Why FISART exists

    I founded my first company, ado Group, in 2016. By 2020 it had over 40 employees and real traction. I sold it to a private equity firm, Deutschmann Holding. In hindsight it was neither a great deal nor a bad one. It was simply the deal I took because I did not know what questions to ask. I was not prepared for what selling a business actually involves.

    Four years later, I sold my second company, INAI, to Flyeralarm. Everything was different. A structured, competitive process with multiple serious bidders. I led that process myself, and it turned out to be the most consequential decision of that entire chapter.

    In the conversations with traditional advisors beforehand, one thing became clear: most of them treat exits as transactions. They know how a deal works, but they do not know what it feels like to sit in the founder's chair. 35 employees who depend on you. A business that gave you identity, purpose, standing. Things that are hard to put into words. What mattered to those advisors was not necessarily what mattered to me.

    After my second exit became public, nine more transactions followed, directly from founders in my network. People who had watched my process and said: that is how I want to sell.

    At some point it was clear: this is not a side project. It is its own firm. That is how FISART started. We are headquartered in Fort Lauderdale with deep connections to European markets, which gives our clients access to both US and international buyer pools. The approach is always the same: structured, competitive sell-side processes where the seller sits at the table, not in the waiting room.

    Portrait of Ludwig Schroedl, founder and CEO of FISART
    ABOUT LUDWIG SCHROEDL

    Two companies built from scratch, scaled, and sold.

    “I built and sold two companies of my own. I know how much rides on that one moment. That is exactly why I guide owners through their exit today, personally as their senior advisor and from the perspective of someone who has been in their seat.”

    LUDWIG SCHROEDL
    CEO AND FOUNDER, FISART
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    2 exits. 2 different outcomes.

    ado Group Logo

    First exit

    ado Group, 2020

    Outcome

    Conventional sale

    Bilateral negotiation with Deutschmann Holding, one buyer at the table.

    INAI Logo

    Second exit

    INAI, 2024

    Outcome

    Strategic premium exit

    Multiple competing bidders, Flyeralarm wins the structured process.

    01 Revenue quality
    ado GroupProject-based and one-time revenue
    INAIRecurring revenue with minimum contract terms
    02 Customer concentration
    ado GroupKey accounts tied to the owner personally
    INAIDiversified, contracts held by the company
    03 EBITDA adjustments
    ado GroupPersonal and business expenses mixed
    INAIDocumented add-back catalog
    04 Owner dependence
    ado GroupOwner as the central operational role
    INAISecond management layer with documented succession
    05 Financial reporting
    ado GroupAnnual financial statements as the primary source
    INAIMonthly reporting with KPI dashboard
    06 Buyer process
    ado GroupBilateral negotiation, one buyer
    INAIStructured process with competing bidders

    “The ado Group was a fair sale. But I only understood each of these levers systematically the second time around. What we build with owners in three months of structured preparation today is exactly what grew between my two exits. When or whether to sell after that is the second question.”

    Ludwig Schroedl, Founder, FISART