Episode 101 & 102: How to Sell Your Startup Successfully with Mark Achler & Mert Iseri
In episodes 101 & 102, Mark and Ben interview Mark Achler and Mert Iseri about their book, Exit Right: How to Sell Your Startup, Maximize Your Return and Build Your Legacy.
Meet Mark
An early employee of Apple and Head of Innovation at Redbox, Mark Achler has been creating and investing in tech startups since 1986. Today, he is a founding partner of MATH Venture Partners, a technology venture capital fund, and an adjunct professor at the Northwestern Kellogg School of Management.
Meet Mert
Mert Iseri co-founded SwipeSense, a healthcare technology company acquired by SC Johnson in 2020. Prior to that, he co-founded Design for America, a national network of students using design thinking to create social impact, now part of the IBM Watson Foundation. He is currently an Entrepreneur in Residence at MATH Venture Partners.
Main Topic Notes & Takeaways
How to sell your startup
Don't see interactions as a single transactional moment in time, but as the start of a long-term relationship
Stay humble and give back
When you're a good manager, it's not about you, it's about your employees. You have to help them grow in their career and that will build trust
Don't view selling your startup as an ending, but the beginning of something new to come
When you sell you must make sure the buyers, employees, and customers are all considered and valued
Find a buyer that makes what you do more valuable together
Don't wait to start talking to potential buyers when you want to sell. Start years before.
The importance of FAIR - Fit, alignment, integration and rationale
Is there is a cultural fit between the companies?
Are you aligned internally and with the acquiring company?
Is there a plan in place where these companies can deliver value together?
Can you explain why joining forces strategically multiplies value?
Having an annual Exit Talk - Annual exit talk
Have a scheduled yearly time for the CEO to talk about how they're feeling about an exit
Depending on why and when you're being bought, you can focus on adding value in that area