We sold our SaaS business!
How we did it and what we learned...
Background
- Why we bought it
- Plans for growth
Why sell?
- We were ignoring it. Wanted to sell before it declined.
- Good ideas for growth, but it wasn't worth our time and effort.
- Invest cash in bigger, better companies.
- Put a win on the board
We planned to niche it down.
Where to Sell
We listed it on Acquire.com
- Lot of tire kickers
- Credible low offers
- Not credible high offers
We had two signed LOIs fall through.
They started out good, but didn't end up having the money to close.
One's financial backer pulled out, and he tried getting a lower price.
Another realized he didn't have money to cover any extra costs.
Glad we kept exclusivity short.
So we tried Acquire.com's managed process.
They charged 4% and gave us a list price to expect.
They helped clean up our listing and did a blast to their big list of buyers.
We got a ton of interest and offers. Narrowed it down to some guys we like.
Definitely worth the 4%.
Everything is transferred, and the buyers are off.
We have more money to reinvest and more time to focus on new deals.
Don't be married to the HoldCo idea.
Selling can be nice too.