This video features a founder who successfully exited a healthcare payments company for $450M, discussing his entrepreneurial journey and "startup exit.
This video features a founder who successfully exited a healthcare payments company for $450M, discussing his entrepreneurial journey and "startup exit secrets." The discussion also touches on building a business for 13 years and repeating founder secrets for fundraising success.
make us insiders. So talk to us about the exit. Obviously an outcome of 450 million. I mean that for coming right out of school building the business it's a it's unbelievable as the first rodeo as an entrepreneur. So make us insiders. How did everything happen? >> You know I I think some of it is uh some of it's luck and I I firmly believe that that in life sometimes you just got to be lucky but it also is about being in the right place at the right time. And I think the the ultimate ingredients of that company was one uh we found an idea that solved real pain points for patients and for the health systems. This was a musthave for for hospitals uh and doctor's offices. So that was kind of the ingredient one. Number two, we ran the company really leanly until we were ready to scale it. And it turned out that we actually started that company probably five or six years too early. uh
from start to finish, start to exit was was about 13 years. So that was a relatively long journey. And the first number of years, the the graph looked pretty flat. It wasn't that up into the right hockey stick that we all want. It was really flat because it took us a long time to a build the product and b to find product market fit. Ultimately, five or six years in the market was kind of ready for what we had. And because we've been doing it for for six or seven years already, the solution was already very mature, much more mature than our competitors. And so we kind of had the the grit to just withstand those slow years until the market was ready and until we had a really uh stable and scalable solution and then the last few years just extremely rapid growth. Um you know one success building on another lots of momentum um that's kind of what you you always hope to find. So I think, you
know, making sure you're building in a good market where the trend is going in the right direction, having enough capital and enough patience to to stick with it even through the the slow times and make sure that you get to the point where you can grow quickly. And then three, just building a really quality solution. That was ultimately when we got acquired, one of the things that the acquirer told us was they had looked at all of our competitors and many of those solutions were subpar. And again, in something like healthcare and and finance, it has to work 100% of the time. You can't mess up someone's money. You can't mess up someone's healthcare data. And we just had that inbuilt quality. That was always a core value we had. And you know, we we got a fantastic multiple kind of right at the the height of the market in in 2021 when when we sold