Frank Greeff: Culinary Roots Fueling a $180 Million Tech Empire
Frank Greeff’s journey from a chef to a successful tech entrepreneur is a testament to the power of adaptability, family collaboration, and strategic risk-taking. Born in South Africa, Greeff moved to New Zealand with his family at the age of 11, and later to Australia. His early experiences watching his parents work multiple jobs to make ends meet instilled in him and his brothers a strong commercial mindset.
Greeff initially pursued a career in culinary arts, working as a chef for three years. His most notable culinary position was at the well-regarded Bathers’ Pavilion restaurant in Sydney, where he earned $38,000 per year as an apprentice.
Transition to Entrepreneurship
The Pivot
In 2012, Frank Greeff made a pivotal decision to leave his chef career and join his older brothers, Ken and Jacques, in starting a business. They initially launched a real estate signage company, marking their entry into the property sector.
Evolution into Tech
In 2015, the Greeff brothers transitioned their business from signage to real estate marketing technology. This shift led to the creation of Realhub, a platform designed to streamline marketing processes for real estate agencies.
Building Realbase
Merger and Growth
In 2020, Realhub merged with their main competitor, Campaigntrack, to form Realbase. This 50/50 merger was a strategic move that catapulted the company to a dominant position in the real estate marketing tech space.
Leadership Role
Frank Greeff took on the role of CEO of the merged entity, transitioning from leading a 40-person startup to heading a 400-employee company overnight.
Key Business Offering
Realbase’s software enabled real estate agencies to create marketing campaigns rapidly by providing templates, auto-populating stored information, and connecting agents with vendors.
The Road to Acquisition
Seeking Strategic Partnership
Recognising the need for deeper pockets and a broader network to fuel future growth, Greeff initiated a process to find a strategic partner or buyer.
Gruelling Sale Process
The sale process lasted 12 months and was described by Greeff as the “single hardest thing” he had done in his life. It involved:
- Learning to navigate complex financial and legal discussions
- Dealing with personal challenges like insomnia and stress
- An investment of $5 million in the sale process, including $2 million for a broker
Key Lessons from the Sale Process
- Importance of professional advisors: Greeff learned that selling a business requires specialised skills beyond general sales abilities.
- Sector-specific expertise: He emphasised the value of working with a broker who understood their specific industry.
- Timing is crucial: Despite market slowdowns in 2022, Greeff believed the company was at an inflection point, making it the right time to sell.
The Acquisition
Outcome
In April 2022, Domain.com.au acquired Realbase for $180 million.
Post-Sale Transition
Greeff continued as Realbase CEO under Domain’s ownership for about 15 months before stepping down in July 2023.
Post-Exit Ventures and Philosophy
Avoiding the “Trap”
Frank Greeff consciously decided not to immediately jump into another venture, recognising the importance of reflection and purposeful planning.
New Mission: Cookbook for Charity
- Project: Writing a cookbook titled “Eat with Purpose”
- Goal: Raise $1 million for charity
- Target Audience: Health-conscious, time-poor, high-performing individuals
- Unique Selling Point: Emphasis on quick, efficient cooking methods for busy professionals
Content Creation
- Hosting a podcast called “Chew the Fat”
- Creating content across multiple social media platforms to share cooking tips
Future Business Considerations
- Exploring areas that AI can’t easily replicate, with a focus on human connection
- Interest in services businesses that have been “left behind” by technology
Key Traits and Skills
Adaptability
Frank Greeff’s journey from culinary arts to tech entrepreneurship showcases his remarkable adaptability. This trait was crucial in his successful transition from the structured, fast-paced environment of a professional kitchen to the dynamic, ever-changing world of technology startups. Frank Greeff’s ability to apply skills learned in one industry to a completely different sector demonstrates a level of cognitive flexibility that is invaluable in today’s rapidly evolving business landscape.
The success of Realbase was built on the foundation of strong familial collaboration. Frank worked effectively with his brothers, Ken and Jacques, leveraging their diverse skill sets to create a well-rounded leadership team. This collaborative approach allowed each brother to focus on their strengths – Frank’s people skills, Ken’s software engineering expertise, and Jacques’ technical prowess – creating a synergy that drove the company’s growth and success.
