Inside 23andMe’s $400 Million Acquisition of Lemonaid Health
...and the desire to create a "Wow" healthcare experience.
In 2013, Paul Johnson founded Lemonaid Health, one of the first digital healthcare platforms designed to offer virtual medical consultations and prescription services online.
While the company got off to a slow start, the pandemic accelerated the adoption of online healthcare. By the end of 2021, Lemonaid had agreed to be acquired by the DNA testing outfit 23andMe, for $400 million of cash and stock. In this episode, you’ll learn how to:
- Establish a vesting schedule with a cliff provision when allocating company shares to safeguard your interests.
- Use a convertible note as a financing tool for your business.
- Strategically position your business to attract potential acquirers.
- Maximize your chances of hitting an earnout.
- Assess stock liquidity during the acquisition process.
- Tell your team about your decision to sell.
Reposted with permission from Built to Sell Radio.
John Warrillow is the Founder and CEO of The Value Builder System™, a sales and marketing software for business advisors to find, win and keep their best clients. John is also the author of the bestselling book, Built to Sell: Creating a Business That Can Thrive Without You, which was recognized by Fortune and Inc. magazines as one of the best business books of 2011. He also hosts Built to Sell Radio, ranked by Forbes as one of the ten best podcasts for business owners.
