Built to Sell Radio Ep 520 How Chris Hutchins convinced Google to buy Milk—and Wealthfront to acquire Grove—despite not generating much revenue (and no EBITDA)
Nov 14, 2025
Chris Hutchins, a serial entrepreneur known for his roles in Milk (acquired by Google) and Grove (acquired by Wealthfront), shares insights on strategic exits. He discusses how companies can value non-profitable assets by focusing on team and product potential. Chris reveals the importance of reframing pitches to highlight product affection over revenue and managing quick acquisition processes. He also emphasizes protecting employees during transitions and shares lessons on the true value of assets in today's market.
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Target Buyers Who Can Move Fast
- Build a targeted buyer list and leverage your network to reach out quickly.
- Prioritize suitors who can act fast and offer realistic paths for employees and customers.
Strategics Pay For Assets Not EBITDA
- Strategic acquirers value what you built more than current EBITDA or profit.
- A buyer may pay for team, product, roadmap, lease, or distribution instead of earnings.
Run A Fast Process And Invite Quick Nos
- Run a fast, momentum-driven sale process and make it easy for prospects to say no.
- Quickly eliminate unserious suitors so you spend time only with potential buyers.