“No thanks, I don’t want to sell my profitable and growing software company right now.”
Almost all early-stage SaaS founders say this when the potential exit value is less than the big number—and great exit partner—they dream about.
But when your software company grows steadily and efficiently to $10 million in revenue, it’s worth a serious amount of money.
Like $50 million, $100 million, or much more.
Most founders don’t turn these kinds of offers down eventually.
But some do.
They are actually serious about not selling their companies at any price.
Brian Forbis is the CEO and President of Blood Bank Computer Systems, Inc. (BBCS), a business his mother founded in the 1980s to serve the U.S. non-profit blood bank industry.
Brian started in sales, then transitioned to run development, and assumed the role of CEO and President in 2019 when he bought the company.
BBCS rebuilt its entire mission-critical ERP software as a modern cloud solution over the last five years and is actively converting customers from legacy on-premise systems.
With 40 employees and nearly $10 million in revenue, BBCS serves the blood banks that supply 20% of the blood products in the U.S.
Their industry presents numerous unique challenges, including negotiating co-op pricing, complying with FDA regulations, and managing partner-based relationships with customers.
Despite receiving numerous offers to buy the company, Brian is running it as a private, long-term business that will support the vital blood bank industry for decades to come.
It’s a great business that he loves, and it serves a cause he cares about deeply. As Brian describes it:
“We don’t have churn in customers, and we don’t have churn in employees either. The people we attract to our blood bank software business really get bought in that we’re helping people. We tell our team that you are affecting the lives of tens of thousands of people every day
“There’s a reason we’re regulated because we make decisions on the safety and efficacy of blood. And that’s a big deal. We’re committed to what we’re doing. We build a key component of saving lives.
“I drive that home every time I can talk about it. Making quality personal is one of our key values that we emphasize and discuss frequently.”
Brian plans to run a successful, independent business for at least the next 10 or 20 years.
All the investment, massive effort, and big risks he took on in the last five years will pay off for him, his customers, and his employees—not for outside investors, who would have a very different mission.
Check out this revealing interview with Brian Forbis on the Practical Founders Podcast
