with a broker did you do it on your own was it inbound interest it was inbound was it inbound interest it was inbound was it inbound interest it was inbound interest but it was a it was somebody interest but it was a it was somebody interest but it was a it was somebody that had become very they're well known that had become very they're well known that had become very they're well known in the industry and they were a former in the industry and they were a former in the industry and they were a former sort of President chief executive of a sort of President chief executive of a sort of President chief executive of a few companies he uh was close to a few companies he uh was close to a few companies he uh was close to a private Equity Group in particular that private Equity Group in particular that private Equity Group in particular that was looking for opportunities in the was looking for opportunities in the was looking for opportunities in the supply chain space and so he was kind of supply chain space and so he was kind of supply chain space and so he was kind of their you could say Scout but in a much their you could say Scout but in a much their you could say Scout but in a much more presidential way he was kind of more presidential way he was kind of more presidential way he was kind of like their liaison in the market like their liaison in the market like their liaison in the market figuring out what's exciting what's the

figuring out what's exciting what's the figuring out what's exciting what's the future you know he was their a market future you know he was their a market future you know he was their a market expert and he came across us because of expert and he came across us because of expert and he came across us because of mutual colleagues and when he saw what mutual colleagues and when he saw what mutual colleagues and when he saw what we were working on I would say the we were working on I would say the we were working on I would say the process really started with sitting down process really started with sitting down process really started with sitting down with him and just Vision matching if you with him and just Vision matching if you with him and just Vision matching if you will he he was like I I love the will he he was like I I love the will he he was like I I love the technology I love the idea here's my technology I love the idea here's my technology I love the idea here's my view of where the world's going to be in view of where the world's going to be in view of where the world's going to be in 10 years kind of thing and then the more 10 years kind of thing and then the more 10 years kind of thing and then the more he got to know us the more he was like he got to know us the more he was like he got to know us the more he was like like yeah I do think that what you guys like yeah I do think that what you guys like yeah I do think that what you guys have is one very critical piece of the have is one very critical piece of the have is one very critical piece of the puzzle and and then the process starts puzzle and and then the process starts puzzle and and then the process starts with okay youve basically done that he's with okay youve basically done that he's with okay youve basically done that he's done qualification if you will for those done qualification if you will for those done qualification if you will for those you know for the bank and then he goes you know for the bank and then he goes you know for the bank and then he goes back and says hey you know one of the back and says hey you know one of the back and says hey you know one of the pieces on the on the table as this pieces on the on the table as this pieces on the on the table as this company I think we should check them out company I think we should check them out company I think we should check them out seriously right and then did you bring seriously right and then did you bring seriously right and then did you bring in on your side a broker or an in on your side a broker or an in on your side a broker or an investment advisor we didn't we worked investment advisor we didn't we worked investment advisor we didn't we worked with uh I would say the closest thing we with uh I would say the closest thing we with uh I would say the closest thing we had to that was was our lawyers our had to that was was our lawyers our had to that was was our lawyers our legal team um and there was a lot of legal team um and there was a lot of legal team um and there was a lot of experience in the room in that sense experience in the room in that sense experience in the room in that sense where you know we had a lot of our exec where you know we had a lot of our exec where you know we had a lot of our exec team was seasoned let's put it that way team was seasoned let's put it that way team was seasoned let's put it that way so and and our executive chairman had so and and our executive chairman had so and and our executive chairman had actually done probably five or 10 m&a actually done probably five or 10 m&a actually done probably five or 10 m&a deals in his career and so they didn't deals in his career and so they didn't deals in his career and so they didn't feel the need and I felt comfortable feel the need and I felt comfortable feel the need and I felt comfortable with their experience to just say okay with their experience to just say okay with their experience to just say okay we're gonna do this ourselves you almost we're gonna do this ourselves you almost we're gonna do this ourselves you almost had I mean this is one of the advantages had I mean this is one of the advantages had I mean this is one of the advantages of raising funding and having a a board of raising funding and having a a board of raising funding and having a a board or an Advisory board right is you have or an Advisory board right is you have or an Advisory board right is you have expertise that you may not need to bring expertise that you may not need to bring expertise that you may not need to bring in Outsiders yeah yeah I felt very in Outsiders yeah yeah I felt very in Outsiders yeah yeah I felt very comfortable with those folks on our side

