Exit
These episodes are about selling your own company: how the process works, how purchase price, earn-out and rollover fit together, why founders pick one buyer over another, and what happens after the signature at the notary. Gero Decker talks about selling Signavio to SAP for 957 million euros, Florian Gschwandtner about the 220 million deal between Runtastic and Adidas, and Marlena Hien about the Bears with Benefits exit, split into one third cash, one third earn-out and one third rollover.
The guests agree on selling from a position of strength: Gero Decker went into the SAP talks genuinely prepared to stay independent, Sarah Bechstein sold Formel Skin only once it was profitable, and Björn Jopen starts an exit process only when current trading is good. Price is not all that counts in a buyer: Christian Wolf accepted a lower multiple at More Nutrition for the CVC team, Florian Gschwandtner chose Adidas although another bidder would have paid more. Life afterwards differs: Stefan Lemcke describes a depression, Björn Keune felt nothing when the sale closed, Janet Pawelczyk started several new companies within a year.
The episodes are useful if you have an offer on the table, are negotiating an earn-out, are weighing a strategic buyer against private equity, or want to know what life after the sale feels like. Kimberly Breuer shows how to sell your shares without selling the company.
Start with these episodes
Sarah Bechstein sold Formel Skin to Manual from a position of strength and explains why shared values and working as equals with the buyer matter.
Florian Gschwandtner walks through the 220 million euro sale of Runtastic to Adidas, from the founders' price threshold to the phone call over the last 10 million.
Marlena Hien lays out the structure of her Bears with Benefits exit: one third cash, one third earn-out and one third rollover, with a cap on marketing costs.
Gero Decker describes selling Signavio to SAP for 957 million euros and why being prepared to stay independent helped in the negotiation.
Kimberly Breuer sold her nilo shares to existing investors in a secondary without the company being sold, and explains how long recovery took afterwards.
Leon Szeli recounts the six months of secrecy around Meta's acquisition of Presize and why he still does not know why Meta bought the company.
What you take away from the episodes
- 1
Set a price threshold before you sell
The four Runtastic founders set a valuation below which they would not sell; the first Adidas offer was far below it and the conversation lasted less than two minutes. Florian Gschwandtner says that otherwise you get used to the number over a six to nine month process and end up signing at a lower price.
from: From the family farm to a 220 million exit - 2
Negotiate only if you can say no
Signavio did not want to sell and went into the talks with SAP exactly that way: staying independent was a good outcome. Gero Decker says this stance served the team very well in the negotiation.
from: A billion-euro exit and business lessons - 3
Always define earn-out targets in pairs
The Bears with Benefits earn-out was tied to revenue, but with a cap of 35 percent marketing costs so growth could not simply be bought with ad budget. Marlena Hien passed exactly these two metrics on to the team as KPIs; growth in the earn-out year was 120 percent.
from: 60 million in revenue, 10 countries, one exit - 4
Tell your partners before the press
After Ankerkraut was sold to Nestlé, long-standing partners such as influencers only found out along with the press, and a backlash followed. Anne Lemcke says the group's timeline dictated it, but they should have dared to bend the rules a little.
from: The first interview after the comeback - 5
Expect six months of a double life
For six months Leon Szeli could only discuss the Meta acquisition with his co-founders and the lawyers, ran the day-to-day business during the day and negotiated at night with around 30 lawyers on Meta's side. After the notary appointment, the first thing he did was see a doctor.
from: Acquired by Meta: six months, 30 lawyers, not a word to anyone - 6
Start the exit only when current trading is good
At FaceAdNet a fully negotiated deal collapsed four months before the sale to Ströer because of a red flag in due diligence that later proved baseless. Björn Jopen therefore recommends a pre-exit check six months ahead, an M&A advisor, and starting the process only when you are on plan.
from: Why buying a company beats founding one - 7
Plan for recovery, your nervous system is slow
Kimberly Breuer's Oura ring only showed good readings again five to six months after she stepped back operationally, although the stress was long gone. She advises going completely offline for two to three weeks even while you are still building.
from: Life after the million-euro deal, psychedelics as a founder hack, and why AI will be your coach
Quotes from the episodes
„Was wir schon gesehen haben, ist ja, dass die Community total wichtig ist. Also es kommt eigentlich überhaupt nicht an auf die Followerzahl.““What we did see is that the community is hugely important. The follower count really doesn't matter at all.”
„Also ich glaube die Kombination aus Naivität und Sturheit damals war enorm wichtig, weil für mich war jedes Nein schon eine große Motivation …““I think the combination of naivety and stubbornness back then was hugely important, because every no was a big motivation for me.”
„Weil wer hat denn eigentlich die Marge? Meta hat die Marge, Influencer haben die Marge““Because who actually has the margin? Meta has the margin, influencers have the margin.”
„… meine einzige Intuition, die ich hatte, war ich rufe lieber einen zu großen Betrag auf als ein zu klein.““My only instinct was: I'd rather name an amount that's too big than one that's too small.”
All 24 episodes on exit
FAQ
How long does it take to sell a company?
At Presize the Meta acquisition took six months under strict secrecy, according to Leon Szeli. Florian Gschwandtner describes the Runtastic sale as a six to nine month process. Anne and Stefan Lemcke needed about nine months to buy Ankerkraut back, and Janet Pawelczyk met the buyer of MOONGENCY in August 2024 and signed in December 2024.
What is an earn-out and how does it work in practice?
For Marlena Hien, one third of the Bears with Benefits purchase price was paid as an earn-out on the following year's revenue, conditional on marketing costs of at most 35 percent. Janet Pawelczyk received a relatively high two-year earn-out for MOONGENCY because the company was only two and a half years old, and reinvested part of the price in MYTY. Björn Jopen had a three-year earn-out on both of his exits and says the third year was the hardest both times.
Strategic buyer or private equity: how do you choose?
Christian Wolf says other bidders offered up to 15 times profit for More Nutrition while CVC was slightly above 10 times, yet the founders chose CVC because the team understood the business and let him sell well over half of his shares. According to Florian Gschwandtner, another bidder would have paid more for Runtastic but sent 230 redlines, while the Adidas deal rested on trust in the CMO. For Fabian Silberer a strategic buyer paid more for sevDesk than private equity, and Sarah Bechstein names shared values and working as equals as decisive for the sale to Manual.
What does life after an exit feel like?
Stefan Lemcke describes the exit as a golden gate with suddenly no job waiting behind it; according to his doctor he had a depression. Björn Keune says he felt nothing when the sale closed in summer 2020 and did not look at his bank account for a year. Mirko Novakovic felt after the 500 million sale of Instana not like a winner but like someone who had not finished the job. Kimberly Breuer advises planning breaks before the exit, not only after.