Follow-up Boss $500M Exit
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A story about how Follow-up Boss, a CRM software for real estate agents, grew from one customer to a $500M exit.
"Follow-up Boss started when Dan, who's from Australia but lives in Wyoming now, went through this course called The Foundation. He started trolling Facebook groups and saw real estate agents complaining about their lead tracking software. He partnered with a developer friend, and they built an MVP.
For the first 6 months, they only had one customer paying $150 a month. They built their entire business on Facebook, but not through ads. Dan would go into Facebook groups as the CEO and just be helpful. People would click his Facebook profile, see he was the CEO of this platform, and then buy it.
It took them 4 years to get to $100,000 in monthly revenue with 11 employees. They bootstrapped the whole company, and eventually sold it for $400 million upfront in cash with another $100 million earn-out. They had less than 100 employees at exit.
They found their idea just through trolling Facebook groups, seeing people complain about stuff, and DMing them saying 'Hey, I think I'm building a solution for you. I don't care if you buy it or not, but could you give me 10 minutes of your time so I could make sure I'm solving the right problem?'"
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.