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I sold my business last week (1 Viewer)

kutta

kutta

Footballguy
Last week we closed the sale of my business. I've owned it for 14 years, starting it out my business partner's house and growing it into a 40 person company doing some pretty cool things for the military and first responders. I don't want to mention in this thread who bought us, but if you google my username and "acquisition" you will see. It's actually pretty big news in the DoD and aviation community.

A lot of you guys have followed my progress in several different threads over the years here - thank you all for your support and advice. And some of you even helped design my first website for the business 14 years ago. It's been an awesome ride and lots of fun, and I am going to stay on as Executive VP hopefully for quite a while. I absolutely love the company that acquired us (they were one of our customers), and it's pretty awesome to have a big company behind us now to see what we can do with our technology.

Milestones like this don't happen every day. Now excuse me while I go :banned:

 
Congrats, was acquisition always the exit strategy or did it just sort of materialized and seemed like the right thing at the right time?

 
When did the business become profitable?

Did you take any profits out before you sold or did you always reinvest them in the business?

Did any of your founding employees get paid when you sold?

 
Baloney Sandwich said:
Congrats, was acquisition always the exit strategy or did it just sort of materialized and seemed like the right thing at the right time?
Click to expand...
I'd say we were open to it for the past five years. We have been profitable since day one, so we were never in a desparate sitatuion or really looking to get out. This opportunity presented itself and everyone involved just felt like it was the best thing, so we went with it. We did have an offer on the table a few years ago from a large defense contractor but we turned it down. That turned out to be a good move.

 
SeveredHorseHeads said:
When did the business become profitable?

Did you take any profits out before you sold or did you always reinvest them in the business?

Did any of your founding employees get paid when you sold?
Click to expand...
We were profitable from day one. We started as a consulting business with both of us farming ourselves back to our old employer. From that day on we never had to invest any more of our own money into the business. We paid ourselves well for the past 14 years, so it wasn't a situation where we were struggling or not making money. We would reinvest some of the profits into our products, and we would also pay ourselves.

Our employees have been amazing. We have five or six who have been with us for over 10 years. We have always shared profits with the employees, and this deal was no different.

 
kutta said:
SeveredHorseHeads said:
When did the business become profitable?

Did you take any profits out before you sold or did you always reinvest them in the business?

Did any of your founding employees get paid when you sold?
Click to expand...
We were profitable from day one. We started as a consulting business with both of us farming ourselves back to our old employer. From that day on we never had to invest any more of our own money into the business. We paid ourselves well for the past 14 years, so it wasn't a situation where we were struggling or not making money. We would reinvest some of the profits into our products, and we would also pay ourselves.Our employees have been amazing. We have five or six who have been with us for over 10 years. We have always shared profits with the employees, and this deal was no different.
Click to expand...
:thumbup: Sounds like you did it right.

 
kutta said:
Last week we closed the sale of my business. I've owned it for 14 years, starting it out my business partner's house and growing it into a 40 person company doing some pretty cool things for the military and first responders. I don't want to mention in this thread who bought us, but if you google my username and "acquisition" you will see. It's actually pretty big news in the DoD and aviation community.

A lot of you guys have followed my progress in several different threads over the years here - thank you all for your support and advice. And some of you even helped design my first website for the business 14 years ago. It's been an awesome ride and lots of fun, and I am going to stay on as Executive VP hopefully for quite a while. I absolutely love the company that acquired us (they were one of our customers), and it's pretty awesome to have a big company behind us now to see what we can do with our technology.

Milestones like this don't happen every day. Now excuse me while I go :banned:
Click to expand...
Congrats, brother man.

 
Awesome. My FIL was close to pulling the same move but didn't follow through with it. I think he would be happier if he did. I applaud you!

 
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