"I Built Honest Buildings, Sold It to Procore - Here's What No One Tells You About the Exit"
That's how Riggs Kubiak described the construction industry in 2011 when he started Honest Buildings as a marketplace to connect owners with contractors.It didn't work.The pivot? A project management platform that became so...
In 2011, Riggs Kubiak launched Honest Buildings to solve a glaring problem in construction: while consumers can get dozens of pizza reviews in seconds, finding a reliable contractor takes months and complex spreadsheets. Though the initial marketplace approach failed, the company pivoted to a project management platform that eventually attracted acquisition by Procore.
The Honest Buildings Journey
Riggs shares insights on the challenges of building two-sided marketplaces in construction tech, the importance of focusing on dominating a niche rather than solving every problem, and the realities of the long sales cycles unique to this industry. His experience highlights the perseverance required when early ideas don’t pan out as expected.
Life After Acquisition
Beyond the acquisition, Riggs discusses the often-overlooked phase of entrepreneurship that follows selling a company. He reflects on the complexities of integration with Procore, the negotiation process, and the personal journey of navigating post-exit roles. These founder moments rarely appear on public platforms but are essential to understanding the full entrepreneurial experience.
Additional Resources
Aphex – Multiplayer planning platform for construction teams
Archdesk – Construction Management Software for growing companies
Chapter guide
-
0:00
Intro -
01:28
Introduction and Journey to Honest Buildings -
04:49
The Evolution of Honest Buildings -
11:10
Navigating the Pivot: Lessons Learned -
13:41
Sales Cycle Challenges in Construction Tech -
13:42
Sponsors -
16:44
Sales Cycle Challenges in Construction Tech -
28:45
Reflections on Key Mistakes and Difficult Times -
30:57
Acquisition by Procore: The Journey Ahead -
34:02
Closing the Gap in Construction Management -
35:38
The Importance of Negotiation in Acquisitions -
39:34
Navigating Post-Acquisition Roles -
42:00
The Entrepreneurial Residence Experience -
46:39
Founders Forum: Building Community -
48:45
Understanding Acquisition Motivations -
53:20
Reflections on the Integration Process -
56:13
The Journey of Entrepreneurship -
1:02:33
Life After Acquisition: The Next Chapter
