Brian Ferrilla started Resort Advantage in 2006 to help casinos adhere to new anti-money laundering laws. Criminals were laundering money through casinos and Ferrilla’s software helped casinos help spot the bad guys.
By 2015, Ferrilla had built his company up to 15 employees and was on target to hit $3 million in annual revenue, when they ran into a glitch. Ferrilla’s team had dozens of product ideas but not enough money to development them all.
Ferrilla decided to look for an investor, partner or outright acquirer. He received three offers and settled on one that offered him more than five times revenue for his business. In this episode, you’ll learn:
- How to retain ownership of your product even when you’re customizing it for a big company
- How to avoid having your equity diluted when bringing on partners
- The impact of a barrier to entry on the value of your company
- How to develop your long list of potential acquirers
- How to tell your employees you’re selling the company without alarming them
Ferrilla maintained ownership of his intellectual property (IP) despite customizing his software for big casino operators like MGM. Do you own the IP in your business? That’s just one of the questions we’ll consider when we go through The Monopoly Control module of The Value Builder System™— get started now by completing your Value Builder questionnaire.
About Brian Ferrilla
Brian Ferrilla is the Founder of Strategic IT Ventures, a firm launched in 2004 to bring real-world information technology product development, strategy, and operations start-up experiences to early-stage software technology firms and investor groups.
As an entrepreneurial visionary throughout his 25+ year career as Founder / CEO of several technology firms, Brian has led the envisioning, development, and commercialization of technology innovations that have met the needs of the gaming, financial, marketing, and service industries across North America and beyond.
Brian is a driven entrepreneur whose unique ability to effectively bridge the strategy, operations, technology, and sales/marketing disciplines within organizations has consistently added superior value to the customers, staff, and suppliers of every organization he has worked with. As CEO of his most recent gaming industry software venture, he facilitated its acquisition by a publicly-traded company yielding an extremely successful exit for original investors.
Some of the technology ventures that Brian’s firm is currently leading to prominence within their markets include:
• KidsCash™, a patented tween-directed/parent-approved, online financial literacy experience
• VizBe™, an online guided goal-setting, personalized digital vision board creation, and peer-to-peer accountability experience
• Diip™, a patent-pending mobile app offering an immediate, anonymous, and card-less “pay-at-your-seat” solution for food & drink social experiences
• All Points Intelligence™, a unique reputation management solution for employers to proactively monitor their employees for negative behaviors online
Since 1996, Brian has been an active member of the Entrepreneurs Organization (EO), serving as Past President of the Detroit Chapter, with continuing participation on the Board of Directors and Leadership Committees. As a 2+ year resident of Downtown Detroit, Brian has immersed himself in the start-up technology culture emerging in Detroit’s core and continues to contribute to the community through mentorship and investment within the tech space.
As a General Motors Fellow, Brian received a graduate degree from Stanford University in Palo Alto, California, with a focus on engineering management. As a General Motors Scholar, he earned a Bachelor’s degree in mechanical engineering from Wayne State University in Detroit, Michigan.
Do You Know An Entrepreneur With A Story To Tell?
We’re constantly on the prowl for interesting stories from owners who have sold their businesses. We look for owners who have sold a business that was generating $1 million or more in revenue, who are willing to share their story candidly with our community. Forbes ranked Built to Sell Radio one of their top 10 podcasts for entrepreneurs and we have more than 100,000 downloads, so your story will get shared with a great community of like-minded owners. Nominate yourself or someone you know today.
At Built to Sell we’re all about shifting the balance of power from the buyer to the seller. If you support our mission, please write a review on iTunes—and if you have any comments or questions you can find us on Twitter and Facebook. Tune in every Wednesday for another episode of #BuiltToSell Radio with John Warrillow.
Building new products can be a challenge when money is tight. Here’s how to get your customers to foot the bill for your next big idea.
In 2012, Randy Ambrosie was hired to run 3Macs, a Montreal-based wealth management firm with $4 billion in assets under management at the time.
What’s Your Business Worth?
Take the 13-minute survey and get your Value Builder Score
The Value Builder Score was inspired by the book, Built to Sell. It was created to help business owners like you build more valuable companies. Join more than 30,000 entrepreneurs by getting your free Value Builder Score™, and find out how valuable your company really is.
Get Your Score Now It’s free and 100% confidential.