comfortable with those folks on our side comfortable with those folks on our side of the table got it yeah that's really of the table got it yeah that's really of the table got it yeah that's really nice and so so there's this inbound nice and so so there's this inbound nice and so so there's this inbound interest to acquire so from that moment interest to acquire so from that moment interest to acquire so from that moment where the the talk start of hey we might where the the talk start of hey we might where the the talk start of hey we might want to you know there's always some want to you know there's always some want to you know there's always some convenient phrasing like uh creative convenient phrasing like uh creative convenient phrasing like uh creative phrasing like maybe there's a deeper phrasing like maybe there's a deeper phrasing like maybe there's a deeper partnership that we could you know from partnership that we could you know from partnership that we could you know from the time that that starts and you the time that that starts and you the time that that starts and you realized oh they're kind of talking realized oh they're kind of talking realized oh they're kind of talking about buying us about buying us about buying us until you closed how long was that yeah until you closed how long was that yeah until you closed how long was that yeah I I I think it was so the deal end up I I I think it was so the deal end up I I I think it was so the deal end up closing closing in December of 2019 and closing closing in December of 2019 and closing closing in December of 2019 and I think we started having those I think we started having those I think we started having those conversations in I want to say we knew conversations in I want to say we knew conversations in I want to say we knew those people in those people in those people in 2017 knowing them at conferences in the 2017 knowing them at conferences in the 2017 knowing them at conferences in the Zeitgeist if you will knowing each other Zeitgeist if you will knowing each other Zeitgeist if you will knowing each other sort of like knowing somebody's out sort of like knowing somebody's out sort of like knowing somebody's out there our first conversations might have there our first conversations might have there our first conversations might have been early 2018 um but it was it was been early 2018 um but it was it was been early 2018 um but it was it was easily 24 4 month process yeah and easily 24 4 month process yeah and easily 24 4 month process yeah and that's for a deal of this size I imagine that's for a deal of this size I imagine that's for a deal of this size I imagine that is not the most unusual thing my that is not the most unusual thing my that is not the most unusual thing my deal was 13 months from the first deal was 13 months from the first deal was 13 months from the first conversation and I've heard people say conversation and I've heard people say conversation and I've heard people say 18 a lot what was involved in due 18 a lot what was involved in due 18 a lot what was involved in due diligence uh let's put a positive spin diligence uh let's put a positive spin diligence uh let's put a positive spin on it there was more trust involved on on it there was more trust involved on on it there was more trust involved on the technical side the proof was in the the technical side the proof was in the the technical side the proof was in the pudding we had happy customers they were pudding we had happy customers they were pudding we had happy customers they were using it it was working sort of thing using it it was working sort of thing using it it was working sort of thing what code was running to do that was of what code was running to do that was of what code was running to do that was of interest to some people but not nearly interest to some people but not nearly interest to some people but not nearly as interesting as the rest of diligence as interesting as the rest of diligence as interesting as the rest of diligence which which was uh we want everything which which was uh we want everything which which was uh we want everything about everything financially that you've about everything financially that you've about everything financially that you've ever had yep you know every contract

ever had yep you know every contract ever had yep you know every contract every NDA everything crazy yep and then every NDA everything crazy yep and then every NDA everything crazy yep and then even when we get everything we're going even when we get everything we're going even when we get everything we're going to come up with three things that aren't to come up with three things that aren't to come up with three things that aren't in here and we're going to get those too in here and we're going to get those too in here and we're going to get those too and we're going to make you create stuff and we're going to make you create stuff and we're going to make you create stuff that you don't already have even though that you don't already have even though that you don't already have even though I mean we were very well-run I mean we were very well-run I mean we were very well-run operationally financially operationally operationally financially operationally operationally financially operationally ship at that point meaning we had very ship at that point meaning we had very ship at that point meaning we had very good people on the books we were we good people on the books we were we good people on the books we were we actually had in-house uh Finance team actually had in-house uh Finance team actually had in-house uh Finance team right so this wasn't even like oh let me right so this wasn't even like oh let me right so this wasn't even like oh let me go ask some you know whatever some SAS go ask