Pete Borum co-founded Reelio, which is an influencer marketing platform that enables brands, agencies, and publishers to find social media influencers to endorse their products.
While Borum and his three co-founders forecasted the trend of influencer marketing, their major challenge was convincing advertisers who were used to controlling every aspect of a brand’s marketing, to turn over content creation to celebrity YouTubers, Instagrammers, and Snap Chatters.
Despite this challenge, they managed to raise $15M in capital from investors, and the company grew. Borum had acquisition conversations with several strategic buyers and was bought in 2018 by Fullscreen, which is owned by Otter Media, a joint venture between AT&T and the Chernin Group.
In this episode, you’ll learn:
- Reasons to loop in investors during the selling process
- Why having a “Best Alternative To A Negotiated Agreement” (BATNA) is an important step in the exit planning process
- How to influence the way an acquirer thinks about your company’s valuation before getting a term sheet
Borum knew that digital media was poised to skyrocket and created Reelio to meet the rising demand for influencer marketing. Recognizing the growth potential of your industry is one of the exercises from Module 2 of The Value Builder System™. Get started for free right now by completing Module 1.