Host: Welcome to Acquiring Minds, a podcast about buying businesses. My name is Will Smith. Acquiring an existing business is an awesome opportunity for many entrepreneurs. And on this podcast, I talk to the people who do it. You've probably heard of Microacquire, which is a young but fast growing marketplace for SaaS and E commerce businesses. It actually just announced a $6 million raise this week. Well, my guest today, Spencer Scott, did one of the early deals on the Microacquire platform. He acquired a SaaS business called Median, which you'll learn about. But there are a few things I want to call out about Spencer's approach to the Median deal. First, how he thought about the purchase of Median, like a real estate deal. Second, the shortcut, the hack that he used to vet the quality of the software itself, of the software that he was acquiring. And third, how quickly Spencer acted. He wasn't even looking really to buy a business, but when he saw this great opportunity, he just jumped at it. So be sure to listen for those points in this interview. Here it is with Spencer Scott. Spencer Scott, thank you for joining me today on Acquiring Minds.

Guest: Yeah, thank you for having me. Appreciate it.

Host: So you acquired Median, which is a SaaS product, and you acquired it from off of Microacquire. You were actually one of the first acquisitions on Microacquire, which as we all know now is a really hot platform. Just this week, a big round of funding was announced. So I want to dive into that a little bit. But I also. The other really interesting thing about your story, which you told me offline, is that you actually weren't searching for a business to acquire. You have real estate investing experience. This opportunity came across your desk. It fit the pattern of rental properties I believe that you'd invested in. So I want to get into that. But so we'll just do that through basically hearing the story of your acquisition of Median. And then of course, we'll leave some time at the end for the you to talk about what you've got planned, because the technology you showed me last week was awesome, and that wasn't even part of the core product. So let's start with a quick introduction. Why don't you just tell us where you're from, what your professional history was that led you to make that acquisition.

Guest: Oh, man. I've never been asked where I was from, but yeah. So from Fenton, Michigan, was born and raised on the lake. Kind of spoiled in that sense. Went to Central Michigan University. Okay. Graduated, moved to Dallas and managed a Target store.

Host: Okay.

Guest: From there I wanted to. I love Target and I'll give them a shot at every time. But I wanted to not work the weekends. And so I got into. I took a sales job that had this really glamorous title but ended up being a door to door sales guy. Literally, like business to business. B2B. Knocking doors. Had pretty good success in that. Made pretty president's club first year. And then I took that business, it was selling VoIP software. Took that business, went to Vonage and then had a ton of success at Vonage. Ended up on their enterprise team. And then from there I started a software company that basically kind of is in the same industry.

[3:27] Host: Okay.

Guest: And while I started that, I took a consulting job as a director of sales for an MSP. I got really lucky. I negotiated basically a 50, 50 time split where 50% of my time I could grow my software company, 50% of my time I could grow their business.

Host: So you were side hustling and they knew it and they were fine with it. And in fact it was negotiated into your.

Guest: Yeah, they actually, they met me through to some extent through the side hustle. So I actually went in and pitched them to sign up for my software product and they're like, this is great. Will you come work for us? And I was like, yeah, but like, this is my goal. They're like, that's fine, come work for us.

Host: Amazing.

Guest: Yeah. Weird kind of little interaction.

Host: Okay. All right. And during all of this you did some real estate investing on the side?

Guest: Yeah, so I've always had passion in real estate. So I own a handful of rental properties. I'm a, like, I'll attest like I'm a slumlord. All my properties are under 200,000 and they cash flow and I just have a passion for that. It's fun. And so to kind of go full circle. While I was doing the consulting and doing my software business, I ended up leaving in September of 2020. So in the middle of COVID to basically work for myself. So I left that 50% time to go 100% in on my software business. And as I was doing that, I was scrolling through micro or I went through a product hunt. Product hunt said, listen, software people go to bootstrap. Software people go to indie hackers. Guy on Indie hackers post that he'd sold his business for $20,000 and it was making no money. And I'm like, dude, like what? So checked out Microacquire. The story was obviously true.

Host: This is late last year. This is late 2020.

