Built to Flip: From Start Up To Sell Out In Just 2 Years
January 26, 2018 |
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After a motorcycle accident shattered Jon Read’s collar bone into 6 pieces, he wasn’t able to follow-through on his post-surgical rehabilitation appointments because of his busy travel schedule. So, he created an app.
Knowing he needed to do something to augment the home program the therapist gave him, Jon used his technical skills to hack together what would become the first prototype for Keet Health. The prototype software application hosted the exercises recommended by his therapist (including videos), reminded him when it was time to do them, and sent accountability messages to this therapist…and to his mom.
When several other friends used his app to support their successful recovery from injuries, Jon realized he was on to something, and Keet Health was formed. Over a 2-year period, he went from startup to exit.
In this episode, you’ll learn:
- How to think through whether to build a lifestyle business or take on investors
- How to use convertible debt to raise money
- The biggest mistake Read made when going out to raise money
- What the different definitions of partnerships are, and how a strategic buyer may be closer than you think
- The reps and warranties to watch out for as you negotiate your Letter of Intent terms
Within 6 months of starting Keet Health, Read knew the likely buyer of his business was going to be one of the big medical records companies. Figuring out who may be a great fit for acquiring your company is what we’ll do in Module 11 of The Value Builder System™. Complete Module 1 for free right now by taking the Value Builder score.
Our guest
Jon Read is the founder and CEO of Keet Health, a patient relationship management platform recently acquired by Clinicient. Jon began his career in the insurance industry building systems to automate processes for insurance brokers. Leveraging his technology, he became a top-producing broker for the Maryland Health Insurance Partnership for Small Business, the program that would be the template for the subsidy program outlined in the Affordable Care Act (ACA), and advised politicians in Annapolis of the program’s efficacy.
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