Table of Contents
When founders dream of their big exit, they don’t usually imagine buying the company back a couple years later—at a steep discount.
But that’s exactly what happened with BattlBox, a survival gear subscription business that once hit $23 million in revenue and even landed a Netflix show. In 2021, the company sold to a Canadian ecommerce holding company. Less than two years later, its original founders bought it back—this time, for about a third of the sale price.
Why? Because one partner wanted out. And in businesses with multiple decision-makers, that single factor can shift everything.
When Visions Diverge
BattlBox’s growth story included more than great products—it was powered by strong content, loyal followers, and community engagement. But success also magnifies misalignment.
As the company scaled, one founder was ready to retire while others were still building toward the future. With valuation expectations high, an internal buyout didn’t pencil out. Instead, the team brought in a third-party buyer who aligned with their operating style and promised a light-touch approach to ownership.
It worked—until it didn’t.
The Buyback Opportunity
Less than two years later, the new parent company was navigating debt and needed liquidity. The original founders stepped in and reacquired BattlBox—this time without the secondary brand—for $6 million.
This was more than a deal—it was a chance to save the brand from slipping into decline.
And they weren’t alone: the company’s former CFO joined as an equal partner in the new chapter. With leaner operations, a clearer mission, and full ownership, the founders took back control with renewed energy.
The Industry Context
BattlBox’s reacquisition didn’t happen in a vacuum. Subscription-based businesses have seen mounting pressure as consumers tighten discretionary spending.
According to Modern Retail, even well-known subscription brands like Babbel, ButcherBox, and BattlBox have been fighting to retain customers as churn rises and value expectations shift. BattlBox’s CEO summed up the challenge like this:
“It’s been a knife fight for sure… a constant balance of value versus price.”
Many of these brands are now leaning into community and content instead of discounting their way through the storm.
In that light, this buyback wasn’t sentimental. It was strategic.
From the Tower
This isn’t just a comeback story—it’s a case study in exit dynamics when partnerships fray.
If you’re building a business with co-founders, aligning on vision isn’t enough. You need to align on timing.
When one partner wants to retire and another wants to reinvest, you’re not building the same company anymore.
If you’re in that boat today, consider:
A clear buy-sell agreement
Regular third-party valuations
Structuring for optionality, so you can pivot without panic
Because the toughest negotiations often don’t happen with outside buyers—they happen across the table from your own team.
What I Read So You Don’t Have To
Subscription brands are under pressure—here’s what the latest research shows:
Recurly’s 2025 State of Subscriptions Report found global acquisition rates dropped to 2.8%, down from 4.1% in 2021. One major bright spot? Pause features. They helped generate over $200 million in reactivated subscriptions—highlighting the growing importance of flexibility and retention over raw growth.
DigitalContentNext’s 2025 Subscription Growth Trends report stressed the importance of AI-powered personalization and seamless onboarding. They found early lifecycle engagement to be the biggest driver of long-term retention—especially in consumer subscription categories.
Exploding Topics shared updated benchmarks showing that industries like media and SaaS retain ~84% of customers, but physical product subscriptions (like BattlBox) often fall far below that average, reflecting greater churn risk in tangible goods.
Financial Times noted that as the economy tightens, subscription boxes have become some of the first expenses consumers cut—unlike services like Netflix or Spotify that benefit from habit and embedded utility.
Business Insider revealed that 36% of U.S. adults canceled and rejoined a subscription within the same year. Many are using free trials or rotating services to stay budget-conscious—adding another layer of friction for brands trying to build loyalty.
Resources
Disclaimer: Some of the links below may be affiliate links*
Sources & Further Reading:
Tools & Platforms You May Find Useful:
Kumo – AI-powered deal sourcing and CRM tailored for M&A professionals
BizBuySell – The largest online marketplace for buying and selling small businesses
Acquire.com – Streamlined platform to buy and sell startups and small businesses
MeetAlfred.com – LinkedIn and multichannel outreach automation
Outscraper – Web scraping tools for local business data, Google Maps, and more
GetCalley – Free auto-dialer for outbound calling and lead follow-up
Postale.io – Affordable custom domain email hosting
eVirtual Assistants - Hire a VA from the Philippines
Hostinger - Affordable, fast, and beginner-friendly web hosting with a built-in AI website builder to launch your site in minutes.
Beehiiv – A newsletter publishing platform built by newsletter creators
Enjoyed This Issue?
If you found these insights valuable, chances are someone in your network will too. Forward this email or share the article with a fellow business owner, strategist, or investor who needs to see what’s coming next.
The view is always better when more people are watching from the tower.