What It Takes to Sell for $180M and Start Again - Frank Greeff #113

Frank Greeff spent 100 to 150 hours designing a product, then binned the whole thing on the flight to Sri Lanka where his team had already started building it. He also spent $35,000 renting a superyacht for a free lunch that he charges nobody for, on purpose.

Frank Greeff and his brother Jack built and exited Realbase after 12 years. They now run the Founders Table, which he says has gathered 550 Australian founders, mostly above $10 million in revenue, in about four and a half months. This is his second appearance on the show.

What you will learn:

- Why they picked the customer first and the problem second, and the one question that decided it

- The unreasonable hospitality idea behind the free lunches, and the hot dog story he keeps telling

- Why they killed a product that worked, and the churn problem that made it unsellable

- The ChatGPT habit he says produces a result 10 to 100 times better than what you would have asked for

- Why he thinks the businesses quietly wiring AI into their process right now will apply real pressure to everyone else within a year

Chapters

00:00 Two years after the exit, and starting again differently

02:57 Five hundred and fifty founders, and the data behind the form

07:29 What they actually get out of it

08:59 Unreasonable hospitality, and the New York hot dog

11:57 The yacht, the outrage, and the AFR

17:52 The problem nobody would pay to solve

20:53 Why the decision only gets harder the longer you leave it

25:21 Backing your own team to launch inside your business

26:49 A landing page and a payment gateway

31:16 Caliber, and building a talent agency instead of a recruiter

37:15 The yo-yo effect, and who you launch to first

41:53 What AI does to real estate over the next two to five years

43:22 Three hundred and fifty steps to get a listing sold

49:17 Using AI as a thinking partner rather than a shortcut

56:41 The brutal reality he sees in boardrooms

1:01:08 Why "no time for personal brand" does not hold up

1:07:09 A second child, two months before launch

1:10:13 In bed at 7:15, because his son is

1:16:13 Advice for anyone in real estate on AI

1:26:41 Fourteen months and forty messages to land one person

Frank Greeff spends where the return is and bins what won't pay. Property should work the same way.

Most properties only make money if the market does. The ones that pay for themselves from the day you settle are bought differently, and it comes down to four points.

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General information only. Not financial, tax, legal or credit advice. Bothsides is not a mortgage broker or credit provider.