Tyler Tringas maintained his independence from beginning to end, starting with bootstrapping his SaaS company and then ultimately navigating the sale alone.
Tyler Tringas was adamant on establishing his SaaS business without the help of external capital.
He founded Storemapper—providing small businesses with a platform to showcase the location of their products in-store to curious consumers—in 2012.
By 2017, Storemapper was seeing $50,000 in monthly recurring revenue with a team of five. Ready to build his next business, Tringas made moves to sell the company, including moving himself away from day-to-day business operations, learning critical questions to ask potential buyers, and maintaining radical transparency to accelerate the sale.
In this episode, you’ll learn:
- How to know when it’s time to sell
- The importance of asynchronous communication and how to integrate it into your hiring processes
- How Tringas used radical transparency to attract buyers and accelerate the sale process
- The subjectivity of Seller’s Discretionary Earnings (SDE) and how it can impact your value
- Defining strategic and financial buyers for your company
When Tringas decided to sell Storemapper, his first step was to reclaim his time from day-to-day operations. Learning how to make a business less dependent on the owner is explored in Module 7, Hub & Spoke, of The Value Builder System™. Get started for free right now by completing Module 1.
About Tyler Tringas
Tyler Tringas is a former Forbes 30 Under 30 cleantech economist turned self-taught software developer, entrepreneur, bootstrapper, and digital nomad. He built the first version of Storemapper on a single flight to Argentina, grew it while traveling around the world, and sold it in 2017. He invests in early-stage businesses as the founder and general partner of Earnest Capital. He lives in Rio de Janeiro, Brazil with his wife Anne, an American diplomat.
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 and 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 400,000 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.
Have you ever wondered why startups stop growing?
Buying a business in 48 hours is a risky move, but Carl Allen did exactly that and turned his purchase around for a tidy sale in just three years.
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.