some you know whatever some SAS go ask some you know whatever some SAS vendor like this was in-house people who vendor like this was in-house people who vendor like this was in-house people who this is all they did and even then it this is all they did and even then it this is all they did and even then it was everything and I would say you know was everything and I would say you know was everything and I would say you know there were there were lots of classic uh there were there were lots of classic uh there were there were lots of classic uh challenges around tax Nexus and employee challenges around tax Nexus and employee challenges around tax Nexus and employee status and when did certain people join status and when did certain people join status and when did certain people join and is every angel investor do we have and is every angel investor do we have and is every angel investor do we have signatures for every single investment signatures for every single investment signatures for every single investment all the way down to the $2,500 folks all the way down to the $2,500 folks all the way down to the $2,500 folks that put in the f family and friends that put in the f family and friends that put in the f family and friends money you know eight years ago right so money you know eight years ago right so money you know eight years ago right so it was it was everything very exhaustive it was it was everything very exhaustive it was it was everything very exhaustive so from the time the LOI was signed so from the time the LOI was signed so from the time the LOI was signed until the deal closed did any of the until the deal closed did any of the until the deal closed did any of the deal terms change or what maybe the deal terms change or what maybe the deal terms change or what maybe the offer is really did like did the sale offer is really did like did the sale offer is really did like did the sale price change from the LOI to close it price change from the LOI to close it price change from the LOI to close it tried tried tried to I I think that there was a lot of to I I think that there was a lot of to I I think that there was a lot of give and take on I mean I learned a lot give and take on I mean I learned a lot give and take on I mean I learned a lot about this in terms of there's just about this in terms of there's just about this in terms of there's just different buckets of consideration so different buckets of consideration so different buckets of consideration so the they'll call it consideration we the they'll call it consideration we the they'll call it consideration we would call that your exit money but you would call that your exit money but you would call that your exit money but you know there's working capital there's

know there's working capital there's know there's working capital there's working capital offsets there's uh working capital offsets there's uh working capital offsets there's uh investment that comes in after the deal investment that comes in after the deal investment that comes in after the deal is done there's all these buckets of is done there's all these buckets of is done there's all these buckets of money and I do remember there was a money and I do remember there was a money and I do remember there was a decent there's still plenty of decent there's still plenty of decent there's still plenty of negotiating that happens after let of negotiating that happens after let of negotiating that happens after let of intent on like yeah sure the number is intent on like yeah sure the number is intent on like yeah sure the number is this but we're going to put you know 81% this but we're going to put you know 81% this but we're going to put you know 81% into this bucket and 19% of this bucket into this bucket and 19% of this bucket into this bucket and 19% of this bucket instead of 8020 and you're like so it's instead of 8020 and you're like so it's instead of 8020 and you're like so it's this shifting shifting allocation of this shifting shifting allocation of this shifting shifting allocation of maybe a similar dollar amount um but I maybe a similar dollar amount um but I maybe a similar dollar amount um but I think the dollar amount stayed within think the dollar amount stayed within think the dollar amount stayed within 10% of what it was originally going to 10% of what it was originally going to 10% of what it was originally going to be but I will say the people who be but I will say the people who be but I will say the people who represent the acquirers are always going represent the acquirers are always going represent the acquirers are always going to look for reasons to reduce it right to look for reasons to reduce it right to look for reasons to reduce it right so yeah oh you actually owe back taxes so yeah oh you actually owe back taxes so yeah oh you actually owe back taxes in New York state in from five years ago in New York state in from five years ago in New York state in from five years ago ah it's going to take us $50,000 to ah it's going to take us $50,000 to ah it's going to take us $50,000 to clean up and it's going to take us clean up and it's going to take us clean up and it's going to take us another you know so I think we fend it another you know so I think we fend it another you know so I think we fend it off all of that and I think it didn't off all of that and I think it didn't off all of that and I think it didn't move much but I do remember the buckets move much but I do remember the buckets move much but I do remember the buckets shifting a little mhm and with that in shifting a little mhm and with that in shifting a little mhm and with that in mind like what was the most stressful mind like what was the most stressful mind like what was the most stressful part of the process for you I think the part of the process for you I think the part of the process for you I think the most stressful part was just fear 11th most stressful part was just fear 11th most stressful