A way to conquer foreign markets

ANDREA GALASSI, ALUMNUS AND COFOUNDER OF THE STARTUP WASH OUT, EXPLAINS THE DECISION TO JOIN THE TELEPASS GROUP

Exit from a startup is not planned. It cannot be part of the growth strategy, because this would mean anticipating the timing, compromising freedom of action and flexibility, fundamental aspects for the success of a company. First of all, you need to consolidate the project, make it interesting in the eyes of the early investors: "if you start out immediately thinking about who you’ll sell to, you limit the field of action and create distractions," says Andrea Galassi, Bocconi alum and co-founder of Wash Out. The company is specialized in washing and home sanitation of cars and motorcycles, both for individuals and for companies, and today is 70% owned by the Telepass group. To confirm, the same relationship with Telepass began in the form of an industrial partnership in the business-to-consumer world (with Wash Out as a white label partner on the Telepass Pay app). This relationship only later evolved with the purchase by Telepass of the current majority stake in the company.

"The exit with Telepass is not something we had planned or predicted, it was instead the result of a long journey during which we understood that our services would integrate well into their platform. We thought that this operation would allow us to accelerate, also accessing foreign markets and that, by doing so, we would have made the future of Wash Out safer," explains Galassi. He adds that the purchase agreement with Telepass also provided for an initial capitalization to finance the activities of a three-year plan, during which the company is strengthening both in terms of organizational structure and technological infrastructure, while opening the business to new channels and markets. Born as a startup in 2016, today Wash Out is present in six Italian cities and in Paris. In 2018 it won the first edition of the B Heroes acceleration program and since 2020 it is part of the Telepass group, which is developing a platform of services that is diversified but always related to mobility.

"When the business project becomes relevant, monetizing or, if we want," making the exit "is not a problem, especially in this period where there is much more capital available than valid companies to invest in. Among other things, the "take the money and run" is a false myth. Almost always, in fact, the buyer asks the operations team to stay for a few years with a lock-up formula. And in any case," continues Galassi, “if the founders are cohesive around their project, it is natural to think of accompanying and supporting it during the transition." In short, Galassi's advice is to take the time necessary to develop your project, make it relevant and then start hypothesizing a possible exit plan but, once again, without rushing, giving yourself the time to be sure that the chosen transaction makes the interests of all parties coincide. With this in mind, concludes Galassi, "extending the time window for the exit transition may be a good choice."
 
Biography
Andrea Galassi received a Bachelor degree in business administration and management in 2009. In 2011, he earned a Master in Management cum laude. “The first day of university I expected to start a path that would accompany me in the world of work, giving me the necessary skills," underlines Galassi. "In my five years at Bocconi, I found this expectation absolutely satisfied, so much so that, in thinking about where to create Wash Out, I immediately knocked on the door of the University’s accelerator. I remember with great pleasure how Wash Out took its first steps in the same building where, until a few years earlier, I was with my classmates preparing for exams."

by Camillo Papini