<description>&lt;div class="OutlineElement Ltr SCXW21376685 BCX0"&gt; &lt;p class="Paragraph SCXW21376685 BCX0"&gt;&lt;span class= "TextRun SCXW21376685 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle="Normal (Web)"&gt;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&lt;/span&gt; &lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle="Normal (Web)"&gt;you've&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;built, not what&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;you've&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;earned.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW21376685 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW21376685 BCX0"&gt; &lt;p class="Paragraph SCXW21376685 BCX0"&gt;&lt;span class= "TextRun SCXW21376685 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle="Normal (Web)"&gt;Chris Hutchins' story makes the point. He co-founded Milk,&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;acquired&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;by Google, and later founded Grove,&lt;/span&gt; &lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;acquired&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;by&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;Wealthfront&lt;/span&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;. Both saw assets they could plug in—product, team, IP—even when revenue and EBITDA&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;weren't&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;impressive.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW21376685 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW21376685 BCX0"&gt; &lt;p class="Paragraph SCXW21376685 BCX0"&gt;&lt;span class= "TextRun SCXW21376685 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle="Normal (Web)"&gt;If you want a strategic acquirer to pay for what&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;you've&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;built rather than how much money you make, this episode of Built to Sell Radio is for you.&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;You'll&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;discover how to:&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW21376685 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW21376685 BCX0"&gt; &lt;p class="Paragraph SCXW21376685 BCX0"&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;• Define and prioritize the assets a strategic may value now (team, product, customer list, roadmap, even your lease)&lt;/span&gt;&lt;span class= "LineBreakBlob BlobObject DragDrop SCXW21376685 BCX0"&gt;&lt;span class= "SCXW21376685 BCX0"&gt; &lt;/span&gt;&lt;br class= "SCXW21376685 BCX0" /&gt;&lt;/span&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;• Reframe your pitch so a distribution-rich buyer may see an immediate lift from your assets&lt;/span&gt;&lt;span class= "LineBreakBlob BlobObject DragDrop SCXW21376685 BCX0"&gt;&lt;span class= "SCXW21376685 BCX0"&gt; &lt;/span&gt;&lt;br class= "SCXW21376685 BCX0" /&gt;&lt;/span&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;• Run a fast, momentum-led process that invites quick noes and surfaces real interest&lt;/span&gt;&lt;span class= "LineBreakBlob BlobObject DragDrop SCXW21376685 BCX0"&gt;&lt;span class= "SCXW21376685 BCX0"&gt; &lt;/span&gt;&lt;br class= "SCXW21376685 BCX0" /&gt;&lt;/span&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;• Split assets across buyers when it improves the overall outcome&lt;/span&gt;&lt;span class= "LineBreakBlob BlobObject DragDrop SCXW21376685 BCX0"&gt;&lt;span class= "SCXW21376685 BCX0"&gt; &lt;/span&gt;&lt;br class= "SCXW21376685 BCX0" /&gt;&lt;/span&gt;&lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;• Protect employees and customers while you move quickly toward a decision&lt;/span&gt;&lt;span class="EOP SCXW21376685 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW21376685 BCX0"&gt; &lt;p class="Paragraph SCXW21376685 BCX0"&gt;&lt;span class= "TextRun SCXW21376685 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle="Normal (Web)"&gt;If a strategic exit is on your radar, this playbook helps you create options when EBITDA&lt;/span&gt; &lt;span class="NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;won't&lt;/span&gt; &lt;span class= "NormalTextRun SCXW21376685 BCX0" data-ccp-parastyle= "Normal (Web)"&gt;carry the deal.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW21376685 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt;</description>

Built to Sell Radio

John Warrillow

Ep 520 How Chris Hutchins convinced Google to buy Milk—and Wealthfront to acquire Grove—despite not generating much revenue (and no EBITDA)

NOV 14, 202555 MIN
Built to Sell Radio

Ep 520 How Chris Hutchins convinced Google to buy Milk—and Wealthfront to acquire Grove—despite not generating much revenue (and no EBITDA)

NOV 14, 202555 MIN

Description

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 an 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.