Hey there 👋
Happy Tuesday! (Monday doesn’t have to be the only happy day)
Last week I promised you a list of questions to ask a seller before making an offer. Here it is: 12 questions to run through on your next call 👇
Let’s get into it.
Cheers,
But first, more importantly!
WHO WILL WIN THE WORLDCUP THIS SUNDAY?
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NEWSLETTER BUYING TIP
The 12 questions to ask before you make an offer
Last week I promised a list of questions to ask a seller before you commit. Here it is.
Think of these as the shape of a conversation, not a form to email. The best answers come out on a call, in the seller’s own words.
About the audience
What’s your 90-day rolling open rate and click-through rate, not the all-time number?
Where did your last 1,000 subscribers come from? Paid ads, organic, cross-promotions?
What does your unsubscribe rate look like per issue over the last 6 months?
About the revenue
Can you walk me through the last 12 months of revenue by source?
Which sponsor slots are already booked past the closing date? Which were one-off deals?
If there are paid subscribers, how many, at what churn rate, and how portable are they?
About the operations
Honestly, how many hours a week does this take you right now?
What tools and subscriptions are required to keep it running, and what do they cost?
Do you use ghostwriters, editors, VAs, or contractors I’ll need to keep or replace?
About the handover
Would you be open to writing 2 to 4 issues in advance to smooth the transition?
Are the subscribers portable to another platform if I ever wanted to migrate?
Is there anything you can’t hand over? Personal brand tied to your name, sponsor contracts under your legal entity, tools tied to your accounts?
The seller’s willingness to answer these directly tells you as much as the answers themselves. Vague or defensive answers to basic questions are worth paying attention to.
Save this list. You’ll use it on every deal you look at.
Tell me which question you think matters most?
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ACQUISITION NEWS
BuzzFeed sold for $120 million
Late May, digital publisher BuzzFeed sold a majority stake to Byron Allen for $120 million. Founder Jonah Peretti stepped down as CEO after 20 years to lead a new “President of BuzzFeed AI” role.
The timing matters. BuzzFeed had missed a $5 million debt payment weeks earlier and was warning investors it could run out of cash before year-end. The Allen deal closed just in time.
A reminder that the best exit is the one that happens before you need it. Founders who sell from strength set the terms. Founders who sell from crisis usually don’t.
Congratulations to all parties involved!
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Until next week, keep building. 💪
ALLEZ LES BLEUS 🇫🇷
Important Disclaimer: Not financial or investing advice. This newsletter is strictly for information and education purposes. Do your own research and due diligence. Certain links in this newsletter are affiliate links. We believe transparency is part of our code of ethics, hence the sharing.