part was just fear 11th Hour fears I I would say the most Hour fears I I would say the most Hour fears I I would say the most stressful part was um you know to to his stressful part was um you know to to his stressful part was um you know to to his credit it worked out in the end but uh credit it worked out in the end but uh credit it worked out in the end but uh we had an angel investor who was also an we had an angel investor who was also an we had an angel investor who was also an adviser who at the last second you know adviser who at the last second you know adviser who at the last second you know raised his hand and said wait a minute raised his hand and said wait a minute raised his hand and said wait a minute you know this advisory agreement that you know this advisory agreement that you know this advisory agreement that you signed with me in 200 13 you know if you signed with me in 200 13 you know if you signed with me in 200 13 you know if I'm reading this correctly I'm supposed I'm reading this correctly I'm supposed I'm reading this correctly I'm supposed to get you know this many shares not to get you know this many shares not to get you know this many shares not this many this many this many shares and realizing that this is shares and realizing that this is shares and realizing that this is something that got discovered when the

something that got discovered when the something that got discovered when the ink is pretty much dry we're waiting to ink is pretty much dry we're waiting to ink is pretty much dry we're waiting to wire you know and if this person raises wire you know and if this person raises wire you know and if this person raises their hand what's that going to do you their hand what's that going to do you their hand what's that going to do you know and so um dealing with stuff like know and so um dealing with stuff like know and so um dealing with stuff like that I mean remember being on so this is that I mean remember being on so this is that I mean remember being on so this is around Christmas time I remember being around Christmas time I remember being around Christmas time I remember being at a holiday concert for my kids waiting at a holiday concert for my kids waiting at a holiday concert for my kids waiting to get in and being on the phone with a to get in and being on the phone with a to get in and being on the phone with a angel investor saying okay man we we're angel investor saying okay man we we're angel investor saying okay man we we're not going to change the deal that that not going to change the deal that that not going to change the deal that that ship has sailed how can I make this work ship has sailed how can I make this work ship has sailed how can I make this work for you on like a one toone level now for you on like a one toone level now for you on like a one toone level now we're doing like side deals just to make we're doing like side deals just to make we're doing like side deals just to make sure the deal closes because you can't sure the deal closes because you can't sure the deal closes because you can't undo you know the freighter left right undo you know the freighter left right undo you know the freighter left right so uh you can blow it up but please so uh you can blow it up but please so uh you can blow it up but please don't right yeah really stressful when don't right yeah really stressful when don't right yeah really stressful when someone else is when you're really someone else is when you're really someone else is when you're really stressful when your fate is in someone stressful when your fate is in someone stressful when your fate is in someone else's hands like that there you go else's hands like that there you go else's hands like that there you go right there you go yeah and I think the right there you go yeah and I think the right there you go yeah and I think the question a lot of folks are wondering question a lot of folks are wondering question a lot of folks are wondering Matt how much did you end up selling Matt how much did you end up selling Matt how much did you end up selling for I I can say that it was a couple for I I can say that it was a couple for I I can say that it was a couple things it was a strategic exit so the things it was a strategic exit so the things it was a strategic exit so the revenue multiple was High um which was revenue multiple was High um which was revenue multiple was High um which was which was great it was in the eight which was great it was in the eight which was great it was in the eight figures uh and you know that was enough figures uh and you know that was enough figures uh and you know that was enough for everybody to be happy with where we for everybody to be happy with where we for everybody to be happy with where we were at because like I said at the were at because like I said at the were at because like I said at the beginning it was either raise that tens beginning it was either raise that tens beginning it was either raise that tens of millions of dollars fund raise you of millions of dollars fund raise you of millions of dollars fund raise you know or exit and so if you kind of look know or exit and so if you kind of look know or exit and so if you kind of look at the math in a big scale it was like at the math in a big scale it was like at the math in a big scale it was like okay you're getting okay you're getting okay you're getting maybe the valuation you would have maybe the valuation you would have maybe the valuation you would have gotten on a venture multiple Venture gotten on a venture multiple Venture gotten on a venture multiple Venture Venture rise but you get to have the Venture rise but you get to have the Venture rise but you get to have the exit instead yep get to cash out and so exit instead yep get to cash out and so exit instead yep get to cash out and so I'd imagine around Christmas time did it I'd imagine around Christmas time did it I'd imagine around Christmas time did it close or did it close after the first of

