How Chris Hutchins convinced Google to buy Milk—and Wealthfront to acquire Grove

A strategic acquirer is a company buying to advance its own roadmap, distribution, or capabilities—unlike financial buyers (private equity, family offices) who buy primarily for cash flow. To a strategic, value may sit in what you’ve built, not what you’ve earned. 

Chris Hutchins’ story makes the point. He co-founded Milk, acquired by Google, and later founded Grove, acquired by Wealthfront. Both saw assets they could plug in—product, team, IP—even when revenue and EBITDA weren’t impressive. 

If you want a strategic acquirer to pay for what you’ve built rather than how much money you make, this episode of Built to Sell Radio is for you. You’ll discover how to:

• Define and prioritize the assets a strategic may value now (team, product, customer list, roadmap, even your lease)
• Reframe your pitch so a distribution-rich buyer may see immediate lift from your assets
• Run a fast, momentum-led process that invites quick noes and surfaces real interest
• Split assets across buyers when it improves the overall outcome
• Protect employees and customers while you move quickly toward a decision 

If a strategic exit is on your radar, this playbook helps you create options when EBITDA won’t carry the deal. 

Show Notes & Links

Visit Chris’ Website

Connect with Chris on LinkedIn

Curious what your business might be worth? Connect with us here. 

Definitions

Due-Diligence: This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.

Earn-out: This is a financing arrangement for the purchase of a business, where the seller must meet certain performance goals before receiving the full purchase price. It reduces the buyer’s risk and aligns the interests of both parties post-acquisition.

Roll Over Investor: A rollover investor, in the context of selling a business, refers to an individual or entity that rolls some of their proceeds from the sale with the buyer. This strategy allows the seller to defer capital gains taxes and potentially leverage their expertise or resources in a new venture.

Re-Trading: This occurs when a buyer attempts to renegotiate the purchase price of a deal after initially agreeing to one. It is often seen unfavorably as it occurs after due diligence, seemingly exploiting newly discovered information.

TAM: “Total Addressable Market.” It’s a business term that represents the overall revenue opportunity available for a product or service in a specific market. To put it simply, TAM is the maximum amount of money a company could potentially make if they captured every single customer in a given market who might be interested in what they’re selling.

About Our Guest

Chris Hutchins

Chris Hutchins is the founder and host of All the Hacks, a top-ranked podcast dedicated to helping people optimize their life, money, and travel. A lifelong optimizer and serial entrepreneur, Chris previously co-founded Grove (acquired by Wealthfront) and Milk (acquired by Google), worked in venture capital at GV, and led new product strategy at Wealthfront.