Huge opportunity to take ownership of a highly successful mobile app development studio! This business has been around for over a decade and is currently generating monthly profits exceeding $10,000.
The framework is there, the clients are on hand, the team is in place, the growth roadmap has been planned. The next move is yours.
Tell us a little about yourself. What’s your background? How did you start with this agency?
This mobile development studio grew from a successful freelance practice into an award-winning team. The founder is a solo app developer, published author, and recognized expert in the mobile app field. In early 2019 the founder stepped away from day-to-day software development and into a management role, building out the team and expanding the client base.
Apple took notice of the team’s quality output in early 2020 and recruited the founder for a company role. Since Apple policy prevents the founder from maintaining an ownership interest in the studio, it has been placed for sale.
What does your team look like? What sort of role would the new owner/CEO take on when it comes to team management?
- We are a fully distributed team primarily on the Eastern and Central US time zones. All team members are contract, paid hourly. Everyone’s hours flex with the demand except our project manager, who works 40 hours/week.
- 1 Project Manager, full time contract, based in Florida
- 7 iOS and Android App Developers based in Central and South America
(some are senior and do our code reviews)
- 2 QA engineers, based in the U.S. and South America
- 1 Designer, based in Europe
The new owner would need to take on existing client relationships; handle business tasks including payroll, accounting, and invoicing; qualify new leads; and oversee proposals and pricing.
We do have a small office with a co-working/technology collective in Florida, which can be optionally continued (it’s month-to-month). However, the team has been working remotely since March 2020.
How much time does it take to run this business?
This business has been run for the past year at about 20 hours per week. The team is largely self-sufficient when it comes to development work. The owner can focus on oversight and business development if desired.
How have you marketed your business in order to acquire customers in the past? What has worked? What hasn’t?
Many of our clients provide long-term, ongoing work. We are also listed on Clutch and have a website that provides regular leads. We’ve used 3rd-party freelancer sites in the past and have had some success as long as we position ourselves as high-end. Recently, our best results have come from two areas: referrals from the technology collective in Florida we are members of (which continues with the studio), and our in-house project, which has been featured multiple times by Apple. We offer a 10% finder’s fee to members of the tech group and to some free agents who bring us leads. The co-founder, who has a strong sales background, is willing to stay on as a free agent bringing referrals if desired.
Does your team specialize in a specific type of app product?
We develop native mobile apps for iOS (Swift) and Android (Java and Kotlin). We work closely with another firm who white-labels custom back ends and admin panels for us when apps need something sophisticated and scalable, like video and audio streaming or social media networks.
Our apps have been on the top lists on both Google Play and App Store, and we’ve had multiple features on both stores, including App of the Day. Clients are mostly in the Health & Wellness, Higher Education, Entertainment/Games, and Hospitality/Travel verticals.
Can you list a few opportunities for a potential new owner to continue growing the business?
Ideally this would fit into an existing software company that wanted the opportunity to expand their offerings to existing clients. Our development team is well-oiled and versatile, and have been able to take on every challenge they’ve met. This could also be a fit for a company that has overseas developers but needs a team on U.S. time zones. A single owner-operator who is familiar with what it takes to make great apps (and keep happy clients) would also be a fit.
The team has regular work, but also plenty of bandwidth to grow and expand. When more developers are needed, our project manager tests them (his tests are legendarily tough, so we get great quality team members!), onboards, and trains them. So, the sky is the limit!