The Zero to $10M ARR Newsletter

I turned down every VC check for 12 years to keep 92% ownership of Groove.

It has proven to be the best decision of my life.

Here’s the math:

While VCs are pushing founders to split ownership down to 5% chasing unicorn dreams, independent founders are quietly building $5M ARR businesses they own 92%+ of.

I’ve seen both sides. And here’s the math nobody talks about...

The VC Path:

• Give up 95% ownership
• Split decision making
• Lose control of vision
• Raise endless rounds
• Hope for unicorn exit
• Maybe get $50M
• If you’re lucky (<1% chance)

The Independence Path:

• Build with customer money
• Keep 92% ownership
• Run profitable (50% EBITDA)
• $5M ARR
• $2.5M/year in your pocket
• Complete control always there
• Freedom to choose direction

Thesis: The simple math of a $5M boostrapped ARR beats the promised story of a unicorn exit. The reason?

1. it’s achievable (many have done it)
2. it’s profitable (50% EBITDA)
3. it’s yours (no board approval)
4. it gives options: - work your way or their way - sell for $30M or scale to $100M - take profits or reinvest everything

We’ve built Groove this way:

• clear focus: sustainable SaaS $5M-$10M ARR
• real moats: ownership, profit, control
• actual freedom: every decision is ours

VCs sell you unicorn dreams. But bootstrappers are building generational wealth.

The real win isn’t a unicorn exit.

It’s complete freedom with generational wealth.

That’s why 92% ownership is the new standard.

Let VCs chase their 1% dreams.

Smart founders are choosing 92% of something real.

Build for freedom, not exits.

Until next time,

Alex Turnbull

Founder and CEO

Groove and Helply

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