I wonder what price could have been achieved had it been marketed as "Patio11's Bingo Card Creator" not "a well-established software business creating bingo cards for educational and recreational purposes".

Patrick's 'brand' certainly has value, at least to me (I've learnt much valuable information from him over the years). And while homo economicus knows this brand doesn't change the underlying business fundamentals, especially as Patrick was exiting, I believe it would have created acquisition competition and therefore a higher multiple than Px3.

The missing 'one more piece of information' in this instance may be Patrick's desire that BCC went 'to a good home', someone who saw potential in what it is, not bought it because of who he is.

Either way, he's now had a successful exit! Congratulations (again) Patrick - feels like only yesterday you stepped out of your salaryman role https://news.ycombinator.com/item?id=1230156