Risk Tolerance
Throughout his entrepreneurial journey, Greeff demonstrated a high tolerance for calculated risks. This was particularly evident in the decision to invest $5 million in the sale process of Realbase, with no guarantee of a successful outcome. His willingness to make significant investments and take bold steps, such as merging with a competitor, showcases a risk appetite that is often necessary for achieving extraordinary business success.
The rigorous demands of a professional kitchen, where Frank Greeff worked 16-hour days, honed his time management skills to a fine edge. These skills proved invaluable in managing the fast-paced, multifaceted environment of a growing tech company. Greeff’s ability to prioritise tasks, delegate effectively, and maintain productivity under pressure was a key factor in Realbase’s rapid growth and successful exit.
Resilience
The journey from startup to $180 million exit was not without its challenges. Greeff’s resilience was particularly tested during the 12-month sale process, which he described as the hardest thing he’d ever done. Facing issues like insomnia and stress, Greeff pushed through, demonstrating the mental toughness required to navigate complex business transactions and high-stakes negotiations.
Greeff’s philosophy of prioritising progress over perfection is evident in his approach to new ventures. This trait allows him to move quickly on ideas, iterate rapidly, and stay ahead of the competition. His ability to launch his cookbook project and associated content within weeks of conceptualisation exemplifies this quick execution mindset, which is crucial in today’s fast-paced business environment.
Lessons for Entrepreneurs
Leverage Family Strengths
The Greeff brothers’ success story underscores the potential power of family-based entrepreneurship. Their complementary skills and shared values created a strong foundation for their business. For entrepreneurs, this highlights the importance of building a team with diverse skills but aligned values, whether with family members or not. It also demonstrates how shared history and trust can be leveraged to create a cohesive and effective leadership team.
The transition of the Greeff brothers’ business from real estate signage to marketing technology illustrates the importance of being open to pivots. This willingness to adapt their business model in response to market opportunities was crucial to their eventual success. For entrepreneurs, this serves as a reminder to remain flexible and alert to new opportunities, even if they diverge from the original business plan.
Strategic Mergers Can Accelerate Growth
The merger between Realhub and Campaigntrack to form Realbase was a pivotal moment in the company’s growth trajectory. This strategic move allowed the company to quickly become a dominant player in their industry. For entrepreneurs, this highlights the potential of strategic partnerships or mergers as a tool for rapid scaling, market dominance, and value creation.
Greeff’s experience during the sale process emphasises the importance of professional advisors in complex business transactions. His initial attempt to sell the business without advisors failed, leading to the engagement of specialised brokers and advisors. This underscores the value of expert guidance in navigating the intricacies of high-stakes business deals, particularly for entrepreneurs who may be facing such situations for the first time.
Post-Exit Planning is Important
Greeff’s thoughtful approach to life after the Realbase exit demonstrates the importance of post-exit planning. Rather than immediately jumping into a new venture, he took time to reflect and identify meaningful ways to apply his skills and resources. This serves as a valuable lesson for entrepreneurs to consider their personal and professional goals beyond the immediate success of their current venture. Greeff’s current focus on using his culinary and business skills to raise money for charity through his cookbook project illustrates how entrepreneurs can leverage their success for broader social impact. This approach not only contributes to worthy causes but can also provide a sense of purpose and satisfaction post-exit. It serves as an inspiration for successful entrepreneurs to consider how they can use their skills, resources, and platforms to make a positive impact beyond their business achievements.
Frank Greeff’s journey from a $38,000-a-year chef apprentice to the CEO of a company that sold for $180 million is a remarkable tale of entrepreneurship, adaptability, and strategic thinking. His current focus on combining his culinary skills with his business acumen to raise money for charity demonstrates a thoughtful approach to leveraging success for broader social impact.
Explore more entrepreneurial insights and success stories at Inspirepreneur, your go-to magazine for business innovation and leadership.
