An Exit To A Public Company Overshadowed By Family Tragedy | Tyler Hall
E36: Join Todd Sullivan as he speaks with Tyler Hall, a serial entrepreneur and founder of Drivably, a resource inventory platform for car dealers. Tyler sold his business to a highly strategic public company, ACV, which was the leading digital automotive marketplace for car dealers. This exit was a home run for Tyler and his team, but his stories and advice about getting this deal done are priceless.
In our conversation, Tyler and Todd not only talk about how he learned about building and selling companies from some of the top Silicon Valley entrepreneurs of our time, but Tyler also shares very private and painful moments along the way that changed his personal and professional life forever.
In our conversation, Tyler and Todd not only talk about how he learned about building and selling companies from some of the top Silicon Valley entrepreneurs of our time, but Tyler also shares very private and painful moments along the way that changed his personal and professional life forever.
Episode Sponsor:
Thanks to DoerenMayhew for sponsoring this episode of the Cashing Out podcast! DoerenMayhew is one of Forbes best tax and accounting firms in the United States. Check out their Quality of Earnings (QofE) offerings, and everything else they can help you with at doeren.com.
Thanks to DoerenMayhew for sponsoring this episode of the Cashing Out podcast! DoerenMayhew is one of Forbes best tax and accounting firms in the United States. Check out their Quality of Earnings (QofE) offerings, and everything else they can help you with at doeren.com.
Episode Highlights:
- (3:44) Tyler's beginnings as an entrepreneur... "I was broke as a joke and newly engaged..."
- (4:42) Selling cars and a Class B Misdemeanor
- (6:45) Joining Josh James and Domo as an early employee
- (9:06) An unpopular insight on venture-backed startups
- (13:45) The sacrifices typically required by a founder-led business
- (15:15) The creation of Drivably, and Tyler's first seed round
- (17:19) Running out of money, and the realities of having to lay off teammates
- (19:11) Finding product market fit, and a huge success at NADA (National Automotive Dealer Association) 2020
- (22:27) The COVID pandemic, and the business goes to zero overnight
- (24:10) Fighting back to the top of the mountain
- (26:09) Inbound interest, and thinking about selling Drivably
- (30:02) M&A negotiations with a competitor - how Tyler managed the situation?
- (32:31) Due diligence uncovers something that nearly kills the deal
- (34:44) Tyler's wife, and her unemotional advice around M&A - never too high, never too low
- (41:52) NASDAQ, and a tragedy that changed everything for Tyler and his family
- (49:37) Final advice from Tyler Hall, and what he's doing now to help his fellow founders and entrepreneurs
Where To Find Todd Sullivan (Host):
- LinkedIn: https://www.linkedin.com/in/toddfsullivan/
- Twitter: https://twitter.com/Todd_Sullivan
Where To Find Tyler Hall (Guest):
- LinkedIn: https://www.linkedin.com/in/tylerchall/
Episode 36 Required Reading:
- Ten years after Adobe bought Omniture, the deal comes into clearer focus
- HireVue Announces Close of Transaction with The Carlyle Group
- Porsche Ventures Invests in Drivably's Breakthrough Inventory Technology
- Acquisition of Drivably broadens ACV’s products to enable dealers to successfully compete for consumer vehicles
- Tyler Hall Consulting
- The ROLLER COASTER PODCAST
- The Tyler Hall Archives
- Mergers and Acquisitions Explained: M&A 101 for Business Owners
- Doeren Mayhew
Thanks so much for joining us this week. Want to subscribe to the CASHING OUT PODCAST? Have some feedback you’d like to share? Connect with us on iTunes and leave us a review!
