Today's guest bought a business that defied many of the conventions of entrepreneurship through acquisition. It was tiny, run out of the founders' living room outside Hanover, New Hampshire. It sold basically one product, a $30 grease coupler. And that product came from a South African manufacturer that owned the patent, sold to the business non-exclusively, and was threatening to cut it off. "Outside of a couple friends and family, like maybe my mom and dad, I don't think anyone would've put money into this thing," says Jay Boren. Jay found LockNLube while he was an MBA student at Tuck, and he started there as its summer intern. His path was a version of hire-to-acquire, a theme that keeps coming up. The founder asked Jay to buy the business that first summer, but the deal didn't close for another 18 months. In that time Jay worked in the business, hired its first employees, moved it out of the founder's house, and built trust with the seller. By closing, he knew the business better than anyone. Listen for the deal terms in such a situation. Over the next seven and a half years, Jay bootstrapped LockNLube into a direct-to-consumer tools brand with more than 250 products in its catalog. In 2024 he had a life-changing exit, selling the business to Macnaught, a family-owned Australian manufacturer. Here is Jay Boren, former owner of LockNLube. Chapters: 00:00 Jay’s Background 05:06 ETA and Geography Fit 15:31 Grease Coupler Explained 20:07 Founder Origin Story 26:56 No ETA Framework Yet 31:47 DTC Growth Playbook 36:58 South Africa Showdown 43:16 Stabilizing While in MBA 50:12 Valuation and Deal Terms 57:50 Tuck Network Support 01:07:04 Reinvesting and Paying Yourself 01:15:00 Inventory Cycles and Founder Mode 01:19:47 Why He Sold 01:23:39 Startup Culture Habits 01:29:57 Deal Falls Apart 01:39:10 Life After Exit 01:51:43 ETA Takeaways