Ben Leonard built Beast Gear—a strength and conditioning brand selling through Amazon and Shopify—into a $6 million business before selling it to Thrasio, one of the best-known aggregators in e-commerce.
According to Ben, he got 80% of the proceeds up front and hit his year-one earn-out. But what happened next left him questioning the entire deal.
He says the buyer shut down the Beast Gear website, deleted the customer list, replaced his brand content, and slowly let the business decline. Ben had no control, no input, and no recourse.
In this week’s episode of Built to Sell Radio, Ben explains what he wishes he knew going into the deal—and what founders can do to avoid the same regrets.
You discover how to:
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Avoid the most common mistake sellers make when negotiating an earn-out
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Vet a buyer beyond the numbers in their offer
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Protect your reputation when your brand outlives your control
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Know when buying back your business might actually make sense
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Separate emotion from logic when deciding whether to walk away (download our free ebook on knowing when to walkaway)
This is part of our After the Deal series, where founders reveal what life is really like when work becomes a choice, not a requirement.
Quote of the Week
It shouldn’t be called an earn-out—it’s a pray-out.
Deals
Elgen Manufacturing, a New Jersey-based designer and manufacturer of HVAC components, ductwork, and structural framing for commercial buildings, has been acquired by Worthington Enterprises (NYSE: WOR) for $93 million.
Elgen generated $114.9 million in revenue and $13.3 million in EBITDA in 2024, implying a valuation multiple of approximately 7x EBITDA.
