In this episode of Built Different, we unpack the hidden truths of selling a company — the parts founders rarely speak about publicly.

From evaluating offers and breaking down term sheets, to negotiation pressure, legal landmines, and the emotional aftermath of exiting — we share what actually happens beyond the headlines.

We cover:

• The real factors behind deciding to sell
• What truly matters in a term sheet (and what doesn’t)
• Revenue targets, warranties, and hidden legal risks
• Why deal momentum can make or break an acquisition
• How to position your company for the right buyer
• The psychological and emotional cost of exiting

Exits look clean in press releases.

They aren’t.

If you’re building a company — or planning to sell one someday — this is the side of acquisitions nobody talks about.

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Joshua
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Damon
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Chapters:
00:00 The Journey of Acquisition: An Introduction
05:56 The Importance of Upfront Payments
12:02 The Decision to Sell: Factors to Consider
18:05 The Reality of Selling: Personal Stories and Lessons Learned
20:58 Evaluating Acquisition Offers: Key Questions
23:58 The Quick Decision: Signing the Term Sheet
26:59 The Psychological Warfare of Negotiation
29:38 The Emotional Dynamics of Negotiation
32:28 The Importance of Deal Momentum
34:54 Compressing the Timeline for Success
46:41 Understanding the Term Sheet
49:43 Navigating Warranties and Revenue Targets
57:41 The Cost of Lawsuits and Compromise
01:00:08 Preparing Your Company for Sale
01:02:23 Identifying Potential Buyers
01:06:10 Building a Sellable Company
01:09:53 Nurturing Investor Relationships
01:10:38 The Importance of Long Sales Cycles
01:11:44 B2B Sales Pipeline Mindset
01:12:39 Targeting Pain Points in Acquisitions
01:13:19 Positioning Your Company for Sale
01:15:14 Understanding the Acquirer's Needs
01:17:02 Lessons from Andrew Carnegie's Sale
01:19:46 The Journey of Selling a Company
01:20:46 Learning from Other Founders
01:21:40 The Role of Lawyers in Acquisitions
01:26:10 The Emotional Journey of Exiting
01:28:35 The Reality of Exiting a Business
01:31:55 Loss of Identity Post-Exit
01:34:43 Finding Purpose After an Exit
01:36:40 The Risk of Depression Post-Exit
01:40:08 Retirement and Purpose