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About the Episode
Are you considering selling your company? Well today’s guest sold his previous company to Jive Software and he tells us what you need to have in place before you even talk about an acquisition. Also, listen to his advice about the importance of showing your product early on in the development process.
Things to Consider Before Selling Your Company
Adam Wulf, who at 23, sold his company to Jive gives this advice to anyone looking to sell: “get a lawyer, get an accountant, get your documents in order, even before someone shows any interest or even before you think about selling”. This has everything to do with the nature of app building – this particular career niche is so specific, so fluid, and so dynamic that any app builder must be faster and must keep abreast of what is happening in this niche. So the app builder must make sure, even before negotiations start, that he is adequately represented by a lawyer, his interests adequately protected by both the lawyer and the accountant and everything has documentation to avoid loopholes.
Showing Your Product Early On
Wulf advises an app builder to show his app as soon as possible – even if it is just in the thinking stage. He believes that it is good to show the app in its developmental phase because an app builder can already validate the soundness of his idea. Will this app work? He can start getting feedback.
What advice would you give to anyone looking to build a mobile app?
Find a way to show your product to somebody, even if it just in the development process. Show it to someone as early as possible because then you can start validating your expectations for the apps by measuring the user’s level of satisfaction.
– Fav app: Vigil: (iTunes)