A Founder's Journey: From Startup to Exit

Join Ned Lilly as he discusses the evolution of open source ERP software and XTuple's acquisition journey. Explore the role of data in AI and the challenges of remote work. Ned shares insights into Start Norfolk and Hatch, emphasizing regional leadership and community engagement. The episode covers talent recruitment, customer engagement strategies, and trends in mergers and acquisitions. Ned offers investment banking perspectives from Quorum Group, highlighting M&A preparation and due diligence. Plus, hear about AI's impact on tech, the value of data, and favorite regional cuisine and M&A hosting spots. (0:00) Introduction and importance of data in AI (1:20) Consistency in show scheduling and remote work challenges (2:43) Guest introduction: Ned Lilly (4:32) Origins of Start Norfolk and Hatch; xTuple's early history (9:37) Open source ERP software development (13:27) Talent recruitment challenges (20:21) XTuple's acquisition journey (28:15) Regional leadership and entrepreneurial community participation (33:33) Regional collaboration and networking emphasis (38:00) Customer engagement strategies (41:08) Mergers and acquisitions trends (43:06) Ned Lilly's role at Quorum Group and investment banking insights (47:43) Hampton Roads outlook and educational marketing (52:41) M&A preparation and due diligence (54:29) Investor fiduciary obligations and exit strategies (57:25) AI's impact on technology and data value (1:00:42) Final question on regional cuisine (1:01:35) Favorite M&A hosting restaurant (1:03:10) Closing remarks - Leveraging accumulated data to train AI models can transform adjacent business applications and unlock new opportunities. Establishing a consistent schedule for content or events helps build a loyal audience and reinforces brand presence Having a clear exit strategy and preparing for future transactions from the outset can significantly enhance business outcomes. https://www.corumgroup.com/ Don't miss out on key business events, local success stories, and expert insights—subscribe to This Week in 757 and stay ahead in Hampton Roads' innovation and business community. https://bit.ly/twi757newsletter

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This episode was published on March 20, 2025.

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