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In the world of entrepreneurship, few stories are as compelling as the “garage startup” that actually makes it to a massive payday. Kevin Rice, host of the CEOs and ABCs podcast, recently sat down to share the 13-year journey of how he and his college business partner built a premier digital consultancy that achieved a nine-figure exit in 2021.
Their path wasn’t a straight line to success. It was a masterclass in pivoting, developing intellectual property, and navigating the high-stakes pressure of the M&A market. Here are the core strategies that fueled their monumental exit.
1. The Power of “Hyper-Niche” Focus
For years, Kevin’s agency operated like many others: they took whatever work came through the door. They worked across retail, healthcare, financial services, and B2B tech. However, everything changed in 2016 when they decided to “pick a swim lane” and focus exclusively on the restaurant industry.
By betting on the digital transformation of restaurants, moving from simple websites to complex online ordering and loyalty systems, they became indispensable partners to brands like Wingstop and Panda Express.
2. Productizing the Service (The “NomNom” Factor)
One of the biggest hurdles for service businesses is valuation. Agencies are often viewed as “people businesses,” which can lead to lower multiples. Kevin’s team bypassed this by building proprietary Intellectual Property (IP) called “NomNom”.
This wasn’t a standalone SaaS product, but a “code accelerator”, a foundation they could customize for every client. This IP did two things:
- Boosted Close Rates: Their sales close rate jumped to a staggering 80% because they offered technology no one else had.
- Increased Valuation: It shifted the conversation from “selling hours” to “selling a differentiated solution,” significantly increasing their enterprise value.
3. Turning Crisis into Growth
While the 2020 pandemic spelled disaster for many, it served as a “spark” for Kevin’s business. As restaurant dining rooms closed, online ordering and curbside pickup became the only way for their clients to survive.
Instead of pulling back, Kevin’s team doubled down on their partnerships, even extending payment terms to help clients stay afloat. This loyalty paid off: the company grew by 50% in 2020 and a massive 100% in 2021.
4. The Brutal Reality of the Exit Process
Kevin is candid about the fact that selling a company is a full-time second job. During their exit process, they were:
- Managing a company that was doubling in size.
- Meeting with 50 potential buyers.
- Keeping the process confidential from the broader team to maintain productivity.
His #1 piece of advice for founders? Hire a banker. After a failed acquisition attempt where they were unrepresented, they realized that having a professional banker allowed them to pit buyers against each other and truly let the market dictate their worth.
Lessons for the Modern Leader
Reflecting on the journey, Kevin’s biggest takeaway isn’t about the money—it’s about the man. He admits that the 100% devotion required to hit a nine-figure exit took a toll on his personal life.
Today, through his podcast CEOs and ABCs, he explores how high-achievers can be more “intentional and present” for their families while still chasing professional excellence.
“Work-life balance is never going to really exist for a high achiever… but there are ways to be present, be more intentional, and have a more holistic view of your life.”
