The Hunter vs. the Hunted
Drew Goodmanson started Monk Development as a custom website development shop and evolved it into a product enabling churches to establish an online presence. With more than 300,000 churches in the United States, Goodmanson’s company took off and he grew it to more than $3 million in recurring revenue per year, leveraging the Software as a Service (SaaS) business model.
In 2015, Goodmanson sold Monk to Ministry Brands and was then dispatched by Ministry to go and buy up similar software companies. Working for Ministry, Goodmanson eventually acquired 10 small software companies into one mega group.
Goodmanson has the unique perspective of being both the hunter and the hunted, and in this episode you’ll learn about:
- Reconciling your emotional fears around selling
- Switching from a service business to a product business (and how to fund the switch)
- Assembly line thinking
- The dangers of getting deal “pregnant”
- Translating values from ‘window dressing’ to ‘operating principles’ employees actually follow
- How to avoid an earn-out
- “Post acquisition economics” and how to use them to drive up the value of your company
- The best time to sell your company