Depending on its industry and trajectory, a startup generally takes between five to 10 years to go from founding to exit.

So how did Home Sale Assured founder Eric Meadow manage to do it in just one year?

A startup founder with deep industry experience

Meadow founded the Illinois-based startup in 2022 to make it easier for people to buy homes by providing existing homeowners with a “Guaranteed Backup” options contract.

This allows the home that the owners are departing to be disregarded by lenders for purposes of calculating their financial eligibility for a new mortgage. As a result, they can buy their next home before closing the sale of their current one.

It was a new innovation in an industry Meadow knew well. A lawyer by training, Meadow had previously served in leadership roles at home loan and equity companies, as well as a law firm.

Using his industry experience, Meadow was able to get the business off the ground without a co-founder, employees, or any outside funding. Within a year, the company had “a considerable proof of concept established with several hundred business partners and customers,” Meadow explained to They Got Acquired.

How Home Sale Assured attracted buyer interest

While it was still early days for the business, Meadow devoted energy to raising the company’s profile. “I leveraged PR and free publicity through industry media,” he said.

He was also a savvy networker. “I was very intentional about building real relationships with folks. The acquisition was a direct result of this,” Meadow said.

The media attention and Meadow’s relationships were enough to attract the interest of AI-powered home buying and selling platform Flyhomes, who approached Meadow about a potential sale. The deal wasn’t based on a traditional valuation since the business wasn’t far along, but rather on the upside opportunity for the buyer, Meadow said.

Meadow “built something really special with the Guaranteed Backup Contract,” Flyhomes co-founder and CEO Tushar Garg commented, announcing the sale. “Its ability to remove friction from the buying and selling process, while adding assurance, flexibility, and customer-centricity, aligns perfectly with our core tenants here at Flyhomes. This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home.”

On his end, Meadow saw that Flyhomes had the resources required to scale his product. “Scale requires infrastructure; a startup/proof of concept does not,” he told They Got Acquired. “I focused on building a product rather than a company.”

The parties agreed to a 6-figure, all-stock deal in October 2023, and Meadow shifted into the role of VP Partnerships, Wholesale Channel at Flyhomes.

Advice for selling your business from a hyper-efficient founder

And what is Meadow’s advice for other founders looking to sell their businesses quickly and efficiently?

Bringing his law skills helped the sale go smoothly, Meadow said, but he also offered suggestions that can apply to all founders looking to replicate his success:

  • Avoid taking on debt or a complicated cap table: This helped him maintain autonomy when it came to deciding whether to sell.
  • Pitch your company in a concise fashion: Media mentions elevated his company’s brand, which helped him attract a buyer.
  • Focus on industry relationships: Take advantage of industry conferences and networking opportunities, and keep in touch with former co-workers when they move onto other organizations. You never know when one of those relationships will become the next connection you need.