Guest: Yeah, this is probably even earlier than 20 than that. It's probably like June. So I might have started finding mic require before I quit. I was still just kind of looking passively. It wasn't a lot going on yet. It was still early on on microcquire. There wasn't a lot going on. And so I started kind of looking around, and one thing led to another, and median popped up. Obviously, it wasn't called median. It just said call center platform.

Host: Okay.

Guest: Software company I own is in the telephony business. It does basically CRM integration from VoIP providers. And so I was like, oh, maybe I can add this to basically my product. So I requested more information. That's when I met Derek and Ben, who had founded the company in 2017. If you don't know them, you should check them out. They're super, super cool guys.

[6:06] Host: Okay.

Guest: And so anyways, I met them and then signed an loi.

Host: Did the listing say before you even reached out? Did it say what it was selling for, what the revenue was or any of the numbers or none of the stripe integration?

Guest: Yeah, it said like, it's a call center platform. Which, by the way, I didn't after. In hindsight, I don't think it's a call center platform anyway, so I. That's what brought me in.

Host: Okay.

Guest: And so I started looking at the. That, and there was no revenue numbers. Back in the day of microfiber, which doesn't feel like that long ago, it was. You cut and pasted a, like, Excel spreadsheet. That's what it was.

Host: Okay.

Guest: And the Excel spreadsheet had, like, subscriptions and expenses. That was it. It was like, 10 lines, and it was, like, nondescript stuff. Right. Cause it was.

Host: You had.

Guest: You had to sign the NDA to get it. And so I looked at it. I'm like, well, it's cash flow positive.

Host: Can you talk about what any of those numbers were? Revenue, cash flow, expenses.

Guest: Yeah. So it was doing, like, 75,000 a year.

Host: Okay.

Guest: And that's how they came up with. So I don't know what's changed the microcar since then, but they simply asked for forex revenue, which I think ended up being, like, 280.

Host: Okay.

Guest: Yeah. And so that was how they got to their number, and that was their asking. And so the. The story on this can get as juicy as you want because there was a whole bunch of roads. But the high level is I signed an LOI and they accepted it, and we started a due diligence period. And that's when I learned that they had some whales of customers. And then I further learned that they had done like in the last 12 months, coming up to them listing it, they had done like 1.5 million in revenue. I can't.

Host: So I hadn't that huge amount of revenue been listed on the original information that you got since that obviously makes it more appealing to a buyer.

Guest: It does and it doesn't. It depends. So like was a one time purchase. So without subscription revenue. So that's something that like you learn really early on. Like not early on but like in the M and A business, like if you don't have like reoccurring customers, like it's only worth what it's selling for. So like that's why like D2C brands kind of struggle sometimes because you have to show proof that like you're going to have reoccurring customers. Customers or like a really good ad strategy.

Host: Yeah.

Guest: That's why subscription businesses are way easier to evaluate because you know what you're going to get tomorrow.

Host: Sure.

Guest: Or whatever. So they had done 1.5 mil with like some I can't name for NDA reasons, but like some really huge publicly traded companies. And so like that is a very unique scenario and it helped with my due diligence extremely well because I'm not a developer and I don't know code and I know a little bit of infrastructure but not a ton because I was in the MSP space. But that helped me because it validated the product for me. So like when you see these big whales spending mills millions over millions to buy the product, I was like, okay, I don't need to necessarily like look at the inner workings of this. Like if they were able to get these guys to do it, those big

[9:31] Host: whales had vetted the product for you. Basically you felt comfortable. So you didn't, you wouldn't let yourself like count that 1.5 million as potential revenue that you would earn because it was one off. But it was still valuable because it said to you these guys who have teams of developers have vetted this software and think it's good.

Guest: The best teams. Yeah, yeah. And like that money didn't come like with the business obviously. So like it was an asset purchase which is nice. So like I got to wipe any equity or any expenses that I didn't like off the book. So just clean numbers up even higher. So. Yeah, that's exactly right. Well, I was able to kind of lean on the bigger companies as validation and it worked.

Host: Yeah. And it also just tells you that like that there's demand for the product. You could already see that from the $75,000 in ARR. But then there's. All of a sudden there's this interesting prospect of giant enterprise deals that you might be able to do.

Guest: Yeah.

