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Jun 23, 2026 · 21m · startup-acquisition-stories

50 NDAs → 3 Offers: Why This Agency Drew Buyer Interest

Newton Zhang · 14m spoken Andrew Gazdecki · 4m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of Startup Acquisition Stories, ePropel founder Newton Zhang shares how he scaled his specialized SEO agency through cold outreach and recurring retainers, ultimately navigating a successful acquisition on Acquire.com while safeguarding his team.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Andrew holds 22.3% of the talking time here. How this is scored →

Andrew as informed peer 3.5 Guest teaching 2.8 Guest disagreement 0.0 Andrew pushing back 0.0
05100:0010:0020:000:24–2:58 · Andrew as informed peer 2/10 Meet Newton Zhang: Entrepreneurial and Athletic Background The exchange is warm and welcoming. Andrew listens as Newton shares his background in badminton and founding ePropel, noting he was unaware of SEO's outsized role in regulated niches like CBD.2:58–7:21 · Andrew as informed peer 3/10 Early Client Acquisition and Cold Outreach Strategies Newton shares practical, detailed tactics on cold emailing and follow-up cadence. Andrew validates the insights with the classic sales adage that 'the money is in the follow-up.'7:22–12:32 · Andrew as informed peer 4/10 Recurring Revenue Structure and Deciding to Exit Andrew adds value by discussing founder focus and the difficulty of managing two businesses simultaneously. Newton explains his listing experience through Acquire's guided program.12:33–16:12 · Andrew as informed peer 5/10 Evaluating Offers and Selecting the Right Buyer Newton explains how he selected a buyer who would retain his existing team. Andrew contributes marketplace expertise on buyer psychology and debunking the myth that all buyers fire existing staff.16:12–19:28 · Andrew as informed peer 6/10 Key Exit Lessons: Contracts, Books, and Transferability Newton shares key seller takeaways regarding retainer contracts and clean financials. Andrew demonstrates technical expertise by explaining change of control clauses and agency valuation data.19:29–21:11 · Andrew as informed peer 1/10 Newton's Next Venture in the Creator Economy A brief, celebratory wrap-up discussing Newton's next venture in the creator economy with mutual appreciation.0:24–2:58 · Guest teaching 3/10 Meet Newton Zhang: Entrepreneurial and Athletic Background The exchange is warm and welcoming. Andrew listens as Newton shares his background in badminton and founding ePropel, noting he was unaware of SEO's outsized role in regulated niches like CBD.2:58–7:21 · Guest teaching 4/10 Early Client Acquisition and Cold Outreach Strategies Newton shares practical, detailed tactics on cold emailing and follow-up cadence. Andrew validates the insights with the classic sales adage that 'the money is in the follow-up.'7:22–12:32 · Guest teaching 3/10 Recurring Revenue Structure and Deciding to Exit Andrew adds value by discussing founder focus and the difficulty of managing two businesses simultaneously. Newton explains his listing experience through Acquire's guided program.12:33–16:12 · Guest teaching 2/10 Evaluating Offers and Selecting the Right Buyer Newton explains how he selected a buyer who would retain his existing team. Andrew contributes marketplace expertise on buyer psychology and debunking the myth that all buyers fire existing staff.16:12–19:28 · Guest teaching 4/10 Key Exit Lessons: Contracts, Books, and Transferability Newton shares key seller takeaways regarding retainer contracts and clean financials. Andrew demonstrates technical expertise by explaining change of control clauses and agency valuation data.19:29–21:11 · Guest teaching 1/10 Newton's Next Venture in the Creator Economy A brief, celebratory wrap-up discussing Newton's next venture in the creator economy with mutual appreciation.0:24–2:58 · Guest disagreement 0/10 Meet Newton Zhang: Entrepreneurial and Athletic Background The exchange is warm and welcoming. Andrew listens as Newton shares his background in badminton and founding ePropel, noting he was unaware of SEO's outsized role in regulated niches like CBD.2:58–7:21 · Guest disagreement 0/10 Early Client Acquisition and Cold Outreach Strategies Newton shares practical, detailed tactics on cold emailing and follow-up cadence. Andrew validates the insights with the classic sales adage that 'the money is in the follow-up.'7:22–12:32 · Guest disagreement 0/10 Recurring Revenue Structure and Deciding to Exit Andrew adds value by discussing founder focus and the difficulty of managing two businesses simultaneously. Newton explains his listing experience through Acquire's guided program.12:33–16:12 · Guest disagreement 0/10 Evaluating Offers and Selecting the Right Buyer Newton explains how he selected a buyer who would retain his existing team. Andrew contributes marketplace expertise on buyer psychology and debunking the myth that all buyers fire existing staff.16:12–19:28 · Guest disagreement 0/10 Key Exit Lessons: Contracts, Books, and Transferability Newton shares key seller takeaways regarding retainer contracts and clean financials. Andrew demonstrates technical expertise by explaining change of control clauses and agency valuation data.19:29–21:11 · Guest disagreement 0/10 Newton's Next Venture in the Creator Economy A brief, celebratory wrap-up discussing Newton's next venture in the creator economy with mutual appreciation.0:24–2:58 · Andrew pushing back 0/10 Meet Newton Zhang: Entrepreneurial and Athletic Background The exchange is warm and welcoming. Andrew listens as Newton shares his background in badminton and founding ePropel, noting he was unaware of SEO's outsized role in regulated niches like CBD.2:58–7:21 · Andrew pushing back 0/10 Early Client Acquisition and Cold Outreach Strategies Newton shares practical, detailed tactics on cold emailing and follow-up cadence. Andrew validates the insights with the classic sales adage that 'the money is in the follow-up.'7:22–12:32 · Andrew pushing back 0/10 Recurring Revenue Structure and Deciding to Exit Andrew adds value by discussing founder focus and the difficulty of managing two businesses simultaneously. Newton explains his listing experience through Acquire's guided program.12:33–16:12 · Andrew pushing back 0/10 Evaluating Offers and Selecting the Right Buyer Newton explains how he selected a buyer who would retain his existing team. Andrew contributes marketplace expertise on buyer psychology and debunking the myth that all buyers fire existing staff.16:12–19:28 · Andrew pushing back 0/10 Key Exit Lessons: Contracts, Books, and Transferability Newton shares key seller takeaways regarding retainer contracts and clean financials. Andrew demonstrates technical expertise by explaining change of control clauses and agency valuation data.19:29–21:11 · Andrew pushing back 0/10 Newton's Next Venture in the Creator Economy A brief, celebratory wrap-up discussing Newton's next venture in the creator economy with mutual appreciation.

