Getting Real About Getting Acquired

Today is a day of mixed emotions as I announce the acquisition of my startup, OwnTrail .?

When I was steering through the stormy M&A seas, I found myself yearning for authentic narratives, but wasn’t able to find them. All I saw were the “we’ve been acquired!” highlight reels full of balloons and confetti. Since OwnTrail is all about sharing our authentic stories, it's only fitting that I do the same.

There’s a lot that I feel proud of: taking the scary leap of leaving a great corporate executive job to start a company, raising $1.5M in a world where women founders receive 1.9% of venture capital, building a meaningful product that has positively impacted people’s lives, and successfully navigating an exit – all without compromising my values. OwnTrail has found its new harbor with a founder and company I deeply respect, and it will continue to live on for the community that helped create it. That’s huge.

But let's not sugarcoat it – there is heartache behind this accomplishment.

This is not how or when I wanted to land the plane. I wanted it to be a rocket ship and go to the moon. And I still truly believe that, with the right resources, it could have been.

The reality is, the market conditions forced me to exit earlier than I wanted. Despite just having completed Techstars, having a robust product that people love, a clear vision for what to do next and the dream team to do it, the funding just wasn’t there. And this is not uncommon – I’ve talked with many of my investor friends, and most of the companies they see getting acquired at this early stage are doing so for similar reasons. And these were the “lucky” few that managed to get acquired. A recent study found that 82% of businesses that went under did so because of cash flow problems.

I’m not saying I did everything perfectly – there are always things you could have done better in hindsight. I waited too long to make some difficult but necessary org changes. I had the team work on features that didn’t do well. I had the team work on features that did do well that we should have done sooner. But these are part of the learning curve, especially for first-time founders.

What makes me sad is not being able to continue learning and growing with OwnTrail. The value of sharing our nonlinear stories, connecting authentically and helping each other along our journeys is as clear to me as ever.

Speaking of feeling sad, I’ll also be real and share that I’ve been feeling a lot of anxiety & stress through this process. I couldn’t talk about it publicly because I was still raising and didn’t want to worry folks, but I know that these are not uncommon founder feelings. 72% of founders reported that the entrepreneurial journey affected their mental health, and 81% of founders say they do not openly share their stress, fears, and challenges, worried that vulnerability could affect their reputation or chances of success.?

For those that are also navigating the seas of fruitless fundraising, soft landings and brave faces, I’ll share some of the things I’ve done (and plan to do) that helped with this process.

1. From the beginning, we viewed other founders in similar spaces as collaborators, not competitors. Not only did this yield some amazing partnerships and friendships, but it made the acquisition conversations much easier.?
2. I wasn’t afraid to ask for help from other founders, advisors, and investors – and they seriously delivered! I ended up talking with so many people who have been here before that offered advice, solidarity and connections.
3. I prioritized transparency with my team, investors, and potential acquirers. I ignored the common advice that you shouldn’t tell your team until the acquisition is finalized, and as a result they totally had my back, and have had time to figure out their own paths. I also ignored the advice that you should veil acquisition conversations behind “partnership” discussions, and just came right out and said what I was thinking with respect to being acquired, which made for much more honest and productive conversations.?
4. I practiced the abundance mindset that is at the root of OwnTrail, and focused my energy trying to line up job opportunities for my team. This was not only important to me, but helped pull me out of my own self-worry. Not everyone has a job offer yet, but they’re all in great conversations, and I know any company will be lucky to work with them.?
5. Now that this acquisition is complete, I’m planning to give myself space to grieve what could have been, and then space to celebrate what is, before moving on to my next adventure (more on that soon!). Building a company from the ground-up for four years is no easy feat, and I know I need to honor the recovery process.

Through all of the feelings (and there are many), the most prominent one is gratitude... to everyone who has been part of this journey. We built something really meaningful, together, and it's not the end. OwnTrail’s journey continues, and so do all of ours ??