From working remotely while traveling around the world - to acquiring a business for 43% of its asking price and 4x'ing its revenue within a year, Mike Swigunski has a lot of cool insights on deal-making, delegation, pricing strategies, and more.
In short, Mike is an inspirational example of a remote worker turned entrepreneur.
Drawing from his time working at Empire Flippers, Mike gained valuable insights into the intricacies of the acquisition process for a software business.
A key takeaway from Mike's experience is the importance of understanding seller motivations and using factual data to structure deals for effective negotiation.
The acquisition he gets into was structured to enable a quick return on investment.
Again, thanks to his experience brokering several big deals with Empire Flippers, he has a deep understanding of monetization opportunities in the online space.
Pricing psychology and benchmarking were crucial in the immediate aftermath of acquiring the business. As he outlines, he prioritized testing prices, optimizing the pricing page, optimizing customer service, and ensuring mobile-friendliness for enhanced user experience.
He also chose to add a free trial of the full suite of tools, remove a free basic plan, translate the site into multiple languages, and focus on improving its conversion rate optimization.
His success is also attributed to his focus on lean operations and strategic outsourcing for important tasks like code auditing.
And he stresses the importance of hiring the right talent, mastering delegation, honing managerial skills, and possessing marketing and sales expertise.
All of this helped the site go from $10k in monthly profit to nearly $40k per month at the time of recording—all within a period of approximately 14-15 months!
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