speaking balance: gold is Andrew, purple is the guest (3 minute bins)

0:00 · Andrew 13.9% · guest 86.1%0:00 · Andrew 13.9% · guest 86.1%3:00 · Andrew 7.9% · guest 92.1%3:00 · Andrew 7.9% · guest 92.1%6:00 · Andrew 19.9% · guest 80.1%6:00 · Andrew 19.9% · guest 80.1%9:00 · Andrew 15.3% · guest 84.7%9:00 · Andrew 15.3% · guest 84.7%12:00 · Andrew 42.7% · guest 57.3%12:00 · Andrew 42.7% · guest 57.3%15:00 · Andrew 15.8% · guest 84.2%15:00 · Andrew 15.8% · guest 84.2%18:00 · Andrew 41.9% · guest 58.1%18:00 · Andrew 41.9% · guest 58.1%21:00 · Andrew 0% · guest 100%21:00 · Andrew 0% · guest 100%
Sharpest disagreement ▶ 6:36 Dispelling instantaneous closing myths

In a completely cordial interview, Newton lightly rejects Andrew's playful premise that cold email leads might immediately offer a credit card without trust-building.

 Hardest push from Andrew ▶ 12:33 Qualifying the house sale analogy

Andrew refines Newton's analogy about selling a business like a house, adding the caveat that you cannot sell a business if it is metaphorically on fire.

 Biggest teaching moment ▶ 2:10 Regulated industries reliant on SEO

Newton explains why CBD and cannabis brands rely exclusively on organic search due to paid ad bans on Meta and Google, which Andrew admits he did not know.

