Dan Berger Exit Story: The Surprising Math Behind his $100 Million Exit

Kyle Winder
Aug 25
2 min read

What Dan Berger learned about leverage, liquidation preferences, and life after a $100M sale.

About This Episode

Dan Berger built Social Tables into a SaaS success story with $20M in recurring revenue and more than 6,000 customers. He sold the business for $100 million.

But after raising $27M in venture funding and navigating liquidation preferences, his personal payout was just under $20M.

In this week’s episode of Built to Sell Radio, Dan reveals the surprising math behind his deal and shares the emotional highs and lows of walking away from his company.

You discover how to:

Understand how liquidation preferences shape the founder’s payday.
Decide whether you’d rather own a smaller slice of a bigger pie—or keep more of a smaller one.
Run a process that gives you leverage when selling.
Prepare for the emotional crash that can follow a big exit.
Create a “soft landing” by building belonging outside your company.
Reframe your “next goal” after selling.

Listen now to hear the real economics—and the hidden emotional toll—of a $100M exit.

About Our Guest

Dan Berger

Dan Berger is the founder and former CEO of Social Tables, a leading event software platform that transformed how hospitality professionals plan and execute events.

Under his leadership, Social Tables grew to serve over 5,000 customers globally—including top hotels, venues, and event planners—and was acquired by Cvent in 2018.

Known for his people-first leadership style and passion for building strong company culture, Dan has been recognized by BizBash, MeetingsNet, and PCMA as one of the most influential people in the meetings and events industry.

Definitions

Due-Diligence: This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.

Earn-out: This is a financing arrangement for the purchase of a business, where the seller must meet certain performance goals before receiving the full purchase price. It reduces the buyer’s risk and aligns the interests of both parties post-acquisition.

Errors and Omissions Insurance (E&O): This is a form of liability insurance that protects companies and their employees against claims of inadequate or negligent actions, particularly in professional advice and services.

Re-Trading: This occurs when a buyer attempts to renegotiate the purchase price of a deal after initially agreeing to one. It is often seen unfavorably as it occurs after due diligence, seemingly exploiting newly discovered information.