For the operators running them and the buyers acquiring them. No fluff, no invented case studies, written by Troy Johnston from operating his own software company on 130+ AI systems and evaluating ~50 companies as an M&A advisor.
For AcquirersPublic Listing Teardowns #1: a real Flippa listing read with public information only. What checks out, the $40K gap the arithmetic exposes, and why a 0.1x multiple is the loudest data point on the page.
Read → For OperatorsManufacturing-cost payouts and 60-day windows changed the recovery game. Why 25%-commission services are running the old playbook, and what a documentation-speed system looks like.
Read → For OperatorsSP-API only, agent self-identification, human-in-the-loop. What 2024-25 duct-tape automation fails, and a five-step self-audit to run before Amazon runs it for you.
Read → For Operators40+ fee types, late-arriving adjustments, and spreadsheets that die in a quarter. The five parts of a profit system that updates itself.
Read → For Acquirers18 checks across revenue plausibility, traffic authenticity, platform risk, owner dependence, and add-backs. Most bad deals fail one of these in the first week.
Read → For AcquirersFull scope transparency: source-system verification, MRR and churn reconstruction, traffic and code review, the AI Ops Underwrite, and the honest answer on when you need a $20-40K CPA QoE instead.
Read →Whether you run a digital business or you're buying one, the engagement starts the same way: two minutes of context, an honest reply within one business day.
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