The things that make you good at running a business are the things that may cost you money after you sell it. Optimism. Conviction. The certainty that you can fix whatever breaks. Those traits built your company. Pointed at an investment pitch, they turn you into an easy yes.
Justin Donald knows the pattern from both sides. He built a mobile home park portfolio big enough to cover his cost of living by 34, wrote the Wall Street Journal bestseller The Lifestyle Investor, and has spent years studying how billionaire family offices allocate their money. He also put a million dollars into a deal his lawyer told him to avoid and got about 10 cents on the dollar back.
He joins John Warrillow for the latest After the Deal episode of Built to Sell Radio, the series about making the most of life after a sale while avoiding the biggest mistakes founders make once the money lands. John asks Justin what he’d say to a founder who’s reinvested every dollar for twenty years and is about to get a $10 million check. Listen and you’ll learn:
- Why a good investor starts every deal from no, and why that’s the hardest habit for a founder to pick up
- The single word in a pitch that should end the meeting
- How to write your investment rules before the money arrives, while you’re still thinking straight
- Why billionaire family offices keep only 15 to 30 percent in public stocks and where the rest goes
- The difference between making money through concentration and keeping it through diversification
- Why Justin now accepts a 17 percent return on deals he doesn’t run instead of chasing 30 percent on deals he does
- What to do with the proceeds in the first ninety days (the short version: nothing)
If you’re preparing for a sale and want to avoid the money mistakes founders usually make in the first few years after an exit, listen now.
Watch the full episode below.
Quote of the Week
A good investor is going to start from no. This is a horrible deal, unless I can prove otherwise.
Justin Donald on the mindset shift exited founders struggle with most, after a lifetime of starting every decision from yes.
Curious what your business might be worth? We can help you get a snapshot Let’s take a look.
Deals
- Bunbury Drilling Company, an Australian contractor with 70+ years of experience drilling dewatering wells at mine sites in Western Australia, was acquired by Major Drilling Group International, a global specialized drilling company, for approximately $34M USD upfront (AUS$50M) plus up to $14M USD in earnouts. Bunbury generated approximately $10M USD in EBITDA on $29M USD in revenue, implying a valuation of 3.4x EBITDA on the upfront price.
- Reevemark, a New York-based communications firm that advises companies and executives in high-stakes situations like litigation, shareholder activism, and corporate crises, was acquired by Public Policy Holding Company (Nasdaq: PPHC), a global strategic communications group, for $28M upfront plus up to $52M in performance-based earnouts through 2031. Reevemark generated $11.2M in revenue and $3.9M in profit before tax in 2026, implying a valuation of roughly 7x forward earnings on the upfront price.
- Global Vacuum Systems, a Texas-based manufacturer of custom liquid vacuum tank trucks used to remove industrial waste and liquids, was acquired by Federal Signal (NYSE: FSS), a maker of environmental and safety equipment, for approximately $29M (including $15M for the manufacturing facility). GVS generated approximately $12M in revenue in 2025, implying a valuation of ~2.4x revenue.
