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Today I said no to a $500,000+ offer for my bootstrapped SaaS. Here's why: Was talking to a buyer, and had a Letter of Interest on the table. In the spirit of build-in-public I want to share my reasoning after days of soul-searching:Permalink On twitter.com
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1. I don't have pressure to sell. As bootstrapper I have no investors, don't need an exit, have been paying myself from profit and have no money problems.Permalink On twitter.com
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2. I don't want to run Stagetimer forever, but I have another 1-2 years in me. I want to learn the skills that only a $10k+ MRR B2B business can teach me.Permalink On twitter.com
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3. I still have plans for Stagetimer (product, marketing, pricing) that I still want to try. I think they can move the needle for growth and revenue.On twitter.com
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4. The opportunity cost of continuing Stagetimer is negative. I have a long list of other ideas, but none that I'm sure will outperform Stagetimer dollar-for-dollar right now.Permalink On twitter.com
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5. Simple math shows that continuing to run and grow Stagetimer for a few more years, even on a small time budget, is worth more to me than the offer.Permalink On twitter.com
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6. The conversations showed me what metrics sellers focus on. Now I know how to make Stagetimer more valuable and attractive than it currently is. Anyway, my goal is to sell for at least $1M! After taxes! So now back to shipping!Permalink On twitter.com