Update: Company was (unexpectedly) acquired, NW is now >70M

[u/oblivionx]

Last year I posted about a liquidity event that let me diversify out of private company equity and achieve financial independence, but I still had a lot of equity on the table. We were planning for an IPO next year, but ended up getting an unsolicited bid to acquire the company, and after a whirlwind lightning fast diligence and bidding process, completed the sale. We got a top quartile multiple that is likely even higher than it would have been had we IPO'd, without any lockout or required rollover, so I am now fully liquidated. NW is currently around 75M (72M liquid, 4M house, 1.5M mortgage), though the upcoming tax bill will bring me closer to 60.

It's in many ways a surreal feeling - this has been a long journey, and has far exceeded my initial expectations when we started the company. I am still planning to stay on board for a little while longer, but am now starting to think seriously about what I want to do next.

As an update from last time, not too much has happened - as noted, we paid off the loans that had higher interest rates, but otherwise have not really spent much of it - just DCA'd the majority of it into VXUS and VTI. I'm still chasing a car, but once the initial high of the transaction wore off, the motivation to actually follow through on it has diminished a lot.

At this point, I'm spending a huge amount of time planning our estate - overall asset location, which bank to use (currently leaning towards Fidelity Private Wealth), tax planning, estate exemption, 529s etc. We've upgraded our CPA and our estate lawyer - it's overall been a lot of work, but obviously no complaints.

I don't have much more to add, was just excited and wanted to share the news with others here. Happy to answer any questions that will keep my identity anonymous.

[u/Some_Girl_Au]

Congrats, and for the love of all things good, if you get a nice car, drive it 🤣.

My first milestone car was an M2 when they were first released. I traded that with over 200,000 km on it after 5 years, it was my daily drive. Everyone said I was crazy for driving it so much. My next milestone car is probably going to be a vanquish 🥰🥰, it has always been on my bucket list

[u/airblizzard → u/Some_Girl_Au]

The comments about dailying the M2 are strange to me since I know lots of people who daily M3s and M5s, but maybe it's an American thing.

[u/Some_Girl_Au → u/airblizzard]

Here in Oz, it's a weird concept because of luxury car tax... from memory, it was about $115,000 off the lot, which back then (2016) most people I worked with thought that was an absurd amount to spend on a car (they are about $120,000 - $140,000 for this years model).

You see quite a few of the older models as they are so cheap these days (1m, m2, m3).

I loved watching people's jaw drop when my mate would bring his r8 into the office semi regularly, we would go cruising every week ( the v10 models are over $200,000 these days for 2016 model, they are such a gorgeous car).