Despite starting with just $10,000 in 2004, Jon Morris built Rise Interactive, a digital marketing agency, to more than 100 employees before deciding to sell part of the business to Quad, a global marketing services provider.

After two years with Quad as a minority partner, Morris decided to sell the remaining chunk of his equity to Quad in a second transaction. Morris recently left Quad after his two-year earn-out was up. In this episode, Morris shares what he had learned about the process of building to sell, including:

  • The simple acid test Rise used to ensure each of their 250 employees lived their brand.
  • What he found most challenging about raising money.
  • The challenges associated with negotiating with “follower” investors.
  • How much of a growth capital partner’s investment you get to keep.
  • The unique way Quad incentivized him to stay through his earn-out.
  • The three things that should be in your operating agreement with investors.

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