Plus: I have a framework that I thought about in the shower last night, random thoughts, and more. Let’s do this thing!

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WeHero was acquired! It was a whirlwind of a journey and I’m super excited for the next chapter. It felt pretty wild to go to work the day after the deal closed and realize that I’m an employee again!

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Here are some quick lessons learned after going through this multi-month process of diligence and negotiation.

• Good lawyers are worth every penny! I can now confirm I know next to nothing about business law.
• It is so worth it to get your startup organized correctly from day one. If you’re starting a business, set up a legal entity, set up appropriate banking, spin up Quickbooks, and track as much as you can.
• Make contracts and get them signed! I’m talking about client contracts, employment contracts, etc.
• If your business starts the acquisition process, having an experienced “deal quarterback” (my own goofy term) is seriously helpful. This is someone that has experience in M&A deals and can provide guidance as well as a shoulder to cry on when things get stressful. Thankfully my co-founder Andy had lots of experience in this area.
• Interview your buyer and their team for culture fit. If you’re like most founders, you’ll likely be working for your buyer for a period of time post-acquisition. Good idea to make sure you enjoy working together!
• The buyer will do due diligence on your business. Make sure you do due diligence on the buyer’s business.
• Having a bottle of bourbon around for the final days of the deal can come in handy ;)

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What am I up to now? I’ll still be working at the company continuing to grow WeHero and working on some bigger-picture items for the broader business. Do I feel any different after selling the business? You know… not really! Still just as hungry as ever to build awesome products and businesses!

Product Framework

I was in the shower last night and was thinking about how WeHero quickly gained the trust of massive businesses even when the company was only 30 days old. I think A) product market fit was very clear when we started the company, but after product market fit was confirmed, something else helped drive success in the early stage and that was really good design. The business looked like a seasoned expert in the industry with a serious team of people behind it. We didn’t lie. We just showed up to the party wearing business professional while everyone else was in gym shorts.

Here is the simple framework:

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And the cycle goes on.

Are there other things that drive success outside of this framework? Absolutely. But my point here (as it has been for years) is that design is insanely important. I’m sure I’ll hear from some folks that send me links to craigslist after reading this…

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Hang out with more builders!

I’ve been hosting peer group meetings for people that are building and growing businesses that are bootstrapped/self-funded. It has been so much fun and I’m learning so much and meeting amazing people because of it. If you’re interested in joining our next peer group meeting, here are the details.

The next peer group meeting is April 5th, 2020, 12:30–2:00 pm PST. What will we be covering?

• 12:30 — Introductions and business updates
• 12:45 — Advertising. What’s working? What’s not working?
• 1:15 — Making your first sales hire and organizing a sales function. Where are folks finding success here?
• 1:50 — Concluding thoughts and follow on actions

Want to join? I’d love to expand the community! Email me and I’ll send you an invite 🙌

Final random thoughts from me

• I can’t believe I can get 5% interest off a CD these days!
• If you sell a business, maybe consider moving to Texas beforehand and save yourself almost 10% in taxes
• Spend time with people that are older and way more successful than you and take notes
• I’ve recently been stepping into sales and focusing on new business for WeHero while we hire a replacement. It is challenging but such an essential skill for founders.
• I can confirm money does not equal happiness (at least for me)

Last thing I’ll share: The morning the deal closed and the wire transfer hit my account, I was emotionless. I got the notification, I made the same damn oatmeal I always make, had my cappuccino, packed my lunch, and went to work. My realization: The wins are only temporary. It’s the work and what you pour your heart into day to day that gives you ongoing satisfaction. Maybe I’m a total weirdo!

About The Writer:

Ben Sampson is a product nerd and current co-founder at WeHero. He has built 4 companies in the past 10 years, and worked as a consultant for 4 years helping some of the largest companies in the world like Bloomberg, Dun & Bradstreet, etc. make some of the best products in company history.

Yes, I wrote this in 2nd person because it just sounds sooo much cooler! See you all on Twitter or LinkedIn.

Disclaimer: I don’t pay an editor to review my writing. If I made a typo you can publicly humiliate me on Twitter or LinkedIn. If you find any of my writing too direct or unprofessional, god made an <unsubscribe button>.

It actually wasn’t a god. Just some guy named Jared Dunn.