Happy Saturday evening peeps!

As an online business owner (and offline business as well) that is not in the retail consumer goods market, the Thanksgiving/Black Friday week is always one of my worst weeks of the year as consumer spend on gift type items, and advertisers crank up their adspend on all platforms. Fortunately that week is over and everything has resumed solidly. Notably my Accounting CPE business resumed ads and driving sales. It’s great to feel some growth there!

Here are the businesses we’ve got today. And I’ll probably send another email tomorrow.

// Mobile Flight Tracker App - $136K SDE - 3.9X

// SaaS Marketplace and Content Agency - $437K SDE - 2.9X

// Dog Subscription Box - $296K SDE - 3.5X

And we’ve also got a few ‘interesting but not for me listings at the bottom.

🔫 Gun to my head question:

If I had to write a check for one of the businesses in this email, with no other details which one would it be?

hmm… all of these are fairly priced and solid. I would pass on the ‘SaaS Marketplace and Content Agency’, as I just don’t like the agency part of it, that said it doesn’t seem bad. I’d just rather deal with a pure transactional model business (no back and forth with clients).

The Flight track app is aged with likely easy wins. The dog subscription, is well subscription.

I’m going to follow the Lindy Principle and go with the 16 year old Flight Tracker App! I may be off on the dog subscription box, but considering it’s only 4 years old, there’s a high chance that the sellers are very growth minded and have done everything possible to grow it, have no further (easy) levers and want to cash out. Nothing wrong with that, but as a buyer chances are slim you’ll be able to grow it more than the seller.

// Mobile Flight Tracker App - $136K SDE - 3.9X

This mobile flight tracker app, established in 2008, offers real-time flight tracking and notifications for travelers and professionals. Likely one of the first movers in its niche, the app has built a strong foundation with $156K in annual recurring revenue and a fair 3.9X profit multiple. However, its aging infrastructure—highlighted by the use of Hostgator, a hosting provider long known for poor performance—signals easy wins by modernizing the tech stack. With minimal updates and effort in recent years, there’s clear potential for someone to step in and bring this time-tested app up to speed. The owner’s retirement provides an opportunity to acquire a well-established, bootstrapped app with proven demand and room for growth.

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// SaaS Marketplace and Content Agency - $437K SDE - 2.9X

This SaaS-forward business blends a tech hiring marketplace with a content studio, offering $615K in annual recurring revenue and a sub-3X profit multiple. Marketplace models are notoriously hard to start—requiring both buyer and seller traction—but once established, they tend to be very resilient. With high margins and solid profitability, this business shows promise.

The “other half” of the operation, a content studio helping brands craft narratives and employment incentives, feels somewhat disconnected from the core marketplace concept. This likely explains why the valuation doesn’t reflect the typical 4X multiple seen in true marketplaces. However, there’s potential value here—helping companies create compelling stories to attract candidates and linking them through a job board. This hybrid model warrants a closer look to determine its strengths and growth potential.

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// Dog Subscription Box - $296K SDE - 3.5X

This subscription box business for dogs, offering monthly toys and treats, generates $1.2M in recurring revenue with $296K in profit. The pets market is enormous, and this business benefits from having established customer data—a critical factor for success in the subscription model.

In subscription businesses like this, understanding the lifetime value (LTV) of a subscriber is key. For instance, if subscriptions are $30/month with $10/month gross profit, the LTV determines how much you can spend to acquire new customers. By buying this business, you gain access to that data along with leverage to negotiate better cost of goods (COGs) from suppliers who may value access to this audience.

While the listing is sparse on details, the recurring revenue and profit provide a strong foundation for growth in the thriving pet niche.

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// Interesting, but not for me…

The following deals may be for you!

Solar & Battery Dropshipping - $85k SDE - 2.5x

This one is really a case study of a 'drop ship' business with no moat. The margin is nice at 33%, and the valuation is attractive at 2.5x but the listing shows the revenue is declining since 2022. Most likely more sellers have started drop shipping the same products and revenue/margin erodes. Is there value here? Maybe. But you would need to figure out a way to reduce your cogs by holding inventory and subsequently selling your own branded products.

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Honey-Based Product Brand - $993K SDE - 4X

This 7-year-old eCommerce brand focuses on honey-based health products, targeting a 50+ demographic seeking natural sleep aids and alternatives to prescription medication. With $993K in SDE and a 53% repeat customer rate, it’s a fascinating niche with solid cash flow. However, there are notable red flags.

The seller owns the manufacturing facility and wants to retain it under a long-term supply agreement. My first thought: why are they selling just part of the business? In my experience, post-sale agreements like these rarely work out beyond a few months, so any buyer should be prepared to find other co-packers (white-label food producers). Adding to this, the seller keeping the facility and staying in the business of production (but not necessarily for you) would make the lines of standard non-compete agreements very blurry.

Given these circumstances, I don’t see this moving near the 4X asking price. If it lingers on the market for a few months, there might be room to explore a more creative deal structure.

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Tinder For Job Seekers and Business - 51k SDE - 1.2x 

Idk what to make of this one. It’s too small and not developed enough for my tastes. Basically its an app that lets recruiters and job seekers swipe on each other and if theres is match they can message. Sounds painfully frustrating… like Tinder for dating.

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