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This week we launched on Product Hunt and finished the day in 3rd place. That's an awesome result. I am thrilled 😄
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It really means a lot to me and drives Microns to the moon 🚀
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(Estimated read time: 4 minutes)
Let me explain the prep phase for buyer and startup founder.
It would be great if the buyer asks due diligence questions before the call with the startup founder.
Therefore if the founder gets more requests from potential buyers, he should prepare Google Docs with all questions answered.
So he can send a link to the doc and don't spend much time on frequently asked questions.
Answering only specific questions from the buyer. It will be easier for both sides.
The first rule here, always to be kind and appreciate each other.
Connection and relationships matter more than other stuff. Remember this.
You can use Google Meet, Zoom, or another video tool that has a screen sharing feature.
On the call, the founder should make a short demo, 3-5 minutes, for a buyer.
Show only important things on the demo, no fluffy stuff.
The founder should show analytics metrics, revenue, and ownership approval via screen sharing.
Don't share passwords or private tokens for security reasons — only public data.
The buyer may ask additional questions, try to answer them fully to give a full understanding.
When all questions are answered, you can make a deal in the call.
Negotiate the asking price, transfer process, and support period. I will make a detailed section about these in the next issue.
Anyway, don't be upset if the buyer asks for time to think about the deal.
Be friendly and nice.
I got a question from one of my followers: "Do I need a broker to acquire a micro startup?"
To be short, it depends.
If you trust each other, you can make a bank transfer and schedule another call to transfer all assets(domain, codebase, passwords). Simple as it.
If you don't know each other, it is better to use the ESCROW service. It protects both buyer and founder.
🔥 Asking Price: $1,500
🔥 Asking Price: $15,000
🔥 Asking Price: $20,000
How to build any product? 👷🏻♂️
1. Set up a free landing page with a waitlist.
2. Share it with your target audience.
3. Speak to potential customers.
4. Pivot or cancel your idea.
5. Build the product.
Always validate first.
— Dennis ◆ zoma.eth (🧺,🧺) (@dennis_zoma)
Sep 1, 2021
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