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Aug 7, 2024 · 29m · startup-acquisition-stories

Startup Acquisition Stories Podcast With Jovan Meljevic, Founder of BountyHunter

Jovan Miljevic · 22m 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, host Andrew Gazdecki interviews Jovan Miljevic, founder of Bounty Hunter Agency, about successfully executing a six-figure strategic merger via Acquire.com. Jovan shares actionable insights on listing preparation, cultural buyer vetting, radical transparency, and post-merger operational scaling for service-based founders.

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 14.9% of the talking time here. How this is scored →

Andrew as informed peer 3.4 Guest teaching 1.1 Guest disagreement 0.0 Andrew pushing back 0.0
05100:0010:0020:001:03–4:45 · Andrew as informed peer 2/10 Jovan's Entrepreneurial Background and Founding Bounty Hunter Gazdecki opens with a standard conversational prompt asking Jovan to outline his entrepreneurial background and the founding of Bounty Hunter. Jovan provides a thorough narrative about his transition from travel agencies to a bespoke B2B SaaS marketing agency without any friction.4:46–8:09 · Andrew as informed peer 3/10 Motivations for Pursuing a Strategic Acquisition Gazdecki relates to Jovan's marketing background and inquires about the motivation behind seeking an acquisition. Jovan articulates the operational bottlenecks of running a bespoke agency and his desire for a strategic merger.8:10–10:40 · Andrew as informed peer 3/10 Listing on Acquire.com and Influx of Inquiries Gazdecki asks about the listing experience on Acquire.com, noting how common strategic sales are. Jovan shares how pleasantly surprised he was by the high volume and quality of buyer interest for a service business.10:40–16:01 · Andrew as informed peer 3/10 Leveraging Acquire.com Resources and Deal Preparation Gazdecki asks about deal preparation and platform support. Jovan explains how he used educational resources to learn M&A terminology and prioritized cultural alignment over standard multi-bidder bidding wars.16:01–18:18 · Andrew as informed peer 2/10 Navigating Due Diligence and Buyer Quality Gazdecki asks how the due diligence process unfolded. Jovan describes navigating diligence with an experienced buyer who was concurrently acquiring another agency.18:18–21:57 · Andrew as informed peer 6/10 Structuring the Transition and Finalizing the Six-Figure Deal Gazdecki actively demonstrates domain expertise regarding deal structures, explaining that multi-year founder retention is standard practice to de-risk acquisitions after Jovan details his negotiated transition.21:58–27:14 · Andrew as informed peer 5/10 Founder Transparency and Fostering Win-Win Negotiations Jovan and Gazdecki exchange advice on founder clarity and transparency during sales. Gazdecki builds upon Jovan's points by emphasizing that founders should dictate terms rather than let buyers control negotiations.1:03–4:45 · Guest teaching 1/10 Jovan's Entrepreneurial Background and Founding Bounty Hunter Gazdecki opens with a standard conversational prompt asking Jovan to outline his entrepreneurial background and the founding of Bounty Hunter. Jovan provides a thorough narrative about his transition from travel agencies to a bespoke B2B SaaS marketing agency without any friction.4:46–8:09 · Guest teaching 1/10 Motivations for Pursuing a Strategic Acquisition Gazdecki relates to Jovan's marketing background and inquires about the motivation behind seeking an acquisition. Jovan articulates the operational bottlenecks of running a bespoke agency and his desire for a strategic merger.8:10–10:40 · Guest teaching 1/10 Listing on Acquire.com and Influx of Inquiries Gazdecki asks about the listing experience on Acquire.com, noting how common strategic sales are. Jovan shares how pleasantly surprised he was by the high volume and quality of buyer interest for a service business.10:40–16:01 · Guest teaching 2/10 Leveraging Acquire.com Resources and Deal Preparation Gazdecki asks about deal preparation and platform support. Jovan explains how he used educational resources to learn M&A terminology and prioritized cultural alignment over standard multi-bidder bidding wars.16:01–18:18 · Guest teaching 1/10 Navigating Due Diligence and Buyer Quality Gazdecki asks how the due diligence process unfolded. Jovan describes navigating diligence with an experienced buyer who was concurrently acquiring another agency.18:18–21:57 · Guest teaching 1/10 Structuring the Transition and Finalizing the Six-Figure Deal Gazdecki actively demonstrates domain expertise regarding deal structures, explaining that multi-year founder retention is standard practice to de-risk acquisitions after Jovan details his negotiated transition.21:58–27:14 · Guest teaching 1/10 Founder Transparency and Fostering Win-Win Negotiations Jovan and Gazdecki exchange advice on founder clarity and transparency during sales. Gazdecki builds upon Jovan's points by emphasizing that founders should dictate terms rather than let buyers control negotiations.1:03–4:45 · Guest disagreement 0/10 Jovan's Entrepreneurial Background and Founding Bounty Hunter Gazdecki opens with a standard conversational prompt asking Jovan to outline his entrepreneurial background and the founding of Bounty Hunter. Jovan provides a thorough narrative about his transition from travel agencies to a bespoke B2B SaaS marketing agency without any friction.4:46–8:09 · Guest disagreement 0/10 Motivations for Pursuing a Strategic Acquisition Gazdecki relates to Jovan's marketing background and inquires about the motivation behind seeking an acquisition. Jovan articulates the operational bottlenecks of running a bespoke agency and his desire for a strategic merger.8:10–10:40 · Guest disagreement 0/10 Listing on Acquire.com and Influx of Inquiries Gazdecki asks about the listing experience on Acquire.com, noting how common strategic sales are. Jovan shares how pleasantly surprised he was by the high volume and quality of buyer interest for a service business.10:40–16:01 · Guest disagreement 0/10 Leveraging Acquire.com Resources and Deal Preparation Gazdecki asks about deal preparation and platform support. Jovan explains how he used educational resources to learn M&A terminology and prioritized cultural alignment over standard multi-bidder bidding wars.16:01–18:18 · Guest disagreement 0/10 Navigating Due Diligence and Buyer Quality Gazdecki asks how the due diligence process unfolded. Jovan describes navigating diligence with an experienced buyer who was concurrently acquiring another agency.18:18–21:57 · Guest disagreement 0/10 Structuring the Transition and Finalizing the Six-Figure Deal Gazdecki actively demonstrates domain expertise regarding deal structures, explaining that multi-year founder retention is standard practice to de-risk acquisitions after Jovan details his negotiated transition.21:58–27:14 · Guest disagreement 0/10 Founder Transparency and Fostering Win-Win Negotiations Jovan and Gazdecki exchange advice on founder clarity and transparency during sales. Gazdecki builds upon Jovan's points by emphasizing that founders should dictate terms rather than let buyers control negotiations.1:03–4:45 · Andrew pushing back 0/10 Jovan's Entrepreneurial Background and Founding Bounty Hunter Gazdecki opens with a standard conversational prompt asking Jovan to outline his entrepreneurial background and the founding of Bounty Hunter. Jovan provides a thorough narrative about his transition from travel agencies to a bespoke B2B SaaS marketing agency without any friction.4:46–8:09 · Andrew pushing back 0/10 Motivations for Pursuing a Strategic Acquisition Gazdecki relates to Jovan's marketing background and inquires about the motivation behind seeking an acquisition. Jovan articulates the operational bottlenecks of running a bespoke agency and his desire for a strategic merger.8:10–10:40 · Andrew pushing back 0/10 Listing on Acquire.com and Influx of Inquiries Gazdecki asks about the listing experience on Acquire.com, noting how common strategic sales are. Jovan shares how pleasantly surprised he was by the high volume and quality of buyer interest for a service business.10:40–16:01 · Andrew pushing back 0/10 Leveraging Acquire.com Resources and Deal Preparation Gazdecki asks about deal preparation and platform support. Jovan explains how he used educational resources to learn M&A terminology and prioritized cultural alignment over standard multi-bidder bidding wars.16:01–18:18 · Andrew pushing back 0/10 Navigating Due Diligence and Buyer Quality Gazdecki asks how the due diligence process unfolded. Jovan describes navigating diligence with an experienced buyer who was concurrently acquiring another agency.18:18–21:57 · Andrew pushing back 0/10 Structuring the Transition and Finalizing the Six-Figure Deal Gazdecki actively demonstrates domain expertise regarding deal structures, explaining that multi-year founder retention is standard practice to de-risk acquisitions after Jovan details his negotiated transition.21:58–27:14 · Andrew pushing back 0/10 Founder Transparency and Fostering Win-Win Negotiations Jovan and Gazdecki exchange advice on founder clarity and transparency during sales. Gazdecki builds upon Jovan's points by emphasizing that founders should dictate terms rather than let buyers control negotiations.

