Assertion Not publicly verifiable
Competitor Proof ran Facebook ads featuring FOMO's customers and product
“Some of the other things they've done are like made advertised promotional videos with our customers in it, and then put tens of thousands on Facebook ads to promoting these videos. And if you watch the video, it's talking about proof, but in the video is our …”
Assertion Not publicly verifiable
Competitor Proof copied FOMO's entire terms of service word for word
“Proof, like copy pasted our entire terms of service word for word.”
Insight
Marketing does not move the needle in enterprise software
“Marketing doesn't make a dent in, in enterprise software.”
Insight
Boutique marketing agencies ultimately do whatever clients pay them to do
“When you're an agency, you just do whatever people pay you to do. To be honest, people always say like, we're super focused on copywriting. It's like, no, you don't. You probably set up like Google analytics for people if they ask.”
Disclosure
NotifyApp was acquired via zero-interest seller financing matched to revenue
“So we did a structure like that without interest without outside financiers. The monthly payments were similar to the revenue. We were able to grow it just above board of our monthly service payments. And then we introduced a clawback provision Such that if tw…”
Insight
Solo founders need $30k MRR with employees to match $10k solo profit
“Once you're at 15 KMRR and you hire even a couple of part-time developer support, now you're down to like five KMRR take home. And so it's this hedonic treadmill of like, you need to get to 25 or 30 KMRR with employees to make the same amount of money as 10 KM…”
Opinion
FOMO.com's domain and IP add at least $1M to an exit valuation
“I think the FOMO.com domain has a lot more value than the 105 K we paid for it. So I think the right buyer kind of would be willing to itemize to some degree. Here's the EBITDA. Here's the multiple on that. Here's your 50 trademarks and copyrights, and here's …”
Disclosure
FOMO's product rebuild was financed with an $80k zero-APR credit card
“We just got a Chase credit card, 12 months, zero percent APR interest, and I think we put, like, 70 or 80 G's On that card. And then like month 10 of the of the accrual, we paid that off in full. So again, paid no interest and essentially did like a 80,000 dol…”
Assertion Not checkable as stated
NotifyApp was generating $15,000 in monthly revenue at acquisition
“No, it was actually around 15 K.”
Disclosure
Fork Equity scales $10k MRR acquisitions using a shared services team
“With us, because we can get some economies of scale, having a shared team, a centralized team of developers, marketers, and so on, it's like not a big deal to tag on a business at 10 KMRR. We can inject three K worth of development and support and design and e…”
Disclosure
FOMO has over 5,000 customers including lifetime accounts
“5055 hundred. Yeah, there's a few hundred that are on a lifetime deal, so I don't know if you want to count those.”
Assertion Not checkable as stated
FOMO peaked at $154k monthly revenue and generates just under $100k MRR
“It's just below a hundred. Our best month we did one 54. That was with the lifetime deal. Our best recurring only revenue month was like one 11.”
Assertion Not checkable as stated
FOMO revenue stayed flat while cutting team from 12 full-time staff
“Yes, so the revenue at FOMO is, has been flat for a while, but our team was 12 people full-time at this time last year.”
Assertion Not checkable as stated
Fork Equity generates roughly $1.6M per year in portfolio top-line revenue
“That's right. Around one point, yeah, around 1.6 a year.”
Assertion Not checkable as stated
Fork Equity's course generates $7k to $8k monthly with near-zero effort
“Now this course has become its own portfolio project that makes seven, eight K a month. And we don't do anything, you know, like someone says, can you give me the spreadsheet template? That's our support. There's no bugs. There's no sales.”
Assertion Not checkable as stated
FOMO.com was acquired for $105,000 using 10% debt from private connections
“We actually used debt to buy the FOMO.com domain. So we had the cash in the bank at the time, but I wanted to hire some new employees. I hired a marketer, hired a sales, this debt person, and I didn't want to blow it all on this.com. That was definitely just f…”
