What would you choose: a small slice of a very big pie, or the whole pie if it’s smaller?
That was the trade-off Dan Berger faced when he launched Social Tables and decided to raise outside capital. With investor backing, he built Social Tables into a successful SaaS company, achieving $20 million in recurring revenue, and ultimately sold it for $100 million. After the VCs exercised their liquidity preferences, Dan personally pocketed just under $20 million.
In this week’s episode of Built to Sell Radio, you’ll learn:
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How liquidation preferences shape the founder’s payday.
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Why “one offer is no offer” when selling your company.
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How to protect yourself from being boxed in by acquirers during diligence.
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Why tying your identity to your company can trigger an emotional crash after selling.
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How to create a “soft landing” before you exit.
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Why the best goal after selling may simply be to figure out your next goal.
It’s a candid look at the surprising math—and the hidden emotional toll—of a $100 million exit.
Quote of the Week
When I sold, I had a little less than 20% of the business… I walked away with a little less than 20 million.
Deals
Meridian Adhesives Group has sold its flooring adhesives division to Avery Dennison Corporation (NYSE: AVY) for $390 million.
The acquired business specializes in adhesives and coatings for the U.S. flooring industry and is expected to generate $110 million in revenue in 2025 with strong operating margins. The deal reflects a 3.5x forward revenue multiple.
