When Value Is in What You’ve Built (Not Your P&L)
“Chris Hutchins co-founded Milk which was acquired by Google even though the revenue and EBITDA were not impressive,” shares Sam Thompson, a Minneapolis business broker and the president of M&A firm Transitions In Business. “This episode talks about protecting your employees and customers while moving quickly on a deal, splitting assets across buyers and reframing your pitch so a buyer will see value in your assets.”
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 acquirer, 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 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.