I sold a software company for 1.2 million in 2012

[rickytheevangelist]

I know that sounds impressive on the surface but divide the money three ways and then be young enough with no concept of money and think your rich.

Obviously I would managed my share better if this happened today but here are some other lessons I learned during this journey.

Have a clear niche:
Having a clear target market and defined audience will allow you to make the most of whatever resources you have available.

Money is a tool:

Being overly attached or influenced by it will cloud your decision making.

No one cares what you did only how you can benefit them.

“Note I grew up in extreme poverty and I’ve been homeless twice so none of this was easy or obvious, more of a gradual grind.

For anyone asking my age when this happened I was 26. At the time thought I was invincible then life clued me in.

 

[613jono]

@rickytheevangelist What have you done since then in the last few years? How have you made money

 

[rickytheevangelist]

@613jono Writing, consulting, Military pension mostly

 

[thanksbetogod]

@rickytheevangelist Interesting story. Makes me really curious as to the company you sold. If you decide to reveal--even if it's weeks, months or years from now, please put it in a reply to this post!

 

[laurapalooza]

@rickytheevangelist Were you in the military when you sold the company?

 

[613jono]

@laurapalooza I was wondering the same. He must’ve or else the math doesn’t really add up for the military pension/retirement (for the U.S. at least). Although, there are some exceptions to that.

 

[bisonbubbles]

@613jono If he got disabled (even partially) as a result of his military service he could qualify for a military pension before the 20(?) years of service traditionally required.

 

[613jono]

@bisonbubbles Yes that is the main exception I was thinking of, a medical separation/early retirement. Or any amount of time in service and is receiving VA disability, but it’s be weird to call getting disability payments a pension, but maybe just did so for simplicity sake

And yeah normal minimum time for military retirement is 20 years

 

[777qi7]

@613jono Maybe he is AI generated

 

[613jono]

@777qi7 Also likely

 

[maria37]

@rickytheevangelist Why wouldn’t you use the money and experience to start an even bigger company?

 

[613jono]

@rickytheevangelist That’s good, do you think you’ll ever have another exit? Any tips on how to get clients for a business?

 

[kevintolsmachristchurch]

@rickytheevangelist I'm creating a SaaS, my plan is to gain at least 10 members at around $99 a month to cover my rent lol

How would I know if I'm better off selling it for cheap? 50-100k or keeping it and hope for a bugger buy out offer.

 

[rickytheevangelist]

@kevintolsmachristchurch Depends on potential market size, I would need to know the niche to have a better idea, feel free to DM if you don’t want to discuss that publicly.

 

[kevintolsmachristchurch]

@rickytheevangelist It's in the custom Apparel industry. Targeted for small business. Just a cheaper alternative or just as expensive but with more features. I was in the industry so I sorta know what others were/ate missing. Screen printing and embroidery specifically

 

[rickytheevangelist]

@kevintolsmachristchurch Not sure of that niche size but I bet it could support seven figures for sure. Most of my background is Saas but mainly like CRM’s

 

[theerotictoystore]

@rickytheevangelist It’s astonishing how many companies don’t use CRM’s

 

[kevintolsmachristchurch]

@rickytheevangelist Thanks for replying. 7 figures make me want to keep this and wait for a bigger buy-out. I honestly don't see why it wouldn't be used or a popular option. As I stated before, my SaaS will have features many of the few softwares available for said industry doesn't have.

 

[christismyvindication]

@kevintolsmachristchurch I'm sure you didn't mean it that way, but "waiting" isn't going to increase your value. You need to grow and have a good management team to insulate you, the owner/builder from the day-to-day. THEN you can start to see some serious multiples on your EBITDA.

 

[kevintolsmachristchurch]

@rickytheevangelist What I am creating is basically a CRM? Users (businesses) can store customer information, orders, mock ups, invoices. I am about 15% finished. I am taking my time with this because I really want this to succeed (want this to pay my rent).