# Ep 538 How 2 Brothers Bootstrapped AppArmor to a $40M Exit — The Answer That Almost Cost Them $20M

Page: https://stenobird.com/podcast/built-to-sell-radio-3693/ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m
Text version: https://stenobird.com/podcast/built-to-sell-radio-3693/ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m.md
Podcast: [Built to Sell Radio](https://stenobird.com/podcast/built-to-sell-radio-3693)
Published: 2026-03-20T05:00:00+00:00
Episode link: https://builttosell.libsyn.com/ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m
Audio file: https://traffic.libsyn.com/secure/builttosell/707c_John_Warrillow_-_D_Sinkinson_-_A_-_V1.mp3?dest-id=269159
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JSON: https://stenobird.com/v1/public/podcasts/built-to-sell-radio-3693/episodes/ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m
Duration seconds: 4296

## Resource

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 — 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 — into the surprising struggles he faced after the sale, and a take on employee equity that is going to challenge what most founders believe.

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## Transcript

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