Thread: Success Story: Tom

This was a comment to this blog post, I thought it was quite motivating:

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"I sold my company for $75-90 million (I don’t want to be specific) a few years back and I owned a lot more of it than the Mint guys did (I only raised $5 million in funding).

And you know what? I am glad I sold it because, I’m not at all sorry to say, I DID want to make money and lock in my gains—and gains for my investors.

I don’t care if I sold out to a big dumb company and lost the chance to destroy them or whatever. I had more money than anyone at that company I sold to and it DID change my life permanently.

I do whatever I want now and I’m not the least bit bored. I haven’t been bored for one second. I travel the world, have learned two new languages, exercise, learned piano, water sports, hike, snowboard at least 30 full days a year, have 3 homes, go see pro sports games of my favorite teams anytime I want, watch 3-4 movies a week, and read 1-2 books a week.

I spend lots of time with my family. I’ve lived in Mexico, Italy, France, Colorado, Florida all for several months each and loved it.

I worked 12-16 hour days for FIVE years, almost always 6 days a week, and usually a few hours on the seventh day. We built a great product and sold the bloody hell out of it. We had awfully tough times for a few years and I put every cent of my money and investments into it and we had less than $100 in the bank at least 20 times.

I sacrificed everything except family during those years—I got rid of my TV, cable, and stopped doing a lot of things I enjoyed because I was focused on my dream and my goal. I damn well earned every dime I frickin made. And my investors and employees made a lot of dough too.

No apologies or regrets. I made money and cashed out and my life is phenomenal. I’m so grateful and happy I made that choice. I’m not saying my life is better than anyone else’s, I’m just saying it is what I wanted. I don’t care what anyone else does—if they want to run their company for 20 or 30 years, go right ahead. I know that’s not what I wanted. But feel free to do that if it’s what you think you want.

But give me a break with this idea that selling your company and making a lot of dough is a bad thing somehow. For me it sure wasn’t."

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If the Fastlane could be summarized in a story, that was it. Hard work, choices, and then cash out. Live life like nobody else for the next 40 years.

Originally Posted by PhxMJ

If the Fastlane could be summarized in a story, that was it. Hard work, choices, and then cash out. Live life like nobody else for the next 40 years.

Amen Bro!

Great article, the story you quoted epitomises the fastlane as does the sale of Mint.

Good for the founders of both companies.



I noticed someone (probably a wage slave) criticised the sale of Tom's company and Mint... Tom later published a convincing reply

William 19 Sep
“Jason’s point is that it’s bad for consumers and the economy as a whole. And that’s unarguable. There’s a reason we have anti-trust laws: because decreased competition makes many things worse. And as with, say, traffic laws, the laws protect the public from the most egregious harms, but let a lot of other ones go."

The reply:

Tom 19 Sep 09
Is it really unarguable? Why because you say it is. You have to be frickin kidding when you say it’s bad for the economy for entrepreneurs to sell their companies successfully. Think about it for a second. That’s GREAT for the economy. It encourages other people to start companies, especially the many who work at successful startups that exited and take that experience and start their own. And it generates a LOT of tax revenue for the US and states. You seem to be making an argument that selling companies is bad for the economy which makes you look like someone who doesn’t understand business OR economics.

It is disturbing to see how many people are angry that the mint founder has had some success, sounds like a pack of jealous as$holes, angry that they have failed themselves
The next generation bends over - (37signals)

That blog post made me lose all the respect I had for 37signals and the comments only made me more mad.

Originally Posted by michael

That blog post made me lose all the respect I had for 37signals and the comments only made me more mad.

I'm with Tom. In fact, socialists and capitalists need to work together. Socialists act in favour of capitalist selling their companies for as much money as possible. And capitalists pays the required amount of taxes to support the socialists for their good favour and service. Why work against each other?

It's genius.

Way to go, Tom.

That blog post made me lose all the respect I had for 37signals and the comments only made me more mad.

Agreed, I was a bit surprised at 37Signal's take ... especially since they are entrepreneurs themselves. How can you fault a successful entrepreneur for selling his company? Most entrepreneurs will tell you, the adrenaline rush is the start up and grow phase -- not the operation, maturation stage.

The article has provoked a lot of discussion. Some of the comments are truly sad and Tom might indeed be the minority. Whoever said the Fastlane was a well traveled road anyway?

Originally Posted by mtnman

but I guess it's not for everyone.

Everyone can't be rich. Everyone can't be entrepreneurs. Everyone can't be a producer. The world needs consumers and the world needs employees to help the producers serve the consumers. Your mindset is the first step -- you've recognized which TEAM you are playing for. The team of the few (Producers who become rich) and the team of the masses (Consumers who become employees)

For some reasons the guys at 37signals have this bias against selling out and they believe in growing a business for a lifetime. More power to them but they shouldn't blast other guys for taking another path.

In the comments is mostly people who are bitter or have no clue. For instance most of them focus on the idea ("too simple") or the technology ("not even theirs, they are licensing it") and they completely miss that what Intuit is REALLY buying is mostly the brand, the growth and the hundreds of thousands of people that is Mint's existing customer base. In other words they are buying the (results of the) execution, not the technology.

Originally Posted by yveskleinsky

<rant>I was sitting around a campfire the other day talking with some people. The subject of money came up. One of the guys starts telling me how life is not all about money, and that money isn't even real--just a socially accepted mirage (which I suppose is quite true since we are on a fiat currency) and that he wants to be poor, as he doesn't want to be some corporate asshole. This guy proceeds to tell me that he's left his life behind in order to find himself--so he's interning (for free) at this place in turn for room and board. Things have been hard since he had to leave his 4 year-old son behind--but he needed to find himself. After all life isn't about money, and all he wants is a little house and a horse, like what the neighbors have down the hill. Everyone around the campfire is nodding and commending this guy for being so enlightened. I comment that: A. I agree. Life is not about money, it's about time--so why are you throwing away 40 hours a week in pursuit of housing (not even money!)? B. To avoid money, knowing that it isn't real, seems neurotic at best. C. Money doesn't change people, it just makes them more of what they already are. D. That little house and horse down the hill are worth about $1.5 million. E. And let me get this straight, you abandoned your son to find yourself? ...and you aren't making a dime in the process? Who is subsidizing your journey of enlightenment, and the emotional and financial responsibility of your son you left behind? ...And just for the record I think you are a selfish prick. </rant>

Sorry for the rant--that conversation has been on my mind for a few days now. ...I've just run into a series of people lately who hate money and everything having to do with money, but they still want the end result= free time and to live their dream. ...I won't even get into how this conversation went when he introduced his politics. Suffice it to say, that we (not him) should all pay for this guy to have a little house and a horse and someone else to raise his son. ...Sorry. For real </rant>

Ugh, you remind me that I really need to get a Legendary Post section up. Awesome story Dana ...a story that I will probably steal for my book.

I was sitting around a campfire the other day

After that story, I guess singing a lil Kumbaya would be out of the question.

Originally Posted by yveskleinsky

And just for the record I think you are a selfish prick.

Did you actually say that to his face?

yveskleinsky- Rep+++! I respect the hell outta you for saying that, alcohol-induced or not! Anyone who abandons their son IS a selfish prick! And, in my experience, anyone who I have met who talks trash about those who have money are broke themselves and are trying to convince themselves that they prefer their meager financial situation. Delusional...

So how did he react?