We know that buying a company with potential can be extremely profitable. However, in today’s show, Moran Pober tells us the story of how he bought a company, grew it successfully, but then lost it all. Anyone who owns or helps run a business will profit from this episode!
Moran Pober is the founder of ABD Assets. Moran is a former IDF (Israel Defense Forces) soldier. He has had extensive dealings with many entrepreneurial projects. Founded iTips, top 100 app in 100 stores around the world in the app store including US,CA and UK. He has carried out extensive consulting assignments with many companies and projects in the eCommerce and SAAS world. He’s now on the hunt for acquisitions of companies he can help turnaround, merge or help grow towards exit/IPO.
Time Stamped Show Notes:
[3:51] Having worked at a marketing agency, around 2013 Moran saw a mediocre app in the App Store that ranked really high so he thought he could make it better and turned it around after buying it.
[5:30] Not knowing anything about building apps but seeing an opportunity to fulfill a need, Moran knew that by making a better app in any category and using his marketing skill he could make the app successful.
[8:07] When the app, which gave tips to use the iPhone more productively, got optimized with the new ios version, downloads came to around 3000 and 4000 a day, both in the free and payed version.
[10:00] Everything was fine until Apple came up with their own version of tips on the iPhone. Moran took notice of his delusional dream of unending passive income. Everything is temporary.
[11:50] Until Apple told him that he couldn’t upload the new version of his app because certain specifications weren’t met, everything he worked for was gone. Feeling devastated and depressed was inevitable.
[14:48] Having no other sources of income, Moran tells us about before that his marketing company depended on Google, that also went through a similar failure after an update that affected their SEO efforts.
[18:55] It’s difficult to make thousands of dollars a day and then one afternoon none, this is the way it happened to Moran.
[22:33] Failing Forward Segment
- What is the bottom line reason of this failure? – “I didn’t build a brand with loyal followers and customers, didn’t have an email list.”
- What is the single most important lesson they and you learned from this? – “Diversification. Anyway, no matter what, no matter what business you have.”
- What are the major ways you protect yourself from future failures? – “I’m doing my best… I try to diversify as much as possible.”
- Who do you turn to when you need help? – “I have tons of mentors.”
- What advice would you give to someone in a similar position? – “Diversify yourself as much as possible and build a following and a brand that people will want to stay in touch with no matter what happens.”
[30:18] After hating his day to day working on thing that he didn’t enjoy, Moran wanted to do something he enjoys everyday, which is what he’s doing now.
[33:00] Moran’s looking for businesses to buy, if you have a business to sell email him at firstname.lastname@example.org to see if it’s a good fit.
[34:15] Moran Pober’s final thought: “Just find a way to be happy today and be grateful today and do thing that excite you today.”