Thomas

Profitable.

Almost every buyer is going to like that.

You survey 100 people, 95% of people will like the fact it's growing and profitable.

Some will say they want it growing a little bit more.

Some people just want to buy distressed businesses.

But ultimately, it was objectively good.

most buyers, when they're looking at acquiring a company, want some sort of synergies with either their personal experience, their existing portfolio, or something they've done before.

People very rarely buy, or private equity firms, private companies very rarely buy businesses that they know absolutely nothing about, have no personal interest in, and don't really understand.

So a lot of the positive feedback we got was that there were synergies with what that particular buyer was already doing.

And again, to my point around you survey 100 buyers, some are going to hate it, some are going to love it.

In this case, the ones who liked it understood the space, the ones who didn't, did not.

So the key really, one of the lessons is speak to a lot of buyers.

Don't just speak to three people, get three bits of negative feedback and stop because you're not going to have a successful process.

This was a business, so Thrivecart is a platform where you can sell digital products online.

A big part of the business is monetizing the GMVs, the gross merchandise volume.

That is essentially the volume of payments going through the platform.

Thrivecart, at time of exit, actually had over a billion dollars a year in GMV.

And for perspective...

If you look at Stripe, who's just raised a down round at $50 billion valuation, to be a top 100 partner of Stripe, the number 100 process is about a billion a year.

So from the perspective, they're about a top 100 Stripe partner.