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sition offers 4 months into the company. Offers by websites that no longer exist. So I dodged a bullet. With ONElist, we were growing so quickly that it was like a no-brainer that we just shouldn t sell. And we didn t really have much in the way of competition back then, so it was basically hang on for your life and see how long you can go. With Bloglines, we weren t running nearly as fast as that. I was feeling there was competition coming. I do think we re kind of in a bubble again to some degree. Not in terms of money flowing into all these companies, but certainly . . . somebody put out the canonical list of Web 2.0 companies, and I think every company has like 30 competitors now or something like that. So I was just starting to see some of that. And actually, thinking back to this, all the press that we were receiving was wonderful, but it was also a double-edged sword. I remember thinking back then, Just leave us alone and let us grow for a while more before you hype us. You can t complain about it, but . . . there was a stretch where we were in the Wall Street Journal four times in 6 months. With ONElist, we were never in the Wall Street Journal, ever. I was joking with my PR person saying, So it s

One thing you probably learned in the testing process, however, is how completely inept some users are when it comes to technology. Now, that s not a crime. I can drive a car, but I can t put one together. I can run your software once I get to the main menu. Why should I have to know about files and folders and registering DLLs and installing fonts and how to copy stuff to my network drive When I first released E-Z-MRP for Windows, I sent everything in a ZIP file. After all, the installation process was dead simple.

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been 2 weeks since we ve been in the Wall Street Journal. When are we going to be in again And she said, Don t you dare expect this kind of stuff forever. So you have to figure out when is the right time to sell, what you want out of an acquisition both in terms of money and whether you want to stay on. Would you be happy with somebody else running the company It s a very personal decision. And there are better times to sell than others. If nobody is talking to you, it s going to be hard to set up an auction and you re not going to get much money and you re not going to be happy about it. I think those are the main things. Then, in terms of selecting a banker, it s Who are you comfortable with; who understands your company One of the investment bankers I talked to had no clue what we did, didn t do any research to figure out what we did and was just unresponsive. Well, how is somebody, who is essentially going to be your representative, going to make a good sale of your company if they don t know what you do

Livingston: You were acquired by Yahoo and Ask How does life change once you become part of these big companies Fletcher: There were differences With Yahoo, I left at the acquisition, so I was never a part of Yahoo With Ask, I stuck around for 14 months Not that it was contingent on the acquisition in any way, it was just the right thing to do If you compare the two companies when eGroups was acquired by Yahoo, we were 150 people I essentially hadn t played in the code base in a year, I wasn t running day-to-day operations, so it was very easy for me to go away At the acquisition by Ask, there were two of us going over It wouldn t be right, regardless of anything else, for me to leave.

I wanted to make sure that the acquisition was viewed as a success for Ask 1 year later 5 years later, even I ve learned that your reputation is very important, as an entrepreneur, as a tech guy in the Valley, and it s a good thing to worry about your reputation I was very concerned about that, and so, when only two people are coming over and most of the knowledge was still in my head it wouldn t have been right for me to leave So that s why I stuck around for a while, helped build up a team, made sure that the knowledge in my head was transferred to all of these other people, and that, when I did leave, the place wouldn t fall apart Livingston: You said you started to get acquisitions offers very early on with ONElist.

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