Thank you to Split Rock Partners for underwriting the Entrepreneur 2 Entrepreneur Series.
Why did you acquire Shifhub, what’s the strategic value?
Their go-to-market strategy was well aligned and we saw an opportunity to fold that into ours. We saw the potential in the sales pipeline they had built over the last 3 years and determined it would was a no brainer for us to work with them.
We don’t plan to support or maintain their product—and are currently transitioning their customers and users to the When I Work platform. The founder will be consulting with us over the next few months to help with the transition of assets and customers. He has already moved on to another startup in a different space. As for employees, it was a small team, all of which have all moved on to new ventures or are in the process of doing so.
Is there an approach that you use in assessing a potential target?
It greatly depends on the target, but in this case it was, “How can they help us augment our growth opportunities over the next 6-12 months?” and “Do the customers and prospects that try and buy their product look similar to those that try and buy When I Work?” The answers to those two questions make the assessment clear pretty quickly.
What did you personally learn from the experience?
I learned that opportunity has a way of revealing itself simply by “showing up” and paying attention. If we hadn’t been paying attention to the market the way we do and acted quickly, we would have likely never had this opportunity.
What advice do you have for peer entrepreneurs considering growth via acquisition?
Have a clear and simple goal in mind. Don’t over think all the different ways the acquisition can help you. Find the one thing that has the most certainty to helping you grow, and focus on that. Everything else is just icing on the cake. Also, listen to your team, and when they say, “We should do X and here’s why”, listen and trust their judgment—that’s why you hired them, right?