The Exit Playbook: 6 Battle-Tested Rules For Building Startups
From Startup to Sale: How Four Founders Built Companies Worth Buying
Most startup exit advice comes from people who have never actually sold a company. We wanted the real story from founders who've been through it.
On the 23mile Podcast, we sat down with four founders who navigated successful multimillion-dollar exits: Yasen Dimitrov of Intelligence Node, Dan Schiffman of TVision Insights, Dhilon Solanki of Story Locker, and Edwina Sharrock of Birth Beat. Their stories reveal a playbook that goes against almost everything you hear about getting acquired.
Founder Bios
Yasen Dimitrov thought he had it made. His startup Intelligence Node was growing fast, they had a solid product, and potential acquirers were circling. But as he sat across from his tenth potential buyer, a Fortune 500 company called IPG, he realised something that would change everything about how he approached exits.
"If a big acquirer gets stuck on revenue growth for your startup, I would think twice," Yasen now says, reflecting on those gruelling months of negotiations. "They should not be acquiring you for the revenue. They should be acquiring you for the technology and for the know-how of the team."
It took 12 months, five offers, and countless sleepless nights, but Yasen eventually sold Intelligence Node to IPG for $100 million. His journey, along with three other founders who navigated successful exits, reveals a playbook that goes against almost everything you hear about getting acquired.
More Than Just “Life Changing Money
Edwina Sharrock knew what she wanted before she even started looking for buyers. But it wasn't about becoming rich. It was about peace of mind, and knowing that the business she built will be in the right hands.
"It was the right number for me because I live a full and wonderful life and I don't have to worry about things and it's enough," she explains. Her company Birth Beat had successfully pivoted from a B2C model to B2B software licensing, landing major clients like Salesforce. The business was working, but Edwina had a clear vision of what success meant for her personally.
The breakthrough came through an unexpected source. A university friend who worked at the company that would eventually acquire Birth Beat. Her friend wanted Edwina to just have a conversation with them, but what sealed the deal wasn't the numbers. It was the people.
When Edwina met the CEO of the acquiring company, she felt instant chemistry. "He had this energy that was just felt around the whole office. I liked the culture of the organization and that was what really allowed me to think this could be a good fit." She needed to feel comfortable leaving her "baby" in their hands.
The Counter-Intuitive Path to Exit
Dan Schiffman's exit story breaks every rule in the startup playbook. He targeted a competitive market, exactly what most advisors tell you to avoid. His reasoning was that competition validates demand.
He says, "The reason I was able to exit this business was that there was a lot of competition in this sector”. "If there are no other players, there's a substantial risk that nobody's going to want to buy your business."
Dan's TVision Insights operated in the crowded TV analytics space, but that worked in his favour. Potential acquirers could see proven market demand and understand the value proposition immediately. Further, when the time came to sell, Dan made a crucial decision that many founders resist, getting external help.
"I hired a banker... to help me sell it and we got a great deal," he says. That money helped pay for business school and set him up for his next chapter. Dan got exactly what he wanted: an early exit that funded his MBA at MIT Sloan.
But even with professional help, deals fall through. Dan had an acquisition collapse while he was in business school, forcing him to run his company full-time while attending classes. The experience taught him that resilience, not brilliance, often determines who makes it across the finish line.
The Art of Knowing When to Quit
Dhilon Solanki's CRM company Story Locker seemed like an unlikely acquisition target. But it solved a specific problem for a mobile ordering platform trying to expand their product suite and crack the UK market. The key was understanding what the acquirer actually needed.
"Make sure that from day one... you've got your financials in order. Make sure you know your numbers," Dhilon advises. "If you aren't getting sales, no one will buy your business." The basics matter more than the fancy stuff.
Meanwhile, Edwina was learning a different lesson about focus. Despite launching a profitable new product, she killed it after just three months. Why? She didn't enjoy it. "You just gotta back yourself with, am I actually enjoying this?"
It seems counterintuitive to cut a profitable product line, but staying focused on what you love and do best often creates more value than chasing every opportunity.
It’s Okay to Ask for Help
Looking at Yasen's story again, his 12-year partnership with his co-founder became crucial during the IPG negotiations. Patience, both with each other and throughout the acquisition process, proved essential.
"I cannot recommend this enough," Yasen says about hiring bankers to manage the sale. "They take a lot of the emotion out of the deal." The process was exhausting. Multiple decision-makers at IPG meant endless meetings and revisions. Previous acquisition attempts had fallen through over the years.
But Yasen and his co-founder had built something IPG desperately needed which was the technology to "beef up their commerce offering" in a disrupting advertising industry. IPG wasn't buying Intelligence Node for its current revenue. They were buying the future capabilities and the team that could deliver them.
What Actually Matters
These four exits, reveal patterns that most startup advice gets wrong:
1. Define your win before you need it.
Each founder knew exactly what success looked like.
Edwina wanted peace of mind.
Dan wanted capital for business school.
Yasen wanted the right strategic home.
Without that clarity, you'll either miss opportunities or chase the wrong deals.
2. Master the fundamentals, not the hype.
All four companies solved real problems for real customers.
Birth Beat transitioned to B2B licensing and landed Salesforce.
Story Locker's CRM helped its acquirer expand internationally.
Intelligence Node's technology filled a strategic gap for IPG.
As Edwina puts it: "Find something the world needs. Find something you like and you're good at doing and make some money... it's that simple."
3. Break conventional wisdom when it makes sense.
Dan chose a competitive market.
Yasen focused on technology over revenue metrics.
Edwina cut profitable products that didn't fit.
Sometimes the path to exit means doing the opposite of what everyone tells you.
4. Remember you're dealing with people, not spreadsheets.
Cultural fit determined Edwina's choice between offers.
Yasen's 12-year co-founder relationship provided stability during complex negotiations.
Dan's experience showed that even with the right strategy.
Deals require human resilience to survive setbacks.
5. Get help and use your network.
All four founders leveraged outside expertise or connections.
Dan and Yasen hired bankers.
Edwina's exit came through a university friend.
Your ego wants to handle everything yourself. Your bank account wants you to get professional help.
6. Develop mental toughness.
Previous acquisition attempts had failed for multiple founders.
Yasen's deal took 12 months to close.
Dan's first deal fell through while he was in business school.
As Edwina puts it: "You've gotta really back yourself in terms of the value of what you can offer."
The bottom line? These weren't lucky breaks or perfect timing, rather the result of founders who understood what they wanted and built something worth buying.
Exits don't happen to companies that need them. They happen to companies that deserve them and chase after them.
23mile offers a complimentary and confidential Crossroads Consultation to help you objectively evaluate your options and map a path forward. Get in touch to schedule yours.
