In this episode of $100M Exits, Jason sits down with Erik Huberman, Founder and CEO of Hawke Media, to unpack what it really takes to run a programmatic M&A strategy, back early-stage founders, and scale a media agency to $750M in gross revenue, all at the same time. Erik has done 24 acquisitions, invested in 120+ companies, and has the battle scars to prove what works and what blows up.
From structuring 100% earn-out deals with no upfront cash, to betting on founders over ideas, Erik shares a no-filter look at how he thinks about buying companies, writing checks, and building infrastructure that lets others grow faster than they could alone.
What You'll Learn:
Why Erik pays zero cash upfront on acquisitions — and why founders still prefer his deals
What he looks for before writing a check (hint: it's not the idea)
The biggest mistake founders make on the sell side: ego over realism
Why early-stage software is now one of the riskiest bets in venture
When a founder should actually consider inorganic growth — and when it's too soon
Here’s what you’re in for:
00:00 – Intro & Erik's Background
01:00 – Why Hawke Media Buys Companies
05:00 – What Makes an Agency Worth Acquiring
07:00 – How Deals Are Valued & Structured
11:00 – The 100% Earn-Out Model Explained
13:00 – Sell-Side Mistakes Founders Make
20:00 – When Deals Fall Apart Post-Close
22:00 – From Angel Investing to Running a Fund
26:00 – Best Investments: Postscript, Klaviyo & Telly
31:00 – What Erik Looks for in Early-Stage Founders
40:00 – Advice for Founders at $5M–$50M
44:00 – Markets Erik Is Avoiding Right Now
Raising capital?
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ABOUT ERIK HUBERMAN
Erik Huberman is the Founder and CEO of Hawke Media, a marketing consultancy built on the idea that every business deserves access to CMO-level expertise without the overhead of a traditional agency. After founding and selling two e-commerce companies before age 26, he bootstrapped Hawke Media into a nationally recognized firm that has helped more than 5,000 brands scale.
Beyond Hawke Media, Erik leads Hawke Ventures and Hawke.AI, investing in startups and building data-driven tools that help businesses make smarter marketing decisions.
You can reach out to Erik through:
LinkedIn: https://www.linkedin.com/in/erikhuberman/
Website: https://www.hawkemedia.com - Company https://www.erikhuberman.com - Personal
ABOUT JASON KIRBY
Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&A.
He is a serial entrepreneur with four exits and decades of experience in fundraising, M&A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&A, and business development. He’s transacted over $135M, and his firm Thunder has transacted over $200M+
You can reach out to Jason through:
Email: jason@thunder.vc
LinkedIn: https://www.linkedin.com/in/jasonrkirby/
ABOUT $100M EXITS
My goal is simple: to equip founders with the knowledge, inspiration, and guidance to navigate the labyrinthine world of capital strategy to take your company where you ultimately want it, by interviewing founders and investors who have already done it.
For most, it’s a dream to sell for $100M+, but for others, it’s too cash flow or IPO. Founders doing over $5M in revenue will benefit the most from this podcast.
Be sure to subscribe and let me know who you want me to interview next.
