The Exchanges

Q Nice. So that's a good amount. So what made you want to sell the business?

A Um, uh, honestly, like, we have this different business. It's like, it's called Opera Route Planner, and, uh, it's like my family is into SaaS space , so my dad started this software, but, um, I think it's in logistics space, and I just see, like, um, I'm more excited to, like, do something in logistics space, and that is why I wanted to move away from it. Nothing more to it, and it's just that, um, also Invoice South, it's, uh, The, as you said, the competition is like extreme, so it's really hard to differentiate yourself when you're competing on one side, again, software like QuickBooks because they have been using module, and on one side you are competing against also GetJobber and Service Titan on, like, uh, when you have all this kind of, like, the landscape is very diverse, and that is why I wanted to do something logistics-based, and it's similar kind of audiences, like, uh, which invoice I was targeting.

AI assessment note: “I'm more excited to, like, do something in logistics space, and that is why”

Q That is awesome. And then how did you prepare for the acquisition? I'm sure Emily gave you some tips or some best practices. Um, did you put together any certain materials for buyers look through or anything like that?

A Oh yeah. So basically the first thing we did was started to like, got a, got like the first call we had with the buyers that was just the intro call religions, et cetera. But apart from it, we just asked for their expectations on like, what do they want, uh, Apart from the like code and everything, what do they want from support, which will make the transition easy? And I think, um, Emily also supplied me with some other things like, uh, checklist or anything. So that was also handy. And then we just prepared this Excel or Google sheet, which had like every single thing that we wanted to give them. Then also the documentation because our documentation wasn't that great, but, um, we listed down everything that we knew in documentation we needed to transfer. And then it was just like, uh, checklist, do this, do this, do this, and, um, we had the date, like, um, when, when we, when did we, um, completed or when did we transfer, uh, transfer that, um, asset. So once both, like, both parties agreed that, for example, custom or retired subscription, so we needed to transfer that. So once both parties, okay, I have transferred it, and other guys, like, okay, I received it. Then we just marked it on the sheet that, hey, this is done. Nice.

AI assessment note: “we just prepared this Excel or Google sheet, which had like every single thing”

Q know, give three piece of advice to another startup founder looking to, you know, reach the same level of success as you, um, what would it be? Or no, let me rephrase that. Sorry. Um, specifically in terms of, um, selling your business, you know, three tips. Now that you've been through an acquisition process, um, what are three tips you would give another founder looking to sell their business?

A That's a tough one. Um, I think first would be the key. No brainer. I have like proper documentation. From, like, even if you're not planning to sell, just have, like, a documentation, which is just, like, in smallest things, like, how you set up a mix panel, how you set up, like, your database, and et cetera, and, uh, not just the bigger pieces, because people usually have, you know, documentation for the bigger pieces, but the questions that comes are usually in the smaller ones, so I think the documentation is the key, and that's the first step. And, uh, having videos like with documentation, like you explaining product, you explaining the database architecture, everything that is a advantage for, uh, not only that like party was trying to buy, but also like if you're a new team members or anything, it's easier for them to understand like, uh, all, all this architecture. Um, second tip is, yeah, patience would be lucky. Because, uh, as I said, the long weekend, weekend disturbed everything, and I think patience and the trust goes ending then, that, um, it's not in other parties fault, and usually in this thing, like, something gets delayed, it's natural for humans to just question, like, hey, you know what, is this guy going to do something wrong, or is this guy going to do it, like, take my things away. I think patience and trust would be the key, uh, during this, like, uh,…

AI assessment note: “I think first would be the key. No brainer. I have like proper documentation.”

Q massive respect for anyone that starts this early. Um, but so essentially, this really sounds like a commoditized product, meaning, you know, you're not really trying to innovate too much, but the innovation is happening on the go-to-market or the distribution side, so it really sounds like an SEO play with a product attached to it. Is that kind of accurate? Like, that's kind of the strategy that you implemented?

A Yeah, basically to get started, that was the only strategy, like, how can we run this game through SEO? But then after one point, because I know, like, I'm a big fan of, like, reading books, so I know, like, people, when they say in the books that, you know what, major businesses fail when it comes to, like, marketing and sales. So, uh, I think that's my approach with any business, if I go, if I'm going to start, is how to build an inbound engine, and then you can think of something creative, like, I think innovation just doesn't come from, like, Doing something, disrupting the industry, but like doing something better in the industry by finding the gaps that can also be done. But I think that I can do it once I have the revenue stream and the inbound channel coming in.

AI assessment note: “Yeah, basically to get started, that was the only strategy”

Q startup founders, um, really don't understand how much it impacts your valuation, the amount of buyers interested. So, um, you, you did a great job on that. Um, how did you decide to go with the, the buyer that, um, ended up acquiring this? What stood out about him? Was there anything, was it just the highest bid? Was it, you guys got along? What about him, um, stood out?

A Um, so basically, as like, speaking honestly, this is multiple, like, um, like, interested parties on the foreign voice out. I think, um, we are doing, and during the same week, we are doing calls with the multiple buyers, and this one buyer, they had the experience in the space, and they were like, um, because we are another different buyers who are not technical themselves, so they wanted support from our end and everything, Uh, to help them set up. But, uh, these guys were like, um, killing it in the space. They have killed it in the space, and, um, they just wanted to get started with it. So, and it was like, they wanted to keep it smooth, and that's, that's what I wanted, like, ASAP and smooth. So yeah, that's why I chose them and offer was, uh, I think we are like similar offers in the same lines. So I don't think that was the part of it was just like how, uh, what would move the most like smooth and like fastest for us.

AI assessment note: “they had the experience in the space and they were like”

Q Smart. I love it. Well, let's, let's rewind the tape a little bit. So how did you, how did you find acquire.com and what was your expectations, um, going into all this? Did you actually think you could, you could sell this for the amount you did on the marketplace?

A Um, no, I don't think, uh, like my, I don't think it would have been, uh, so far I'm saying, sorry, answering the first question, how did I find acquire.com? I think big fan of you on Twitter. I follow your tweets and, uh, everything. Like, otherwise, I also, like, a bit interactive there, so I knew you. But other than that, uh, I think, yeah, acquire.com, uh, I just knew about it, that, uh, there's this thing which exists, which makes it easy. And, yeah, I just signed up for it, and you guys are a great team who can help with onboarding and everything. Like, I had, like, thousands of questions, but I think, um, the person who I was in contact with, Uh, she was able to help me, like, transition.

AI assessment note: “how did I find acquire.com? I think big fan of you on Twitter.”