Host: So we haven't told people what the. What Median did. What is the software? If it's not call center software, what is it exactly?

Guest: So the URL is hello, median.com. but that's one of the things I struggle with, actually. So you pinpointed it for your listeners like I'm describing Median. So that's why, since I've told it to you, what do you think about you telling the listeners what you think it is? And then I can kind of straighten out the kinks, if there are any.

Host: So I'll tell, I'll tell the listeners what it, what it, what it is

Guest: and why do your interpretation, if you will, and then what you acquired.

Host: And then do you want me to also tell them what you're building now?

Guest: I would love, I love. Yeah, I would love to hear your interpretation.

Host: Of course you do. Okay. Yeah. Because that's, that's what's so sexy. Well, cool. Well, when you acquired Median, it was basically what you call co browsing. So if you and I are talking and you can basically control my web browser, you can be looking at my web browser from your computer and control it. So imagine, you know, the classic use case would be customer success. I'm having a problem using your tool, not Median, but some other, you know, I'm using a website and I, and I contact support because I'm having an issue. And the support agent just can navigate, can basically bring up my browser on their screen and navigate through showing me what I'm doing wrong or helping me out. So it's basically remote browsing of the computer, co browsing. And that by itself is a, I think, really, really cool. And I've actually never been in a customer success situation where it's been used. Is it, is it used a lot or what's the deal?

[12:01] Guest: I'm glad you explained it that way. So I like to reference it as like a combination of Zoom, hotjar and Google Analytics, like, mushed together.

Host: Okay.

Guest: And that's how I describe it. But like, what it is, is what you just said. It's screen share. No code, no download, no install, screen share that you put on your website. So that's how it's like Google Analytics and hotjar. Because when somebody comes to your site, what medium can do is recreate every single thing that they're Doing and seeing and typing and scrolling and everything in real time with no downloads, no installs. So we present our customers with a list of all of the users on their website in real time. You can then click one of those users and see everything they're doing. So it's kind of like Big Brother on steroids, if you will. It's a lot. So it gets different reactions from different people. Right. And so it's 100% compliant. We have all the GDPR and CCPA requirements. We have different settings you can manipulate to make sure that you're secure and private. None of the data is stored to disk. So our privacy policy is safe. That's how we're able to work with these big huge companies. And it's been vetted out by those big huge companies. So I always kind of laugh when people challenge us on that stuff. But that's all right. They need to feel safe. But what it basically does is you install it on your asset. It's a JavaScript cut and paste takes. If you have access to your website, it takes 2 seconds. You just cut and paste our JavaScript on your site and you'll be able to see every single person who comes to your site and what they're doing.

Host: So why did the founders, why were they looking to sell? I mean, it's pretty cool technology and it was generating revenue.

Guest: It wasn't generating enough for either of them to live off of.75k split two ways is not enough.

Host: How long the product been around in the market?

Guest: Three years, 2017. I mean it got cleaned up over the years, right? It got better. But they had a different approach for the business that I think is one of the reasons that I saw it so appealing. They weren't trying to go direct to consumer or B2B necessarily. I don't know what the term is, but what they were doing was they were doing partnership deals, which by the way, some of the partnership deals they did are super impressive. But the whole platform was a one page website with pricing and everything. So like they didn't really focus on the marketing on the front end. What they focused on was the backend, which I'm grateful for. But the whole platform Is built on APIs and the partnerships they were doing, people were taking the Cobras, APIs and adding it to their product so then they could upsell. So like we have wholesale deals where like I'll say, hey Will, for X price, you know, I can offer you co browsing to your existing customer base, which is a genius business model because I Don't have to go out and you know, acquire customers. The problem is it was white labeled, so like no one knows we exist.

Host: Yeah, but that revenue is probably higher quality. I mean then consumer revenue, for example, probably stickier. Depends.

[15:06] Guest: It depends, right. So I mean it's higher quality in the sense if I paid no advertising to get the new consumer. But they don't know we exist. So it's hard to build a brand that way. Right now the company grows organically overnight without touching anything because that other company is now onboarding more and more of their customers.

Host: Exactly.

