1 rich Libsyn https://www.libsyn.com 90 600 David Sinkinson and his brother Chris built&amp;nbsp;AppArmor&amp;nbsp;over eleven years without taking a single dollar from outside investors. They bootstrapped it by running side businesses, plowing the profits back in, and staying lean through long sales cycles and compliance-heavy buyers. By the time they were ready to sell, they had over 250 universities on the platform and&amp;nbsp;roughly $6 million&amp;nbsp;in annual recurring revenue — profitable, with no cap table to split with anyone.&amp;nbsp; Then an acquirer asked them a simple question, and they answered it. That answer nearly cost them $20 million.&amp;nbsp; Recorded live at the Value Builder Summit, this is David Sinkinson's second appearance on Built to Sell Radio. This time he goes beyond the mechanics of the deal — into the surprising struggles he faced after the sale, and a take on employee equity that is going to challenge what most founders believe.&amp;nbsp; Built to Sell Radio http://builttosell.com/radio <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/40547425/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/content/199879255