It kind of feels like reading the world's longest LinkedIn post. I really wish this wasn't the case because I really want to take in the story and lessons, but it's literally too fatiguing to get through much in one sitting.
I didn't realize how poignant of a criticism this could be. Holy hell that hit hard.
I skimmed the content (it has no immediate relevance to my life) but even the chapter headings are sloppadocious.
Not to derail your comment, but what is the purpose of prepending the word "lived" to the word "experience"? Is there experience that's not lived? It's strange to me to imply that knowledge gained from others telling you about something can be called "experience". I've seen the term pop up in particular circumstances in the last several years and it smacks to me of a dog whistle.
It corrects spelling errors and improves awkward wording. You can then go and choose alternative sentences or words. Just don't expect any sort of deeper intelligence.
The problem is: viewed as a one-off, it’s a gem. But put it on the AI slop conveyor many commenters here apparently are fed all day long, the voice is too similar, it seems like another chapter in that anthology.
This is how I felt when I read Tony Robbins. Or a modern business book.
Dear ChatGPT, please rephrase these bulletpoints into a chapter of my book: ...
Pray tell why may we not just read the bulletpoints instead?
Sold your own company, but unable to use your own words?
Reader: AI, please summarise this business book into a set of quick-to-read bullet points.
In a sense, "I wrote a book about it" is disingenuous and I agree the author's bullet list would probably be more interesting and would save us a lot of time.
"Now should you hire a banker when there is no actionable inbound interest and you have no prior relationships? I would recommend no, as in such a case bankers would typically rely on their network of Corp Devs and present your company to a laundry list of potential companies that likely have nothing to do with your space or business or you have no interest working for."
..is not how a great banker that actually does deals in the revenue size and market you're in would act. I can see how a "too large" a bank where you're small fry, would do this, but eg in my space ($2-20M ARR), the key job of your banker is to reach out to whomever would pay the most for your business, not just their corp dev buddies they happen to have existing relationships with.
That's not easy - there are 1000+ repeat software buyers with various portfolios and all kinds of timing constraints, and that's even before considering true strategics (in my range, the buyer mix is 70% PE or PE owned, 20% strategics and 10% other).
Typically, for a proper process, you'd want to see 100-150 (well sourced and properly targeted) potential acquirers. If they're just sending you to a handful of corp devs then they're not taking your business seriously and you should get another banker.
When I read PE multiples in the 3-5x ARR range, it seems like a fire sale compared to valuation prices. At 3x, you might just be giving it all back in liquidation preferences.
Am I missing something, or is this just founders who are sick of running the business and want to do something else, or are there lots of capital efficient companies in this range where 3-5x revenue is a good deal?
But the bigger issue is what you’re alluding to - lots of founders don’t really understand what doors they’re closing when raising a shit ton of cash. If you’ve raised $100M and are worth $50M, not a lot of good outcomes come easily (though I have helped a couple of founders navigate those waters too. Not always successfully)
Fact is - there are many more $50-200M outcomes than $1bn outcomes and if you’ve raised yourself into a corner where you don’t make any money unless you hit $1bn, well then better hope you took some secondary during fundraising.
I agree that good bankers are hard to come by and unfortunately most simply forward decks to a broad list, and they won’t get founders the outcome they deserve. My point was more about readiness for a sale. Having gone through it, I’ve come to believe there are certain prerequisites for even kicking off a process, primarily business fundamentals and pre-existing relationships.
In my experience, a banker can amplify an existing market, but they can’t create one from scratch (at least not easily).
For example, in our case we had roughly six serious inbound inquiries before engaging bankers. While our bankers (and they are great) ran a broad discovery process and put us in front of many potential acquirers, the eventual buyer was one that reached out to us unsolicitedly rather than being introduced through the process.
I’m actually working on a “Definitive Guide to M&A to B2B SaaS between $2-20M ARR” (first few chapters on discretioncapital.com/guide), would love your feedback on the draft of the rest given your experience. Email me if you want to take a look: einar@discretioncapital.com
This smells more like a $10-20m deal based on what I could find about his company. I could obviously be wrong, but 100 seems like a real stretch.
Polarr's Mission: For over a decade, Polarr has provided photographers with intelligent, intuitive AI-powered tools for photo and video editing, culling, and workflow automation. The company pioneered web and mobile photo editing apps and powered photo enhancements on hundreds of millions of devices through edge AI SDKs. Pixieset is a Vancouver-based all-in-one SaaS platform serving over 600,000 photographers with client galleries, websites, and online stores. Polarr is a San Jose-based startup that has built a community of creators with AI-powered editing tools and a catalog of over 1 million filters generated monthly. 1
Founding & Early Years
Polarr was founded in 2014 by Stanford graduate Borui Wang and Derek Yan. The company launched its online photo editor in February 2015. The app achieved remarkable early traction, receiving 250,000 downloads in its first 48 hours.
Product Evolution
• June 2015: First mobile version of Polarr Photo Editor released
• Fall 2015: Launched Polarr Photo Editors for Windows 10 and macOS
Polarr was named Apple's Best of the App Store for 2015 and 2016.
• December 2017: Released Album+, an app using on-device AI to organize photos
• March 2019: Announced $11.5M Series A funding round led by Threshold Ventures. Other Investors: Threshold Ventures, Cota Capital, Pear VC, StartX, and ZhenFund
• April 2022: Launched Polarr 24FPS app for video editing with Polarr filters
• January 2023: Launched Polarr Next, an AI web app that learns user style for automatic photo updates
• 2023: Introduced Polarr AI Copilots (beta) for transforming text into photos, videos, and designs
Public revenue figures for Polarr are not disclosed. However, the company demonstrated strong early traction: • 4 million Monthly Active Users (MAUs) as of 2019, with only 30% based in the US • Enterprise partnerships with major OEMs including Samsung, LG, Oppo, and Lenovo, whose native camera apps integrated Polarr's technology • Enterprise value estimated at $46–69M as of recent valuation data
The company operates a freemium model with premium subscription tiers ($2.39/month for filter storage and premium filters, $4.79/month for all features), but specific ARR or annual revenue figures have not been publicly released.
However, the general audience for "Built to Sell" is for SMBs and does not cater towards the venture-backed technology startups here in the valley (who hope for a strategic acquisition instead of a ebidta multiple).
BUT...
If you use this tool I just vibe-coded with our good friend Claude: https://onetake-ai.github.io/html-ebooks/
And point it at the repository: https://github.com/yan7109/yan7109.github.io/tree/main/ma-bo...
It will give you an ePub with all the chapters, including a bit of styling etc.
The code is MIT licensed, so do with it as you wish.
You can pretty much just create a free plan and run this in our debugger, which will compile the chapters and return PDF. Pretty fun little challenge.
Though I'd rather download a PDF or ePub.
I would say that the current format is a 'book' in content, but not a 'book' nor an 'e-book' in form, as you can't manipulate it as a single object. But I've seen a few other examples here on HN where people showed off a 'book' purely as a website.
"Within the tech community (such as discussions on Hacker News), estimates have varied wildly. While some speculate on a "9-figure" deal (over $100 million), others suggest a more modest range of $10–$20 million based on Polarr's estimated revenue and team size at the time of the sale."
As it was I had to figure it out as it happened. I managed to thread the needle while avoiding any major pitfalls but it was a close thing that easily could have blown up. The difference probably came down to some good luck at the right moment, which isn't a great feeling in retrospect.
