About this episode
Brian Ferrilla started Resort Advantage in 2006 to help casinos adhere to new anti-money laundering laws. Criminals were laundering money through casinos and Ferrilla’s software helped casinos help spot the bad guys.
By 2015, Ferrilla had built his company up to 15 employees and was on target to hit $3 million in annual revenue, when they ran into a glitch. Ferrilla’s team had dozens of product ideas but not enough money to development them all.
Ferrilla decided to look for an investor, partner or outright acquirer. He received three offers and settled on one that offered him more than five times revenue for his business. In this episode, you’ll learn:
- How to retain ownership of your product even when you’re customizing it for a big company
- How to avoid having your equity diluted when bringing on partners
- The impact of a barrier to entry on the value of your company
- How to develop your long list of potential acquirers
- How to tell your employees you’re selling the company without alarming them
Ferrilla maintained ownership of his intellectual property (IP) despite customizing his software for big casino operators like MGM. Do you own the IP in your business? That’s just one of the questions we’ll consider when we go through The Monopoly Control module of The Value Builder System™— get started now by completing your Value Builder questionnaire.
About Our Guest
Brian Ferrilla is the Founder of Strategic IT Ventures, a firm launched in 2004 to bring real-world information technology product development, strategy, and operations start-up experiences to early-stage software technology firms and investor groups. As an entrepreneurial visionary throughout his 25+ year career as Founder / CEO of several technology firms, Brian has led the envisioning, development, and commercialization of technology innovations that have met the needs of the gaming, financial, marketing, and service industries across North America and beyond.