In this episode of Build a Business Worth Buying, we’re joined by Spencer Matthews—operator, investor, and founding team member of Microbe Formulas, which scaled from $0 to $50M in revenue before exiting for just under $200M. Spencer brings a rare dual-lens perspective to the table: he’s been in the trenches scaling a brand from scratch, and now sits on the other side of the table as an investor at Fifth Hammer.
From building niche communities and navigating regulatory landmines, to packaging a business for sale and allocating capital across a portfolio, Spencer pulls back the curtain on what acquirers really care about—and what founders often get wrong.
What You’ll Learn:
Scaling and Exiting Microbe Formulas
Lessons from the Exit Process
Spencer’s Investment Strategy at Fifth Hammer
Allocating Time & Capital Across a Portfolio
What Actually Drives Valuation
Profitability vs. Growth: How to Optimize for Exit
Scaling Stemregen from $1M to $10M
- Execution vs. Market Selection
About Spencer Matthews:
Spencer is the co-founder of Fifth Hammer, a family office investing in early-stage consumer and health brands. He was on the founding team of Microbe Formulas, helping it scale to $50M before an exit near $200M. As Chief of Staff, he had a front-row seat to the operations, growth, and exit process. Today, he also serves as fractional COO at Stemregen, where he helped grow revenue 10x in under two years. Spencer brings a unique operator-investor hybrid perspective to what it really takes to build a business worth buying.
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