Startup Acquisition Stories with Josh Kim, Founder of The Cubby
Aug 15, 2023
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In this podcast, Andrew Gostekki interviews Josh Kim, founder of The Cubby, as they discuss Josh's acquisition journey and his early experiences as an entrepreneur. They also delve into the development of The Cubby, finding the right buyer, and the accessibility of connecting with Josh Kim online.
Acquire.com provides a platform that facilitates and organizes the startup acquisition process, attracting a high volume of interested buyers.
The pivot from a general marketplace to a specialized platform for college student artists helped solve a problem and opened up opportunities for them.
When selling a startup, it is important to have clear expectations, be patient in finding the right buyer, and build strong relationships with potential acquirers for smoother negotiations.
Deep dives
Patiently navigating acquisition interest
Josh, the founder of the cubby, shares his experience of receiving acquisition interest from various buyers. He discusses the frustration of one-off conversations and the need for organization and facilitation in the process.
Discovering Acquire for streamlined acquisition
Josh finds out about Acquire and decides to give it a try. He is impressed with the platform's design, user journey, and intuitive flow. After listing his company on Acquire, he receives a high volume of interested buyers, leading to a more exciting acquisition journey.
Bumps and lessons learned in the acquisition process
Josh emphasizes the importance of patience in finding the right buyer. He shares the experience of previous frustrating conversations and the need for thorough due diligence. He also learns the value of pre-LOI discussions and continuing to sell the business even after signing the LOI.
Pivoting to an Art Marketplace
The podcast episode discusses the journey of a startup called The Cubby, which initially started as a platform for college students to buy and sell various items. However, due to the limitations of the academic calendar and lack of sustainable growth, the founder decided to pivot the business. The pivot involved focusing on creating an exclusive marketplace for college student artists to sell their artwork. The new direction was successful, generating significant interest and partnerships with various colleges and art institutions. This pivot helped solve the problem of college student artists lacking a platform to showcase and sell their work, and it opened up opportunities for them to transition into full-time creatives.
Important Advice for Selling a Startup
In the latter part of the podcast, the founder shares three important pieces of advice for those looking to sell a startup. The first advice is to know what you want in terms of non-negotiables, nice-to-haves, and potential bonuses. Clear communication about expectations can streamline the acquisition process. The second advice is to be patient and approach the process as a long game, recognizing that it may take time to find the right buyer. Lastly, building a friendly and strong relationship with potential acquirers can create trust and goodwill, leading to a smoother negotiation and transition process. The founder also hints at his future ventures, including exploring the world of podcasting and investing.
Acquire.com is the largest and most active acquisition marketplace for buying and selling online businesses. Acquire.com is the highest rated platform for both ease and quickness to match buyers and sellers.
We cater to all types of online, revenue-generating businesses while producing the highest success rates for SaaS and eCommerce/DTC businesses in the M&A industry. Join over 200,000 entrepreneurs making life-changing connections and deals everyday.
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