From Music Aficionado to a Million-dollar Earn-Out
Joining the podcast today is Terry Dry. Tune in for the delightful tale he tells of music, mayhem, and the rise of digital marketing during the late 90s and 2000s as co-founder of Fanscape, one of the very first social media marketing companies on the scene.
Yes, before Facebook. Yes, even before MySpace.
Terry and his partner, Larry, grew Fanscape from an initial $10K investment to an eight-figure acquisition by Omnicom, but not before they pivoted several times, made multiple mistakes, and finally came to his ‘a-ha’ moment that it was time to sell the business.
You’ll learn how he landed on his feet after a rather tumultuous financial period, and he’ll leave you with some healthy tips on how to navigate the complex world of earn-outs.
What you will learn in this episode
In this episode we’ll cover everything from:
- How Terry shifted from making music to making money at the dawn of social media
- When, where, and why you’ll need to consider an exit
- Tips on how business owners can get the most out of an earn-out
About Our Guest
Terry Dry started his career in the music industry at a major record label, Interscope/A&M Records (Universal Music Group), working his way up to VP, Artist Development before launching his first two companies: a music artist management firm, and one of the first-ever social media marketing agencies, which he sold to Omnicom.
He also recently launched and sold a SaaS capacity management business. He personally had to pivot, restart and get “unstuck” himself many times throughout his entrepreneurial journey, and it has become his passion to help others learn from his successes and failures.
He is now the Founder and CEO of Future Proof Advisors. His current company advises mid-market businesses and their owners on how to get “unstuck” and on an accelerated growth trajectory.
Connect with Terry Dry
(06:15) With a background in artist development, Terry saw a void in the industry that sparked his entrepreneurial journey.
(14:06) Learn how Terry’s company grew the prolific stock market company, GameStop from 5 people to 6 million followers on Facebook – organically.
(22:00) “If you can’t beat ‘em, join ‘em.” Terry talks through the exact moment where he knew he needed to sell the company, and the fallout afterward.
(29:23) Not many business owners seek out an earn-out, but in this case, Terry’s earn-out was the best thing that happened for him. Listen in for important advice from Terry on how to make sure your earn-out—and your exit—is as great as can be.
(35:42) If he had to go back and do it all again, he’d do this...
(43:06) One top tip to take away: Don’t solve problems that have already been solved. Be resourceful, do your research, and be humble and you will likely find better solutions to your problems.