close or did it close after the first of close or did it close after the first of the year uh it closed around Christmas the year uh it closed around Christmas the year uh it closed around Christmas time yeah I think it was first or second time yeah I think it was first or second time yeah I think it was first or second week of December okay so you pick up week of December okay so you pick up week of December okay so you pick up your phone at a certain point you your phone at a certain point you your phone at a certain point you refresh the bank balance you know it's refresh the bank balance you know it's refresh the bank balance you know it's coming and all a sudden you're like whoa coming and all a sudden you're like whoa coming and all a sudden you're like whoa that's a lot of zeros take me to that that's a lot of zeros take me to that that's a lot of zeros take me to that moment how did it feel what was going moment how did it feel what was going moment how did it feel what was going through your head uh relief I definitely through your head uh relief I definitely through your head uh relief I definitely relief I think that uh like I said there relief I think that uh like I said there relief I think that uh like I said there was so much stress that to get to the was so much stress that to get to the was so much stress that to get to the high you have to kind of get back up to high you have to kind of get back up to high you have to kind of get back up to neutral almost emotionally and be like neutral almost emotionally and be like neutral almost emotionally and be like okay it happened then you're excited okay it happened then you're excited okay it happened then you're excited because you're like oh my gosh it's like because you're like oh my gosh it's like because you're like oh my gosh it's like I and and for my situation I also had uh I and and for my situation I also had uh I and and for my situation I also had uh left the company before then so I was left the company before then so I was left the company before then so I was unemployed and didn't have to go find a unemployed and didn't have to go find a unemployed and didn't have to go find a job uh in January or something like that job uh in January or something like that job uh in January or something like that and so it was um it was exciting in that and so it was um it was exciting in that and so it was um it was exciting in that sense and it was definitely you know sense and it was definitely you know sense and it was definitely you know quick backstory I bootstrapped the thing quick backstory I bootstrapped the thing quick backstory I bootstrapped the thing for five years then I had raised some for five years then I had raised some for five years then I had raised some money it was from iidea to exit it was a money it was from iidea to exit it was a money it was from iidea to exit it was a 15-year Journey from incorporation exit 15-year Journey from incorporation exit 15-year Journey from incorporation exit it was a 12year journey for me there was it was a 12year journey for me there was it was a 12year journey for me there was a lot of delayed gratification would be a lot of delayed gratification would be a lot of delayed gratification would be my way of putting it of my wife and my way of putting it of my wife and my way of putting it of my wife and family we sacrificed a lot it finally family we sacrificed a lot it finally family we sacrificed a lot it finally paid off uh and it was a big gamble so relief Y and it it I guess it you were relief Y and it it I guess it you were already freed up to work on your current already freed up to work on your current already freed up to work on your current company it's us summit.com yeah um but company it's us summit.com yeah um but company it's us summit.com yeah um but this must have solidified some a certain

this must have solidified some a certain this must have solidified some a certain sense of safety perhaps ex existential sense of safety perhaps ex existential sense of safety perhaps ex existential relief that oh even if Summit were to relief that oh even if Summit were to relief that oh even if Summit were to not work out we're still in pretty good not work out we're still in pretty good not work out we're still in pretty good shape yeah yeah yeah it was no longer a shape yeah yeah yeah it was no longer a shape yeah yeah yeah it was no longer a a startup must work for me to get to a startup must work for me to get to a startup must work for me to get to where I want to be uh in life and you where I want to be uh in life and you where I want to be uh in life and you know we we as entrepreneurs often look know we we as entrepreneurs often look know we we as entrepreneurs often look at the people who chose to stay at the at the people who chose to stay at the at the people who chose to stay at the company and not start their own thing company and not start their own thing company and not start their own thing and when they're doing better than us and when they're doing better than us and when they're doing better than us for a long time it can be very for a long time it can be very for a long time it can be very challenging to go did I make the right challenging to go did I make the right challenging to go did I make the right choice for sure so yeah it finally went choice for sure so yeah it finally went choice for sure so yeah it finally went okay it was like a slingshot and okay it was like a slingshot and okay it was like a slingshot and somebody finally released it and it was somebody finally released it and it was somebody finally released it and it was like okay you know we caught up and then like okay you know we caught up and then like okay you know we caught up and then some yeah okay are we gonna do this some yeah okay are we gonna do this some yeah okay are we gonna do this again yeah yeah that's always the again yeah yeah that's always the again yeah yeah that's always