ACQUIRED OUR FIRST COMPANY - UPCOUNSEL.COM
After searching for about 6 months, I'm excited to share that we acquired our first business.
It was a bit of an opportunistic situation that fell in our lap, and here is a quick synopsis for the community:
I had been a user of UpCounsel.com in the past to find affordable legal help for a company I started many years ago. As a user I received an email that they were shutting down, which perplexed me because I know the site has a lot of traffic and does a good amount of revenue. My partner and I called the founders and learned that they had raised too much Venture Capital, and were spending a lot more than they were earning just to keep the business afloat. The founding team had been acquihired by Linkedin, and now they were looking to close down the website because nobody was left to run it.
Fortunately, my partner and I were able to buy the business from the previous owners, and implement our own team to run the operations. I'm happy to say we now have it on a stable footing. There are businesses coming to the site to post jobs daily, and our network of vetted lawyers are providing competitive proposals. Moving forward we're going to be focused on sales and growing the business.
We actually hired a lawyer from UpCounsel to lead the contracting process for the deal. She was awesome and I definitely recommend her (link here to her profile; if anyone is interested, I may be able to create a small discount for the Search Funder community for legal help for your acquisitions)
I know this doesn't fit the framework of a classic Search Fund acquisition where we look to acquire healthy, cash flowing businesses, but hopefully, our story inspires others in their journey (here is an article about the acquisition)
We are looking to acquire other businesses this year - feel free to reach-out if you'd like to work on something together you can message me here OR at enduring.ventures