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

0:00 · Andrew 11.2% · guest 88.8%0:00 · Andrew 11.2% · guest 88.8%3:00 · Andrew 10.6% · guest 89.4%3:00 · Andrew 10.6% · guest 89.4%6:00 · Andrew 14.7% · guest 85.3%6:00 · Andrew 14.7% · guest 85.3%9:00 · Andrew 9.6% · guest 90.4%9:00 · Andrew 9.6% · guest 90.4%12:00 · Andrew 12.5% · guest 87.5%12:00 · Andrew 12.5% · guest 87.5%15:00 · Andrew 13.1% · guest 86.9%15:00 · Andrew 13.1% · guest 86.9%18:00 · Andrew 7.8% · guest 92.2%18:00 · Andrew 7.8% · guest 92.2%21:00 · Andrew 33.4% · guest 66.6%21:00 · Andrew 33.4% · guest 66.6%24:00 · Andrew 17% · guest 83%24:00 · Andrew 17% · guest 83%27:00 · Andrew 20.3% · guest 79.7%27:00 · Andrew 20.3% · guest 79.7%
Sharpest disagreement ▶ 12:58 Rejecting conventional aggressive negotiation tactics

In an entirely amicable conversation, Jovan mildly pushes back against standard advice to pit multiple buyers against each other, arguing that finding cultural fit was far more effective.

 Hardest push from Andrew ▶ 10:30 Clarifying marketplace buyer appetite for agencies

Gazdecki gently recontextualizes Jovan's surprise at buyer volume by clarifying that Acquire.com maintains a substantial buyer network specifically hunting for service agencies.

 Biggest teaching moment ▶ 7:00 Explaining the operational limits of boutique agency scaling

Jovan educates the audience and host on why highly customized agency services inevitably hit a growth ceiling without large operational backing.

 Andrew holds their own ▶ 21:09 Gazdecki shares M&A industry norms on transition periods

Gazdecki showcases his deep M&A experience by analyzing why buyer-seller transition periods fundamentally de-risk acquisitions and facilitate better valuations.
the scores for every segment, with the reasoning behind each
ChapterTopicAndrew as informed peerGuest teachingGuest disagreementAndrew pushing backWhy
Jovan's Entrepreneurial Background and Founding Bounty Hunter 2100 Gazdecki opens with a standard conversational prompt asking Jovan to outline his entrepreneurial background and the founding of Bounty Hunter. Jovan provides a thorough narrative about his transition from travel agencies to a bespoke B2B SaaS marketing agency without any friction.
Motivations for Pursuing a Strategic Acquisition 3100 Gazdecki relates to Jovan's marketing background and inquires about the motivation behind seeking an acquisition. Jovan articulates the operational bottlenecks of running a bespoke agency and his desire for a strategic merger.
Listing on Acquire.com and Influx of Inquiries 3100 Gazdecki asks about the listing experience on Acquire.com, noting how common strategic sales are. Jovan shares how pleasantly surprised he was by the high volume and quality of buyer interest for a service business.
Leveraging Acquire.com Resources and Deal Preparation 3200 Gazdecki asks about deal preparation and platform support. Jovan explains how he used educational resources to learn M&A terminology and prioritized cultural alignment over standard multi-bidder bidding wars.
Navigating Due Diligence and Buyer Quality 2100 Gazdecki asks how the due diligence process unfolded. Jovan describes navigating diligence with an experienced buyer who was concurrently acquiring another agency.
Structuring the Transition and Finalizing the Six-Figure Deal 6100 Gazdecki actively demonstrates domain expertise regarding deal structures, explaining that multi-year founder retention is standard practice to de-risk acquisitions after Jovan details his negotiated transition.
Founder Transparency and Fostering Win-Win Negotiations 5100 Jovan and Gazdecki exchange advice on founder clarity and transparency during sales. Gazdecki builds upon Jovan's points by emphasizing that founders should dictate terms rather than let buyers control negotiations.

Statements from this episode (8)

Opinion
Miljevic: B2B SaaS Faces Severe Shortage of Growth and Analytics Talent
“Every B to B SaaS is like growing rapidly, and there is a very shortage of people with the true experience in terms of the customer acquisition, customer retention, digital analytics, et cetera.”
Jovan Miljevic Aug 7, 2024 ▶ 2:55
Disclosure
Miljevic: Bounty Hunter Sale Structured As Strategic Merger, Not Full Exit
“This, was not the typical acquisition and typical exit. Which means I stay within the company who acquired my company. So I, my intention there was like to grow this book of business more.”
Jovan Miljevic Aug 7, 2024 ▶ 5:06
Insight
Miljevic: Bespoke Agency Services Force Trade-Off Between Pricing And Scalability
“We really tailored our services, our approach and everything for a client, which is Not the most scalable way to grow your agency, because the more time you invest, you have a less time to allocate for other clients, et cetera. So either you should increase th…”
Jovan Miljevic Aug 7, 2024 ▶ 7:06
Disclosure
Miljevic: Agency Received Four To Five Serious Buyer Calls In Initial Weeks
“I think I've been with, I don't know, on maybe four to five serious calls with the prospective buyers.”
Jovan Miljevic Aug 7, 2024 ▶ 9:22
Assertion Not checkable as stated
Miljevic: Bounty Hunter Met Its Acquirer Within A Month Of Listing
“I listed on acquire maybe in November. And I had the first meeting with the buyer of bounty hunter in early December.”
Jovan Miljevic Aug 7, 2024 ▶ 14:09
Disclosure
Miljevic: Guaranteed Eight-Month Transition Period In Agency's Acquisition Listing
“I, strictly like outlined in my listing in, in description that I'm willing to stay within the business at least eight months at least to build this business, like to continue and to transfer the knowledge, the expertise, the processes, et cetera.”
Jovan Miljevic Aug 7, 2024 ▶ 18:40
Insight
Gazdecki: Founder Transition Commitments De-Risk Deals And Support Better Pricing
“So good job negotiating that too, because it can help you find the right type of buyer or align what you're looking to accomplish during the acquisition with the buyer. So it also de-risk acquisition as well. So buyer is more confident, maybe agreeing to your …”
Andrew Gazdecki Aug 7, 2024 ▶ 21:33
Opinion
Miljevic: Product Businesses Are More Attractive Than Service Businesses
“Product businesses are more are like more, let's say, attractive rather than the service businesses.”
Jovan Miljevic Aug 7, 2024 ▶ 24:28
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