Ari Ackerman started Bunk1 in 1999 to give parents a way to keep in touch with their kids while they were at summer camp.
Over 17 years, Ackerman grew his technology business into one of the biggest brands in the summer camp industry, which is about the time they were approached by TogetherWork, a company backed by a billion-dollar private equity giant. TogetherWork’s original offer was too low, but after Ackerman projected what Bunk1’s profit would be in the hands of the buyer, the deal got a whole lot more attractive.
In this episode, you’ll learn:
- The difference between EBITDA and adjusted EBITDA.
- How to structure a note as part of your sale.
- The biggest mistake Ackerman made in scaling Bunk1.
- The difference between an expression of interest and a letter of intent.
- How to pick a president.
- Why giving employees equity can be a mistake.
- One emotional condition you need to maximize the value of your business.
Can your business run without you?
Part of what made Bunk1 attractive to TogetherWork was that Ackerman had hired a president to run Bunk1 day-to-day. Setting up your business to run without you is a central theme of The Value Builder System™—get started now by getting your Value Builder Score.
About Ari Ackerman
Ari Ackerman is a serial entrepreneur and proud philanthropist. Among his companies, he is the Founder and (former) Chief Executive Officer of Bunk1.com, the technology company that allows parents to see pictures and send emails/Bunk Notes to kids at summer camp. Bunk1 has been fortunate enough to have been featured in dozens of media outlets including CNN, the Today Show, the New York Times, and Wall Street Journal.
Ari recently sold Bunk1 to Togetherwork, the emerging leader in Group Management Software and Payments. Ari grew up in New York City and received his undergraduate degree from Duke University and an MBA with honors from Northwestern University (Kellogg). Prior to Bunk1, his career hasincluded product management with Procter & Gamble, marketing at Cendant Corporation, and four years on Capitol Hill for a member of Congress and on the Banking and Financial Services Committee.
Ari serves on the boards of the Jewish Community Relations Council, AmericanIsrael Public Affairs Committee, the American Camp Association, and is a founder of the Soho Synagogue. His latest entrepreneurial venture Tribe, is a unique dating app that facilitates meaningful connections for Jewish singles.
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