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The Exit - Presented By Flippa

Helping Entrepreneurs with Chris Heivly

The Exit - Presented By Flippa

The Exit - Presented By Flippa

Technology

5.0 • 420 Ratings

🗓️ 31 January 2022

⏱️ 24 minutes

🧾️ Download transcript

Summary

Today we are talking with Chris Heivly, current Managing Director of Build The Fort, and former Co-Founder of MapQuest. Co-founding the first commercial web mapping service was Chris’s first real foray into entrepreneurship. As the Managing Director of Build The Fort, Chris helps other entrepreneurs through his books, speaking, workshops, and consulting. Fast-forward 20+ years, Chris has a lot of knowledge to share with others in the startup space. Technology Is The Wave Of The Future Chris has both a bachelors and a masters in geography, and he can still picture his dad’s face when he told him what he wanted to major in. His dad's response, even in the 80s, was that Chris should get into computers. Luckily, Chris did learn some computer skills and coding while studying cartography. Combining the two, he found himself writing mapping software. Something Better Is Out There While working for the US Department of State as the Director of Mapping, Chris says they were printing maps for National Geographic, phone books, and the like. As technology progressed, Chris developed the first CD-ROM that helped to plan trips. When the internet was the next big step in technology, the entrepreneur in Chris said there has to be a better way. That’s when he branched off on his own, threw together the URL and created MapQuest. Chris says they had no fear when creating the company, mostly because they were clueless. With their headquarters in Pennsylvania, they found they had a hard time recruiting the best talent from places like Silicon Valley. Despite their original struggles, the company did grow. Passing The Torch For his last three years with the company, Chris served on the board of directors. He’s a firm believer in knowing when you’ve hit your ceiling, and it’s time to move aside for someone else to take up the reins. While he helped with the lead up to going public, Chris left the company shortly before it actually happened. He says that most entrepreneurs can’t take a company from its founding to a million dollars, and that’s okay. Always stick to what you’re good at, and don’t be too proud to bring in someone to do what you can’t. The Decision To Sell The KPIs they were tracking were first, page views, and second, revenue. The website's traffic was what mattered most, as there were 3-4 advertising spots on each page, so page views equaled revenue. The company went public in 1999, and they found themselves asking what is the risk vs reward of going bigger. When they really thought about what the right decision for the company would be, selling was at the top of the list. Having been on AOL’s radar for several years, they thought that could be a great fit. Where To Learn More If you’d like to connect with Chris, he can be found on LinkedIn @ChrisHeivly. For more information on startup success, visit www.buildthefort.com. -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You’ll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

Transcript

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0:00.0

Hello and welcome to the Exit presented by Flippa.

0:14.8

This is a 30 minute podcast featuring amazing entrepreneurs who have been there and they

0:17.8

have done it.

0:18.8

The Exit talks to operators who have bought and sold businesses of all in different sizes.

0:22.6

You learn how they did it, why they did it, and get exposure to the world of Exit.

0:26.0

It's a world occupied by a small few, but accessible to many.

0:29.9

Now in this episode, I sit down with Chris Hiveley.

0:33.4

He is a legend in the startup space because he started a well-known company called MapQuest.

0:40.0

That's right.

0:41.2

The old school software that you used to actually print off the maps and have them sitting

0:47.9

in your car seat while you were driving around all over the United States.

0:52.6

It is an awesome story that Chris shares with us.

0:55.5

The journey of taking MapQuest out of a printing business in New Hampshire all the way through

1:01.0

to a public company.

1:02.5

It is such a cool situation where I get to sit down and talk to someone as legendary

1:07.6

as Chris.

1:08.6

We talk about his current podcast with Brad Feld and all of the really intricacies that

1:14.2

go into starting a business in a smaller city and building that startup scene.

1:19.8

One of my favorite parts about this interview with Chris is that he talks about replacing

1:24.5

yourself as an entrepreneur with an expert.

1:26.9

I think that this is such an important theme for something like this show here at the Exit.

1:32.8

If you're out there and you're starting a business or you're running a business and

...

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