Buying for $600k, Selling for $35m

Analytics division, some company that didn't have analytics, another systems integrator that wanted to get jumping in the analytics world. So we were building a company to make sure we, we could be that. But we also built, we also were building the company to make sure we all, we had our, we could keep going ourselves.

There was no need to have to sell it, if you will. And I think, you know, from my perspective, that was the best strategic option, right. Rather than running a process and bidding against other people, bidding people against each other, I, I, My opinion is you come up with a better outcome if you have the ability to walk away, right?

And that was our strategic position. And I think probably one of the keys that got us because it took, it took the, the company we ended up agreeing with by, from the first meeting, it took over a year to do a deal. Probably three or four offers in there, you know, increasingly larger offers that we kept, you know, kind of saying no to.

We didn't really go, we didn't engage or we didn't really negotiate. We kind of. No, no, we're good, thanks. You know, kept having to.

Finally they did come up with a number that they're like, well, maybe we should think about this for a minute. And I know we can kind of tell the story of how that came together, but, but yeah, that's kind of, that's kind of how thing, you know, we drew a lot of attention and, and there was a firm that made an offer that we, we felt we couldn't really turn down.

But Jake, why, if you, it sounded like Adam was saying, you know, if not now, in a few years I am going to want to exit. And it sounded like if now is going to be a time to exit or kind of take the company to the next level, it had kind of plateaued, not plateaued, but it had reached a point where it was a natural selling point. If not, then you're gonna have to sign up for another few years.

So why were you not more eager when you had this company knocking on your door to buy?

Well, because we, we just you know, we weren't necessarily planning to sell it. We weren't necessarily setting up to sell it. I mean, we didn't have, like.

I didn't have a plan B. Like, we didn't really have a real. Like, for myself, I mean, you know what I mean?

Like, like, I didn't, like, have a real. We just weren't. We really were enjoying what we're doing. I mean, it was fun, you know, working, you know, being called into the governor's office and, and asked to work on xyz, you know, project.

And I mean, I received a. We had a House bill, I think it was 560 or House Resolution 560 in Virginia that was passed that was acknowledging Clarion's role in the, in the COVID crisis. I mean, it was pretty cool, right?