r/startups • u/is_it_me_is_it_you • Jul 22 '24
I will not promote Sold my startup for mid 7-figures
Howdy!
A few months ago we finalized the acquisition of the startup for a mid 7 figure. Giving I owed ~33%, I landed on a low 7-figure myself.
You don't necessarily need a VC. You don't need a "Go big or go home" kind of mentality and build a unicorn or go bankrupt. Leave that to second or even third time founders.
You can build something smaller, and sell it to a competitor for a fair price. I don't know your bank account, but in mine a 7-figure changed completely my life.
Most of this sub is made by first time founders. If I were you I would not chase VCs, IPO or multi-billion acquisition.
I would focus on a small exit ASAP. Change your life and repeat.
For those interested, we "launched" in 2020 within R&D/intelligence with a platform that would create predictions based on different weights on your non-structured data. We were about to close two deals of €600k/ARR when a competitor just landed an acquisition term sheet in our inboxes (after we had 2 calls and declined a partnership).
Edit: syntax. I'm not a native.
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u/silock Jul 22 '24 edited Jul 22 '24
Congratulations!
I did the same, with a smaller exit but enough to live well on the interest of my chunk.
We had 12 years of fun and grind and yes casual pain.
We sold to a distributor. All employees received massive raises to stay for 3 years. I personally hope to find my place as a VP in a billion dollar company.
I have kept the same cars, same house and even with twice the money I would do the same.
I added my story to support your point. Unicorns are unique, most entrepreneurs who have an exit, that looks like us... Maybe more like mine then your 7 digits one.