<description>&lt;div class="OutlineElement Ltr SCXW16980011 BCX0"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "TextRun SCXW16980011 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Andrew McConnell built a SaaS company that helped vacation rental managers price homes like airlines&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; using dynamic pricing based on demand&lt;/span&gt;&lt;span class="NormalTextRun SCXW16980011 BCX0"&gt;. He eventually successfully exited, but not before learning the hard way that building a company and selling one &lt;/span&gt;&lt;span class="NormalTextRun SCXW16980011 BCX0"&gt;require&lt;/span&gt;&lt;span class="NormalTextRun SCXW16980011 BCX0"&gt; two entirely different skill sets.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP Selected SCXW16980011 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 SCXW16980011 BCX0"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;In this episode of &lt;/span&gt;&lt;span class="NormalTextRun SCXW16980011 BCX0"&gt;Built to Sell Radio&lt;/span&gt;&lt;span class="NormalTextRun SCXW16980011 BCX0"&gt;, Andrew walks through the pivot that saved his business, why his VC backers stayed on board, and the exact moment he realized that a "short buyer list" is a dangerous trap for founders.&lt;/span&gt;&lt;span class="EOP Selected SCXW16980011 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 SCXW16980011 BCX0"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Listen in to discover how to:&lt;/span&gt;&lt;span class="EOP Selected SCXW16980011 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="ListContainerWrapper SCXW16980011 BCX0"&gt; &lt;ul class="BulletListStyle1 SCXW16980011 BCX0" role="list"&gt; &lt;li class="OutlineElement Ltr SCXW16980011 BCX0" role="listitem" aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props= "{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="1" data-aria-level="1"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Spot the "hidden ceiling"&lt;/span&gt;&lt;span class="TextRun SCXW16980011 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; in a business that looks like &lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;it's&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; doubling—right up until it &lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;isn't&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP Selected SCXW16980011 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;/div&gt; &lt;div class="ListContainerWrapper SCXW16980011 BCX0"&gt; &lt;ul class="BulletListStyle1 SCXW16980011 BCX0" role="list"&gt; &lt;li class="OutlineElement Ltr SCXW16980011 BCX0" role="listitem" aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props= "{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="2" data-aria-level="1"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Move a cap table&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; from a failed bet into a new one without lighting your professional relationships on fire.&lt;/span&gt;&lt;span class="EOP Selected SCXW16980011 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;/div&gt; &lt;div class="ListContainerWrapper SCXW16980011 BCX0"&gt; &lt;ul class="BulletListStyle1 SCXW16980011 BCX0" role="list"&gt; &lt;li class="OutlineElement Ltr SCXW16980011 BCX0" role="listitem" aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props= "{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="3" data-aria-level="1"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Understand liquidation preference&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; in plain English (and why it can erase a founder's take-home pay at exit).&lt;/span&gt;&lt;span class= "EOP Selected SCXW16980011 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;/div&gt; &lt;div class="ListContainerWrapper SCXW16980011 BCX0"&gt; &lt;ul class="BulletListStyle1 SCXW16980011 BCX0" role="list"&gt; &lt;li class="OutlineElement Ltr SCXW16980011 BCX0" role="listitem" aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props= "{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="4" data-aria-level="1"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;See why a banker's real value&lt;/span&gt;&lt;span class="TextRun SCXW16980011 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; &lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;isn't&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; just managing the process—&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;it's&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; forcing pressure and widening the field &lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;of potential acquirers&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP Selected SCXW16980011 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;/div&gt; &lt;div class="ListContainerWrapper SCXW16980011 BCX0"&gt; &lt;ul class="BulletListStyle1 SCXW16980011 BCX0" role="list"&gt; &lt;li class="OutlineElement Ltr SCXW16980011 BCX0" role="listitem" aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props= "{"335552541":1,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="5" data-aria-level="1"&gt; &lt;p class="Paragraph SCXW16980011 BCX0"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;Avoid the "I can sell this myself" mindset&lt;/span&gt;&lt;span class="TextRun SCXW16980011 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; that often results in a year of free research for buyers and zero &lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt;leverage&lt;/span&gt;&lt;span class= "NormalTextRun SCXW16980011 BCX0"&gt; for you.&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP Selected SCXW16980011 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;/div&gt;</description>

Built to Sell Radio

John Warrillow

Ep 534 Why a "short list" of acquirers may be a trap

FEB 20, 202658 MIN
Built to Sell Radio

Ep 534 Why a "short list" of acquirers may be a trap

FEB 20, 202658 MIN

Description

Andrew McConnell built a SaaS company that helped vacation rental managers price homes like airlines using dynamic pricing based on demand. He eventually successfully exited, but not before learning the hard way that building a company and selling one require two entirely different skill sets. In this episode of Built to Sell Radio, Andrew walks through the pivot that saved his business, why his VC backers stayed on board, and the exact moment he realized that a "short buyer list" is a dangerous trap for founders. Listen in to discover how to: Spot the "hidden ceiling" in a business that looks like it's doubling—right up until it isn't. Move a cap table from a failed bet into a new one without lighting your professional relationships on fire. Understand liquidation preference in plain English (and why it can erase a founder's take-home pay at exit). See why a banker's real value isn't just managing the process—it's forcing pressure and widening the field of potential acquirers Avoid the "I can sell this myself" mindset that often results in a year of free research for buyers and zero leverage for you.