the question oh my God so money hits your question oh my God so money hits your question oh my God so money hits your bank account it was a couple years ago bank account it was a couple years ago bank account it was a couple years ago now did you buy any trophies any crazy now did you buy any trophies any crazy now did you buy any trophies any crazy you bought a Lamborghini or you know you bought a Lamborghini or you know you bought a Lamborghini or you know brand new house yeah so couple things on brand new house yeah so couple things on brand new house yeah so couple things on that front um one thing is we went on a that front um one thing is we went on a that front um one thing is we went on a ski trip we went on the ski trip of my ski trip we went on the ski trip of my ski trip we went on the ski trip of my dreams uh we invited the whole family dreams uh we invited the whole family dreams uh we invited the whole family from the Pacific Northwest to come join from the Pacific Northwest to come join from the Pacific Northwest to come join us at an Airbnb uh in Whistler uh it was us at an Airbnb uh in Whistler uh it was us at an Airbnb uh in Whistler uh it was amazing it was like just really cool to amazing it was like just really cool to amazing it was like just really cool to just spend the holidays together and go just spend the holidays together and go just spend the holidays together and go you know what it's literally just come you know what it's literally just come you know what it's literally just come join us let's have a good time and uh we join us let's have a good time and uh we join us let's have a good time and uh we so we did a Whistler ski trip together so we did a Whistler ski trip together so we did a Whistler ski trip together which was uh phenomenal now I would which was uh phenomenal now I would which was uh phenomenal now I would consider that a trophy in that sense consider that a trophy in that sense consider that a trophy in that sense because it's not something we do every because it's not something we do every because it's not something we do every year but it was one of those things of year but it was one of those things of year but it was one of those things of like you know yeah let's just celebrate

like you know yeah let's just celebrate like you know yeah let's just celebrate uh this holiday that was nice um new car uh this holiday that was nice um new car uh this holiday that was nice um new car cuz we needed one uh paid cash which is cuz we needed one uh paid cash which is cuz we needed one uh paid cash which is something I know you said you've done something I know you said you've done something I know you said you've done before which was great to be like I before which was great to be like I before which was great to be like I don't have an interest payment on a car don't have an interest payment on a car don't have an interest payment on a car I don't have any payments on our car um I don't have any payments on our car um I don't have any payments on our car um and then the last thing we did which is and then the last thing we did which is and then the last thing we did which is the most substantial was uh I I know the most substantial was uh I I know the most substantial was uh I I know this has been covered a lot but we were this has been covered a lot but we were this has been covered a lot but we were still renting at the time and so we had still renting at the time and so we had still renting at the time and so we had to start my company my wife and I to start my company my wife and I to start my company my wife and I sacrificed our down payment on our first sacrificed our down payment on our first sacrificed our down payment on our first town home that we were going to get and town home that we were going to get and town home that we were going to get and we never owned our own home because I we never owned our own home because I we never owned our own home because I chose to start a company instead we chose to start a company instead we chose to start a company instead we reversed that decision and we got a reversed that decision and we got a reversed that decision and we got a place uh we put a deposit down in I place uh we put a deposit down in I place uh we put a deposit down in I think February of the of the next year think February of the of the next year think February of the of the next year and uh we just beat Co in and got a got and uh we just beat Co in and got a got and uh we just beat Co in and got a got a home for our family in Austin good for a home for our family in Austin good for a home for our family in Austin good for you in a minute you'll hear from Matt you in a minute you'll hear from Matt you in a minute you'll hear from Matt about the one thing he wishes he would about the one thing he wishes he would about the one thing he wishes he would have known before selling before we get have known before selling before we get have known before selling before we get to that I want to talk about Quiet Light to that I want to talk about Quiet Light to that I want to talk about Quiet Light brokerage quiet light has been around brokerage quiet light has been around brokerage quiet light has been around for I believe it's 15 years now and they for I believe it's 15 years now and they for I believe it's 15 years now and they have a stellar reputation in our space have a stellar reputation in our space have a stellar reputation in our space and that's helping buyers and sellers and that's helping buyers and sellers and that's helping buyers and sellers connect and being a broker to help folks connect and being a broker to help folks connect and being a broker to help folks exit their e-commerce their SAS their exit their e-commerce their SAS their exit their e-commerce their SAS their content sites they've been doing it for content sites they've been doing it for content sites they've been doing it for years and they're very good at it head years and they're very good at it head years and they're very good at it head to micron.com sell if you want to learn to micron.com sell if you want to learn to micron.com sell if you want to learn more about Quiet Light but also to get more about Quiet Light but also to get more about Quiet Light but also to get some microf provided resources around some microf provided resources around some microf provided resources around thinking through selling your company thinking through selling your company thinking through selling your company that's microf.com sell and is there one that's microf.com sell and is there one that's microf.com sell and is there one thing you wish you would have known thing you wish you would have known thing you wish you would have known before selling risk pulse in many ways before selling risk pulse in many ways before selling risk pulse in many ways the world does not want this you want

