{"podcast":{"title":"Built to Sell Radio","slug":"built-to-sell-radio-3693","podcast_index_feed_id":3693,"rss_url":"https://builttosell.libsyn.com/rss","website_url":"http://builttosell.com/radio","image_url":"https://static.libsyn.com/p/assets/3/c/5/4/3c540c97997e1129bafc7308ab683e82/Built_to_Sell_Radio_Cover_Art_1400x1400_JPEG.jpg","author":"Hosted by John Warrillow, the creator of The Value Builder System™.","episode_count":562,"summary":"Built to Sell Radio is a weekly podcast for business owners interested in selling a business. Each week, we ask an entrepreneur who has recently sold a business why they decided to sell their business, what they did right and what mistakes they made through the process of exiting their business. Built to Sell Radio is the ultimate insider's guide to approaching the most important financial transaction of your life.","last_synced_at":"2026-07-03T14:17:47.601524+00:00","page_url":"https://stenobird.com/podcast/built-to-sell-radio-3693"},"episode":{"title":"Ep 538 How 2 Brothers Bootstrapped AppArmor to a $40M Exit — The Answer That Almost Cost Them $20M","slug":"ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m","published_at":"2026-03-20T05:00:00+00:00","page_url":"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","show_page_url":"https://stenobird.com/podcast/built-to-sell-radio-3693","url":"https://builttosell.libsyn.com/ep-538-how-2-brothers-bootstrapped-apparmor-to-a-40m-exit-the-answer-that-almost-cost-them-20m","audio_url":"https://traffic.libsyn.com/secure/builttosell/707c_John_Warrillow_-_D_Sinkinson_-_A_-_V1.mp3?dest-id=269159","summary":"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.","meta_description":"David Sinkinson and his brother Chris built AppArmor over eleven years without taking a single dollar from outside investors. They bootstrapped it by runn…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4296,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"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/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"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","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}