How to build a business worth buying with Ryan Hanly

Building a successful business is one challenge. Building one that attracts acquisition interest is another entirely. For Ryan Hanly, founder of Travello and now CEO of ATDW, the journey demanded persistence, calculated risk-taking and relentless execution. But despite ultimately selling the business he built, Ryan believes the biggest mistake founders make is focusing on the exit. Reflecting on his entrepreneurial journey, he shares why the businesses worth buying are built by founders who stay focused on solving problems and creating value.

Many people have ideas, but few act on them. What helped you move from idea to execution when building Travello?

I’ve said this often, the hardest part of a startup is actually moving from idea to action. I would say this is where 99% of startups fail. I think you need an equal balance of conviction, smarts and naivety to take that step - because basically everyone is telling you your idea won’t work. This is really what separates entrepreneurs – they have that risk appetite and doggedness. It’s really hard to say what ideas are worth pursuing as some as some of the biggest global companies are crazy ideas (Insert Uber & Airbnb). I really think it's only time that decides whether an idea was worth pursuing and the more you can shorten that time from idea to customer – the more likely you are to succeed – or move on.

What business skill do you think is most underrated among founders?

I really don’t think it’s business skills that shape a Founder – it really is that inbuilt drive, persistence and perseverance that deliver the best business outcomes. I’m still not sure you can learn those skills – maybe you can. But I am convinced the best businesses are not built by the best business people, they are built by the people that just won’t let their idea die.

Looking back, what's one part of your story or career journey that people are often surprised to learn about?

I think it’s that I was a teacher (I studied education at QUT), had no background in travel or technology (the 2 fields Travello straddled) and that I didn’t even come up with idea of Travello until I was 36. I think that is the lesson for young people-  it doesn’t have to happen when you are 20 – get a career, observe what success looks like, learn your craft and take your shot when the window opens up – with everything you have learnt.

What advice would you give founders navigating acquisition interest while still running and growing their business?

Throughout the years at Travello we had a few different companies show interest in acquiring us. I think it’s important not to be distracted and keep focus on delivering in the business – which is the real reason they are looking to acquire you. It can be a huge distraction and time waster so it’s important to stay focussed on the business through those discussions.

What advice would you give founders considering a future sale of their business?

The reality is that most startups/ventures will fail within the first 12 months and an even smaller percentage of startups in Australia will reach their first funding round. So any sale interest is simply an outcome of the process and that’s where your focus needs to be. The process of building your business, not the process of sale.

In a world increasingly shaped by AI and automation, when has your human judgement, intuition or experience made a difference that technology simply couldn't?

As Founder and CEO, I always saw hiring as one of my most important roles. I had to surround myself with people who I thought were better than me in what they did. I rarely used a resume as a key driver of hiring, it was always meeting the people, getting the ‘gut feel’ on whether they could fit into our culture and using that intuition as to whether they could deliver. I can’t see a time or place where AI will ever be able to deliver that for whoever is hiring at any company. That human interaction and that ‘we need to get this person in our company’ feeling can’t be replicated by AI – no matter how much data it has.

What did stepping back from Travello teach you about success, health and maintaining perspective?

When you are in the depths of growing a business, it really does envelope every part of your being. Rightly or wrongly, the business and driving growth typically takes priority over many other parts of your life. I experienced this personally where I couldn’t seem to find the time to book in even the most basic health checks, because you “just don’t have the time”. Stepping back, it really does allow you to see through the fog of the ‘startup hustle’ and realise that it is just a business, life will go on if it doesn’t work, your family and kids will still love you regardless and if you don’t have your health, you have nothing. Whatever I move into going forward, I think I will have much more perspective on this.

If there's one lesson from Ryan Hanly's entrepreneurial journey, it's that the businesses worth buying aren't built with a sale in mind. They're built by founders willing to take action, stay focused and create lasting value along the way.


QUT degree:
Bachelor of Education (Primary), (2001)
Do you have a question for Ryan? Connect with him on LinkedIn.