Queue.so founder Minh-Phuc Tran discusses marketplace buyer dynamics with Acquire.com CEO Andrew Gazdecki.
Disclosure
Tran: Platform friction with Notion prompted decision to sell Queue.so
“So I used to think that, like, I will spend most of my time working on Notion-specific products because, like, I did that for almost a year, and then a lot of people know about that, but then I did launch another product, and I had a little of an issue with No…”
Insight
Tran: Serious startup buyers ask fewer questions upfront and research independently
“Only the one that, like, didn't really ask a lot are the ones that actually gonna be serious about the product. So usually they know, and they did their research”
Disclosure
Tran: Listed Queue.so at 7x to 8x ARR multiple on Acquire.com
“Like I needed to come up with the asking price, so like how much multiples of the ARR that I should ask for, and then I did a bunch of research, and then I asked a bunch of people, and then I come up with like seven or eight multiplies of the annual revenue, a…”
Disclosure
Tran finished Queue.so due diligence in two days with one call
“For me, when like, I think it was, it's done within two days. Like, yeah, like we had only one. Yeah, we had only one con. And then I did one video recording and then that's it. So like the day after we just finished everything.”
Disclosure
Tran: Queue.so acquisition payments were split into staged asset installments
“We decided to break it into two payments, two installments. So the first half, he will pay, and then after I get that first half, I will transfer the assets of the company to him, and then The last half of the installment, we will point that into three differe…”
Assertion Not checkable as stated
Tran: Building in public on Twitter drove Queue.so's first customers
“Mostly mostly by building in public on Twitter. So back then I was just like tweeting about, I'm building this tool is help you to like scheduling tweets directly in Notion. And there's like a lot of people using Notion on Twitter and are excited to try a new …”