Matt Ward, former founder and CEO of Workmate and now founder of Catalyst Six, sits down with Michael Smith Jr. and Raz Kotler for a candid conversation about startup exits in Southeast Asia and what actually happens behind the press release.

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Matt takes us inside the Workmate acquisition process, including the moment the deal was pulled with just three weeks of runway left. He explains how exclusivity left him without alternatives, why the eventual deal came back on different terms, and the lessons he now shares with founders about modeling the downside before entering an acquisition process.

The conversation goes deeper into the mechanics of building for an exit: identifying potential acquirers years in advance, using strategic investment to build relationships, understanding what buyers value differently from VCs, managing boards and preference stacks, and why raising at a higher valuation can sometimes leave founders worse off.

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Matt also makes the case for a different Southeast Asian startup model: staying lean, getting profitable, raising capital to grow rather than survive, and considering whether owning most of a $10–20 million business can produce a better founder outcome than chasing a $100 million valuation.

🔔 Listen and Subscribe

• YouTube: https://www.youtube.com/@TheGeneralistsPodcast
• Spotify: https://open.spotify.com/show/2apfGY403NGr1EyTNkJfG4

• Apple Podcasts: https://podcasts.apple.com/us/podcast/the-generalists/id1756861150

👤👤 Hosts

• Michael Smith Jr.: https://www.linkedin.com/in/smittysgp/

• Raz Kotler: https://www.linkedin.com/in/razkotler/

👤 Guest

• Matt Ward: https://www.linkedin.com/in/mathewward/

🔗 Resources

• Workmate: https://www.workmate.asia/
• PERSOL: https://www.persol-group.co.jp/en/
• SEEK: https://www.seek.com.au/
• Job&Talent: https://www.jobandtalent.com/
• Wavemaker Partners: https://wavemaker.vc/
• Catalyst Six: https://www.catalystsix.com/
• Outlive by Peter Attia: https://peterattiamd.com/outlive/
• Peter Attia: https://peterattiamd.com/
• Wait But Why: https://waitbutwhy.com/

#StartupExit #SoutheastAsiaStartup #SellingAStartup