Welcome back to Build a Business Worth Buying! In this episode, host Aaron Alpeter sits down with Spencer Matthews, an operator-turned-investor with first-hand experience scaling and selling companies in the nutraceutical space. Spencer was a founding team member at Microbe Formulas, where he helped scale the business from zero to $50 million in annual revenue before leading it through a successful exit just shy of $200 million. He then co-founded Fifth Hammer, a family office investing in early-stage consumer and health brands, and now serves as the fractional COO of Stemregen, steering rapid growth and operational excellence.Together, Aaron and Spencer dig into what truly drives a business’s success, the power of capital efficiency, the realities behind exits, and how investors identify companies worth their time and money. Expect deep dives into founder dynamics, the critical role of financial reporting, and strategies for building long-lasting value—straight from someone who’s sat in every entrepreneurial seat.

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