It’s always surprising how similar the M&A process can seem to dating.
In dating, frequently the person you end up in a relationship with isn’t always who you’ll expect. You might have had an on-and-off slow burn with a crush for months only to suddenly be swept off your feet by a newcomer you’d scarcely noticed.
Cory Lynch, founder of Solodrop, had a similar experience while vetting buyers on Acquire.com before making a big exit. He had multiple buyers who he thought he’d assuredly secure an LOI through, but, in the end, he went with one he’d ignored for a week.
Solodrop was a Shopify theme with all of the features a dropshipper could ever want. Cory created the business after working as a dropshipper and helping other dropshippers build their online stores. He’d frequently see clients using the same tools cobbled together at high costs by in-house coding teams.
He made a perfect theme implementing all of these commonly used tools. Though he was a developer who’d rarely tried marketing, he started posting usage videos on Tiktok. Within a month he had a couple of videos rack up two million views, rocketing his business to $10,000 in revenue on a one-time payment model.
Not content to spend all his time making content to market his product, Cory decided to opt for a fast sale on Acquire.com. He wanted to secure additional funds and continue on as an entrepreneur in a business more his speed.
After fixing up his finances, he met his fateful buyer and made his dream exit. Post acquisition, tune in to his call with Andrew Gazdecki to hear them discuss:
- How to know if a buyer is right for you
- The importance of recurring revenue
- Why to choose a Shopify app as your first SaaS
Cory is just getting started and you can follow him on his next journey here: