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Ruslan Leteyski, founder and CEO of Checkout X, shares his experience with the acquisition of his company Vangai. He discusses the decision to sell, the preparation process, and selecting the right buyer. Ruslan emphasizes the importance of thorough preparation, choosing an experienced buyer, and finding a partner who can work well with during the acquisition process. He also highlights the challenges of due diligence and the frustrations faced during the asset transfer process. Despite some initial infrastructure issues, Ruslan mentions that the acquiring company was understanding and willing to resolve the problem. Overall, he advises others selling a Shopify or SaaS app to focus on recurring revenue, document everything, and check out his blog post guide on how to get acquired.
In this section, Ruslan Leteyski, the founder of Manga AI, discusses the acquisition of his company, Vangai. Vangai is a Shopify app that automates upselling for businesses. Ruslan explains that Vangai was initially created as a spin-off project from another company, Checkout X. However, after a year of operation and facing intense competition in the Shopify app store, Ruslan and his team decided to sell Vangai and move on to new ventures. They recognized that it was the right time to sell as they were not achieving the desired growth and saw greater potential in exploring other opportunities.
In this section, Ruslan Leteyski, the founder and CEO of Checkout X, discusses the process of preparing to sell his company and attracting buyers on acquire.com. He emphasizes the importance of thorough preparation, including creating documents such as expense and revenue pitch decks, in order to make a strong impression on potential buyers. Once listed on acquire.com, Ruslan received interest from various buyers, both experienced and inexperienced. However, he knew he wanted to sell to someone with prior acquisition experience to ensure a smoother transition. He also highlights the significance of choosing an experienced buyer over a potentially better offer from an inexperienced buyer, as the chances of closing the deal successfully are higher with someone who has a proven track record in acquisitions.
In this section, the founder and CEO of Checkout X shares his experience with choosing a buyer for his startup acquisition. He explains that while the offer he received wasn't the best in terms of terms, he chose the buyer because they demonstrated knowledge and experience in acquiring other apps. They asked hard questions, wanted to meet multiple times, and conducted thorough due diligence, which gave him confidence in their seriousness and expertise. He emphasizes the importance of finding a partner that you can work with during the acquisition process, as it involves transferring assets and can have potential complications. Additionally, he discusses the challenges of due diligence, such as granting access to the code base and sorting out accounting for different projects. Finally, he mentions the frustrations he faced during the asset transfer process, including delays caused by payment issues and transferring the app to the buyer's Shopify account. He reflects on how the transfer highlighted the significance of passwords and control over assets.
In this section, Ruslan Leteyski, the founder and CEO of Checkout X, shares his experience of the acquisition process. He explains that there were some challenges with the infrastructure after the transfer, causing the company to crash. However, despite the initial issues, the acquiring company was understanding and willing to work together to resolve the problem. Ruslan also mentions that the acquisition provided him with unexpected liquidity and interest in the marketplace, which was a pleasant surprise. He advises others looking to sell a Shopify or SaaS app to focus on recurring revenue, document everything, and check out his blog post guide on how to get acquired.
In this section, Ruslan Leteyski, Founder & CEO of Checkout X, mentions that people can find him on Twitter at "latest," which is his last name. He shares his blog posts and insights about startups and business there. He also expresses gratitude for being invited to the podcast and thanks the host for the opportunity.
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