Bluethumb, Australia’s largest art marketplace, spawned SmartrMail—a SaaS business that grew to $2 million in annual recurring revenue (ARR). When George Hartley decided to sell SmartrMail, he faced a major setback: the buyer he signed an LOI with didn’t have the funds to close.
In this week’s Built to Sell Radio, George shares the lessons he learned when his first deal fell apart and how he ultimately salvaged the sale.
You’ll discover:
- Why relying on a proprietary process can derail your exit.
- The red flags to watch for when vetting a buyer.
- A hard lesson: always verify your acquirer has the funds to close.
- How to handle cap table challenges in a carve-out business.
- Strategies for avoiding dilution from unscrupulous investors.
George’s story underscores the importance of running a competitive process to create leverage and ensuring any buyer you sign an LOI with is prepared—and able—to close.