Long before he had a buyer, Big Ass Fans founder Carey Smith knew his price.

Big Ass Fans founder Carey Smith knew exactly how much he was going to sell his company for— $500 million—even before he had a potential buyer.

When did you start thinking about selling the company?

When you’re running a company, you’re not thinking about selling it. Some people asked, “What’s your exit strategy?” and I was like, “What the hell are you talking about?” As we grew, private equity firms were constantly knocking on our door. What I wanted to know was: Can you help me grow this business? But they had no interest in that. So there was a disconnect. Finally, 18 years after we started, I mentioned to my COO that I was frustrated. I said, “I’m just tired of this stuff.”

How did you land on $500 million as the price you wanted to sell for?

Selling was not something I intended to do, and that’s why I picked that number. It wasn’t related to anything. It seemed like a good number.

So, if someone said, “I’ll offer you $499 million,” it’s like, “Hey, I’ve got an idea: Fuck off. The only number I’m interested in is $500 million. I’m not gonna dicker.” And we didn’t.

How particular were you about choosing a buyer?

At the end of the day, though I really cared for the business, it’s not my child. You always love the people, but fans are a product. We wanted to make sure the buyer didn’t simply open the doors and tell everybody to leave. But other than that, it’s like buying a stick of gum: It’s mine until you pay me for it—and then it’s yours.

Did you have any misgivings about selling to private equity?

The thing about private equity investors is that they all say the same thing: “We really respect what you’ve done. We want to continue growing it, because we want you to be proud of it.” But they have an interest in making a return. There’s nothing wrong with that— it’s just a different type of business. They’re bankers. The most boring people in the entire universe. It’s like if you went to the undertaker and you were picking out a casket, and they were trying to convince you that they really care about your afterlife. Give me a break. You’re just putting people in the ground.