In this episode of the DevReady Podcast, host Andrew Romeo is joined by Michael Bronfman, CCO & MD of baresopand a seasoned entrepreneur with a track record of scaling, exiting, and investing in high-growth businesses. From launching his first startup at just 18 to now being a shareholder in over a dozen ventures, Michael shares a candid account of the highs, lows, and pivotal lessons he’s gathered along the way. With experience spanning tech, healthcare, SaaSThe term SaaS stands for Software as a Service. SaaS is an evolution of an application that runs on the..., and consumer goods, Michael unpacks what it really takes to build and acquire successful businesses in today’s climate—and why long-term thinking, the right people, and strategic structuring matter more than ever.
Michael’s entrepreneurial journey began with a problem he encountered firsthand: struggling to get a haircut on his lunch break while working in sales at Telstra. That frustration sparked a beauty booking platform, which he later sold to Zomato—his first exit by the age of 22. His next major milestone was joining Openpay as its third employee, helping scale the buy-now-pay-later company to 250 staff and a listing on the ASX. This chapter of his journey offered a crash course in hypergrowth, hiring at scale, and the operational complexities that come with explosive expansion.
Throughout the conversation, Michael reflects on the value of patience, resilience, and learning through doing. He emphasises that real business success doesn’t come overnight and warns against the trap of chasing quick wins. Instead, he advocates for building relationships, surrounding yourself with complementary skills, and sticking with a venture long enough to see real results. He and Andrew highlight the importance of mindset over experience, noting that hunger and alignment are more valuable than credentials in early-stage ventures.
Michael also opens up about Openpay’s eventual liquidation—clarifying that it was due to investor issues rather than poor management. He shares how this experience, while challenging, strengthened his resolve and reinforced the importance of building sustainable, profitable ventures. It also prompted his transition into business acquisitions, where he began focusing on buying businesses with strong operations and recurring revenue, often backed by government funding. These characteristics, he explains, provide stability and long-term potential, even in unfamiliar industries.
Now a shareholder in around 14 businesses, Michael’s approach to acquisitions is strategic and structured. He’s moved away from the mindset of “100 companies by 40” and instead seeks quality over quantity, favouring calculated risk, strong leadership teams, and industries with long-term viability. He views his role as assembling a puzzle—bringing the right people into the right roles to unlock hidden potential. Deals, he notes, aren’t about the size of the business but the strength of the opportunity and how well the risk is managed.
Wrapping up, Michael reinforces his core principle: every acquisition must be a win–win. Whether it’s a well-performing business or one that needs operational tweaks, what matters most is ensuring all parties benefit and that relationships remain strong. Reputation, trust, and communication are everything in the acquisition space—and Michael makes it clear that ethical deal-making is just as important as financial success. This episode is a must-listen for anyone curious about startup exits, business acquisition strategy, or building a legacy through thoughtful entrepreneurship.
Topics Covered
- Michael’s entrepreneurial beginnings and first startup exit
- Scaling Openpay and navigating hypergrowth
- Key lessons from early ventures and partnerships
- Transition from startups to business acquisitions
- Criteria for assessing businesses to acquire
- Deal structuring: protecting downside and maximising upside
- Importance of recurring revenue and industry stability
- Leveraging mentorship, networks, and community
- Shift from volume to value in business ownership
- Building win–win deals and maintaining reputation
Important Time Stamps
- Fired from KFC to ASX-Listed Success: The Michael Bronfman Story (0:07 – 5:26)
- Why Most Startups Fail Fast—and How to Avoid the Same Fate (5:27 – 9:23)
- The #1 Lesson Michael Bronfman Learned from His First Startup Exit (9:24 – 16:10)
- From 3 People to 250: Inside a Billion-Dollar Startup Surge (16:11 – 21:10)
- Why Michael Left the Startup World for SME Acquisitions (21:12 – 25:45)
- The 80/20 Rule of Business: Not Every Bet Pays Off (25:46 – 29:00)
- What Michael Bronfman Looks for Before Buying a Business (29:03 – 33:30)
- The Golden Rule of Every Deal: Protect Downside, Maximise Upside (33:31 – 36:24)
