{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Ep 538 How 2 Brothers Bootstrapped AppArmor to a $40M Exit \u2014 The Answer That Almost Cost Them $20M","description":" David Sinkinson and his brother Chris built AppArmor 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 roughly $6 million in annual recurring revenue \u2014 profitable, with no cap table to split with anyone.  Then an acquirer asked them a simple question, and they answered it. That answer nearly cost them $20 million.  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 \u2014 into the surprising struggles he faced after the sale, and a take on employee equity that is going to challenge what most founders believe.  ","author_name":"Built to Sell Radio","author_url":"http:\/\/builttosell.com\/radio","html":"