 Andrew holds their own ▶ 18:36 Change of control contract mechanics

Andrew displays strong M&A knowledge by detailing why agency contracts require change of control clauses to prevent voiding upon transfer during an acquisition.
the scores for every segment, with the reasoning behind each
ChapterTopicAndrew as informed peerGuest teachingGuest disagreementAndrew pushing backWhy
Meet Newton Zhang: Entrepreneurial and Athletic Background 2300 The exchange is warm and welcoming. Andrew listens as Newton shares his background in badminton and founding ePropel, noting he was unaware of SEO's outsized role in regulated niches like CBD.
Early Client Acquisition and Cold Outreach Strategies 3400 Newton shares practical, detailed tactics on cold emailing and follow-up cadence. Andrew validates the insights with the classic sales adage that 'the money is in the follow-up.'
Recurring Revenue Structure and Deciding to Exit 4300 Andrew adds value by discussing founder focus and the difficulty of managing two businesses simultaneously. Newton explains his listing experience through Acquire's guided program.
Evaluating Offers and Selecting the Right Buyer 5200 Newton explains how he selected a buyer who would retain his existing team. Andrew contributes marketplace expertise on buyer psychology and debunking the myth that all buyers fire existing staff.
Key Exit Lessons: Contracts, Books, and Transferability 6400 Newton shares key seller takeaways regarding retainer contracts and clean financials. Andrew demonstrates technical expertise by explaining change of control clauses and agency valuation data.
Newton's Next Venture in the Creator Economy 1100 A brief, celebratory wrap-up discussing Newton's next venture in the creator economy with mutual appreciation.

Statements from this episode (7)

Insight
Zhang: Ad Bans Make SEO Crucial for Regulated Industries
“A large portion of my work ended up being in regular industries like CBD and cannabis retailers, because they couldn't run paid ads. Like they were literally banned from running ads. And as you couldn't advertise on Google Meta, like SEO became one of the only…”
Newton Zhang Jun 23, 2026 ▶ 2:18
Insight
Zhang: Drop Calendar Links and Service Descriptions From Cold Emails
“Adding links to your calendar does not work. Saying we do SEO does not work. Like, I think people care less about what you do, but more about the outcome and what you can do for them.”
Newton Zhang Jun 23, 2026 ▶ 5:33
Assertion Not checkable as stated
Zhang: Acquire.com Newsletters Drove 15 to 20 NDAs Each
“The newsletters was actually very, very helpful because I think we did like two newsletter blasts, which actually led to most of the, like, you know, NDAs like that came in. And then, so, you know, after each newsletter blast, we would have like a, like an inf…”
Newton Zhang Jun 23, 2026 ▶ 11:53
Assertion Not checkable as stated
Gazdecki: 99% of Acquire.com buyers want to retain existing teams
“The majority of buyers that we work with, I'd say 99% of them are gonna wanna, you know, take care of your team just as you have, and if that's a concern as a seller, that's always something to bring up with the buyer and just let them know, and it's a great o…”
Andrew Gazdecki Jun 23, 2026 ▶ 14:53
Insight
Zhang: Flawed Metrics Won't Prevent a Sale to Turnaround Buyers
“You don't have to have all your ducks in a row. So even if it's like, you know, maybe even if like some numbers are like a bit down or like maybe you don't have like a, Yeah. Like you can still sell the business. Like it just, it's just a business that needs a…”
Newton Zhang Jun 23, 2026 ▶ 16:51
Insight
Zhang: Long-Term Contracts Create More Acquisition Value Than Monthly Retainers
“Buyers really like recurring revenue and stability. So I think one thing I wish I knew in hindsight, if I were to kind of do this again is like, I wish I would have signed My clients onto like longer agreements instead of just like month to month, because like…”
Newton Zhang Jun 23, 2026 ▶ 17:12
Assertion Not checkable as stated
Gazdecki: Agencies Are Acquire.com's Second-Largest Transaction Category
“A lot of people don't know, but we do help a lot of agencies sell and acquire. That's our number two category before SAS.”
Andrew Gazdecki Jun 23, 2026 ▶ 18:29
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