the world does not want this you want the world does not want this you want this to happen but it's almost good to this to happen but it's almost good to this to happen but it's almost good to imagine that everything else and imagine that everything else and imagine that everything else and everybody else in the world is kind of everybody else in the world is kind of everybody else in the world is kind of looking for ways to either sabotage it looking for ways to either sabotage it looking for ways to either sabotage it or prevent it from happening or slow it or prevent it from happening or slow it or prevent it from happening or slow it down right you and your few people who down right you and your few people who down right you and your few people who have shares in this company are like the have shares in this company are like the have shares in this company are like the only ones who really want it to go only ones who really want it to go only ones who really want it to go faster and happen and everyone else is faster and happen and everyone else is faster and happen and everyone else is like you know time is actually maybe on like you know time is actually maybe on like you know time is actually maybe on their side right and and they don't their side right and and they don't their side right and and they don't maybe need to do this and all these maybe need to do this and all these maybe need to do this and all these things and so I think just you know it's things and so I think just you know it's things and so I think just you know it's not because they're evil but just not because they're evil but just not because they're evil but just realizing that wow you know this is realizing that wow you know this is realizing that wow you know this is going to be harder than I expect it to going to be harder than I expect it to going to be harder than I expect it to be in ways I don't can't predict um a be in ways I don't can't predict um a be in ways I don't can't predict um a little more coaching there would have little more coaching there would have little more coaching there would have been nice I certainly know it for the been nice I certainly know it for the been nice I certainly know it for the next time around yeah yep and you want next time around yeah yep and you want next time around yeah yep and you want to tell folks what your on now because to tell folks what your on now because to tell folks what your on now because you started another startup yeah yeah I you started another startup yeah yeah I you started another startup yeah yeah I started another startup uh Tiny Seed was started another startup uh Tiny Seed was started another startup uh Tiny Seed was kind enough to uh help me get it off the kind enough to uh help me get it off the kind enough to uh help me get it off the ground which is awesome uh taking um ground which is awesome uh taking um ground which is awesome uh taking um taking that first year to just focus on taking that first year to just focus on taking that first year to just focus on building the technology and it's called building the technology and it's called building the technology and it's called Summit um you can find it at youumm Summit um you can find it at youumm Summit um you can find it at youumm it.com and we are now narrowly focusing it.com and we are now narrowly focusing it.com and we are now narrowly focusing on serving marketers with uh a scoring on serving marketers with uh a scoring on serving marketers with uh a scoring engine is what we're calling it so the engine is what we're calling it so the engine is what we're calling it so the ability to do mathematical calculations ability to do mathematical calculations ability to do mathematical calculations or scoring on your contacts leads or or scoring on your contacts leads or or scoring on your contacts leads or prospects customers that integrates prospects customers that integrates prospects customers that integrates natively with HubSpot Salesforce natively with HubSpot Salesforce natively with HubSpot Salesforce intercom customer IO Etc that's uh intercom customer IO Etc that's uh intercom customer IO Etc that's uh that's what it does and it's a sass that's what it does and it's a sass that's what it does and it's a sass awesome Matt thanks for joining me awesome Matt thanks for joining me awesome Matt thanks for joining me thanks Rob if you want to hear more from thanks Rob if you want to hear more from thanks Rob if you want to hear more from Matt about building risk pulse check out Matt about building risk pulse check out Matt about building risk pulse check out episode 489 of startups for the rest of episode 489 of startups for the rest of episode 489 of startups for the rest of us that's my podcast that I release

us that's my podcast that I release us that's my podcast that I release every week and if you enjoy hearing every week and if you enjoy hearing every week and if you enjoy hearing about exits check out this video thanks about exits check out this video thanks about exits check out this video thanks for watching I'll see you next week