The Boring Apps Master Plan
My simple plan to build a multi-million software portfolio out of e-commerce apps.
Boring Apps is a reverse-venture studio that buys e-commerce tools with the aim of improving on them, growing them, and potentially selling them in the future.
Provide indie devs with an easy way to exit their ventures and move on.
Provide merchants with simple, boring apps that work well.
Invest up to €1M in personal funds
In 4-5 apps / avg. cash purchase price ~200k
No deadline, look for great opportunities
Target 50% portfolio growth YoY
Use the cashflow to secure financing for further acquisitions
Once the model is proven:
Raise capital from people in the indie-dev community at a fair valuation
Use the community investors to get advice & ambassadorship
We’re not playing a financial game, we’re playing a human game.
Types of assets
Buy “boring”, single-purpose Shopify apps, that are in distress because the founder wants to move on.
Assets should have strong organic growth and have low-hanging improvements.
Assets should have good margins and stable finances.
Assets should be easy to explain and provide clear value.
Ideally, assets will bundle well together.
Build a team & system to acquire, grow, and sell apps
Share resources across apps.
Keep the assets lite but try to delegate as much as possible.
Use cashflow for seller financing
Use cashflow to pay management cost
Use cashflow to grow ( with good ROI )
Use cashflow to finance new acquisitions
Build in Public, be transparent, and engage with the community.
Be flexible, come up with creative options, and offer win-win deals to founders
When to buy
Always be open to buy
Make money on acquisitions - Pay 2x-3x ARR for organically growing apps
When to sell
Always be open to sell
When someone offers a high multiple of 7X+
When an app is underperforming and taking unnecessary attention
Use simple, back-of-the-napkin math
Play the game of humans, not the game of finances
Buy from people who want to move on from an asset
Because they have better things to do
Because they are tired