Derek Homann, co-founder of Median and Workshop, explains his decision criteria when selecting an acquirer for Median on MicroAcquire.
0:00 / 0:12exact quote · 12.1s
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“We optimize actually not for top price. We optimize for you know, getting the business transition out quickly. We had already started workshop, our new company and we had some commitments there and that sort of thing.”
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More from Derek Homann
Disclosure
Homann: Sold Median on MicroAcquire for just under $300,000
“Yeah, a little more than that. Just under a 300 day.”
Derek HomannNov 16, 2021▶ 0:42Startup Acquisition Stories with Derek Homann Co-founder of Workshop
Disclosure
Homann: Median structured perpetual licensing deals to secure large checks
“We ended up doing this kind of non-exclusive perpetual licensing deal with them rather than doing a monthly subscription. And because we're a bootstrap company, we had the freedom to just take one really big check. And then basically hand over a copy of our co…”
Derek HomannNov 16, 2021▶ 3:40Startup Acquisition Stories with Derek Homann Co-founder of Workshop
Disclosure
Homann: Median's acquisition and perpetual licensing deals totaled nearly $2 million
“With the sale of median both with that and then the licensing deals that we did kind of all combined that ended up being close to two million bucks. The perpetual licensing deals were actually bigger than the acquisition price”
Derek HomannNov 16, 2021▶ 15:53Startup Acquisition Stories with Derek Homann Co-founder of Workshop
AssertionNot checkable as stated
Homann: Median secured an LOI within ten days of listing
“So I ran a pretty tight process there, and within a week and a half, we had an LOI in hand”
Derek HomannNov 16, 2021▶ 7:47Startup Acquisition Stories with Derek Homann Co-founder of Workshop
Disclosure
Homann: Prior licensing deals inadvertently prepared the acquisition data room
“Those two perpetual licensing deals that we did before required us to do just a crap ton of due diligence. So we had this data room of all of our financials, all of our contracts and all that stuff, luckily already ready.”
Derek HomannNov 16, 2021▶ 10:44Startup Acquisition Stories with Derek Homann Co-founder of Workshop
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