In 2012, Chad Boyd founded Txt2Give, a digital donation SaaS business that enables organizations to receive donations via text message. After successfully helping thousands of non-profits raise over $1.5 billion in donations, Boyd decided it was time to move on to his next venture. Following a frustrating process of trying to sell the company on his own through direct relationships, Boyd reached out to FE International.
Following a successful exit, Boyd sat down with us to discuss the process and offer insights for first-time sellers.
What made you decide to exit?
As time went on, I began to lose my passion for Txt2Give. I knew that was a sign to begin assessing whether it was time to sell my business. Scaling the business was no longer interesting to me. I was burnt out and ready to move onto something else. Rather than grow the team and delegating tasks, I decided it was time to completely sell the business and move on to something new.
Once I realized that I wanted to divest of the business, I tried to do it on my own but realized the process was complex and that I could use some help.
How did you find FE International?
In the beginning, I heard of FE International through Rob Walling’s podcast, Startups for the Rest of Us. He talked about using FE International in the past, and so had a few of my friends from my Masterminds group.
When I started looking to sell Txt2give, I went to a couple of different people directly that were interested in buying. The process wasn’t what I had imagined. I was new to selling a company and I wasn’t aware of if I was being taken advantage of through direct relationships. I decided I was going to call FE International because I knew they had successfully done this hundreds of times.
Were there any surprises in the exit process?
I was surprised by how straightforward the process was. Selling the company was very simple and quick, and FE made everything seamless. Once they had everything they needed to get out to network and market Txt2Give, we had an offer in three days. The first company to submit an offer ended up buying Txt2Give. Everything was clear and direct. There weren’t really any surprises at all, because FE prepared me in advance.
What is next?
After selling Txt2Give, I decided to go in a completely different direction. I started a brick-and-mortar business, Overland Addict, dedicated to overlanding. It can be summed up as Fancy Car Camping, where people use a 4WD vehicle to go out into remote areas and can be self-sufficient, enjoy the natural surroundings and stay off the grid for extended periods of time.
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