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Ihor Stefurak, co-founder of Mentalwalk, shares his experience in building and selling businesses. He discusses his favorite project, a Chrome extension called "Type/AI," which he sold in just three weeks, and highlights the importance of preparation and effective communication in the acquisition process. Stefurak emphasizes the need for qualified buyers and the value of finding a buyer with industry experience. He discusses the due diligence process and the benefits of using an escrow service for protection during acquisitions. Overall, Stefurak's experience was positive with no major surprises or issues.
In this section, Igor Stefurak, co-founder of Mentalwalk, discusses his background and experience in building and selling businesses. He talks about launching his first project in 2015, a job board for startups in Ukraine, which he later sold in 2019. Since 2017, he has been working on his own projects, launching over 40 experiments and selling 10 of them. He highlights his favorite business, a Chrome extension called "Type/AI," which he built and sold in just three weeks. The extension allowed users to generate content in any text box using chat GPT technology. Igor explains that he decided to sell the project because it was an experiment and he wanted to focus on topics he cared about, such as finance and yoga.
In this section, the co-founder of Mentalwalk, Ihor Stefurak, discusses his experience with selling projects and the acquisition process. He mentions that he appreciates the list of potential buyers provided by acquire.com, as they are qualified and save him time. Stefurak emphasizes the importance of preparation in the acquisition process, stating that he prepares a listing, presentation, and other necessary materials to make the transaction smoother. He believes that having everything prepared helps speed up the process and creates a good impression on potential buyers. He also emphasizes the importance of writing a good listing and including high-quality photos to sell any product effectively. Stefurak and the host go on to discuss the importance of clearly stating the value proposition and purpose of a product in order to attract interested buyers. Overall, Stefurak highlights the significance of preparation and effective communication in the acquisition process.
In this section, Ihor Stefurak, co-founder of Mentalwalk, shares his experience selling a project and highlights what he looks for in a buyer. He values buyers who have prepared questions and are willing to pay for his help, showing their commitment to the project. He also emphasizes the importance of finding a buyer with experience in the industry who has a plan to continue and grow the project. Additionally, he discusses the due diligence process and mentions that he proactively provides proof of earnings and demonstrates the product beyond what is asked, including offering a video walkthrough for potential buyers. The acquisition process was generally smooth for Ihor, except for the escrow part, which posed difficulties due to working with a foreign bank account. Overall, the experience was positive, with no major surprises or issues.
In this section, Ihor Stefurak, co-founder of Mentalwalk, discusses the importance of using an escrow service during acquisitions. While he always recommends using an escrow service for protection, he acknowledges that in some cases, if the acquisition is smaller and the buyer is trustworthy, milestone payments can be used instead. He emphasizes the need to transfer all necessary assets during the acquisition process, such as domains, accounts, source codes, and marketing assets. Ihor also provides advice to other entrepreneurs, including the importance of gathering comprehensive information, prioritizing projects with viable business models, and being open to negotiation. He concludes by mentioning his upcoming project called Mentalwalk, a tool designed to help people learn how to think and improve their decision-making skills.
In this section, Ihor Stefurak thanks the host for the interview and mentions that his experience can be found on Twitter. He also directs viewers to check out Mentalwalk.com, expressing gratitude for the success.
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