Guest: That's great revenue. Right. That's one of those set it and forget it styles. It doesn't really help. It helps the business and the valuation. But as far as like built in marketing, it's not great. And so that was their business model basically, you know, offer a platform that people could integrate kind of like Twilio or Nexmo or one of those big, you know, API based companies. The problem and that I see with that is like the general market probably 99% of the people out there like don't have dev chops. So like they're not gonna white label a product and put it into theirs and then like negotiate the contract and then, you know, prices change and all that stuff. They just want to take it and use it. So my thought process was acquire the company, go direct to consumer. And the direct to consumer business only was a third of the revenue at the time.

Host: I want to get into your psychology a little bit as you start to touch on it. So you saw this because you were kind of casually browsing Microacquire and you had some industry knowledge from telephony, from your VoIP days. But you're not a developer guy, you're not hardcore technical. So what gave you, frankly, what gave you the confidence to buy a SaaS product? Did you just figure you could find the development talent to build new stuff or. I mean it was a bit outside your wheelhouse. Correct me if I'm wrong.

Guest: Yeah, Maybe I fly by the seat of my pants a little bit. No, I mean I had a software company, so in my experience I feel defining development, high level, really skilled development staff or is easy. That's easy. Finding a developer is always easy. The ideas or something to execute the ideas is the hard part. Well, like I'm the idea guy, so I just need the developer. So I had already had a six figure SaaS business in that telephony platform I built before I acquired this, which obviously freed up some cash for that. And with that, I had a dev team that can build me almost anything I can think of out of India that I've worked with for five years. So I have all the trust in the world with them. So I blindly bought the business and just figured out the rest. In fact, I didn't even have the, you know, the financing lined up. I just knew I wanted it and then figured the rest out.

Host: And did you, did you want it because you saw potential in it or if it had, like, you had just kind of milked it and cash flowed it, was it a good investment even if you didn't, you know, enhance it in any way?

Guest: When I first saw it, and I think everyone I show it to, when I first show it to them, I was confused that I wasn't looking at a $10 million business or 20. I was like, how? I was confused. I was like, this is groundbreaking technology. So here's what's interesting. Co browsing is screen share. And what people don't know is there's variations of screen share. Most of the world, in my opinion, doesn't know this tech exists. They don't know that any website you can be going to right now, they can see you scrolling, they can see your mouse clicks, they can see your, you know, your cursor strokes and they can join. You have two people on the same website at the same time and then obviously we have a feature coming up, they just don't know it exists. So I'm sitting here going, this is like, this is groundbreaking. Like, I honestly will look you and anyone else in the eyes and say, I think this is just going to be a standard in the next five years. Every website will have it. WordPress will either do an acquisition or build their own product. Webflow wix, like, this is just going to be like a add this feature, kind of like Wix did with chat, right? Like, the biggest chat tool on the Internet right now is Wix Answers. And no one knows that because they just added chat to all of their websites. That's how fast it happens. And so I looked at it and was like, this is amazing, number one. Number two, now what do we do here? Like, how is it not bigger? Why is it not bigger? Like, those were the questions I was trying to answer and like, how do I win this race? Like, there's going to be a race, legit foot race for the next, in my opinion, for the next five years for market share in this. And we're going to see acquisitions. We're going to see someone who holds out and Builds a massive company. We're going to see big raising events in terms of money. And so I look.

[19:47] Host: And so there were other people who saw this as well, right? You were in competition with a couple of other buyers to acquire it.

Guest: Yeah, I mean 100%. So that was part of.

Host: Can you talk about some of the negotiation with the sellers and how you won the deal?

Guest: So yeah, it was brutal. So here's what happened. Like this was. Remember how I hinted that I had a bad experience on Microacquire?

Host: Yeah.

Guest: I knew I wanted this platform. I knew it.

Host: And so it's selling there for seven. Excuse me, for 280. That's the asking price. It's got 75,000 ARR. You really wanted it?

Guest: I really wanted it. I ran the numbers like a real estate deal. So like if you're buying a $280,000 house, that's let's say renting for, you know, $75,000 a year, which by the way, if you buy rental houses, that's a freaking home run.

Host: Right?

Guest: And I was like, okay, so the rental, the numbers make work out. How do I buy this company? So I googled how to buy and then, because at the time there was no. Like none of this was in Microacquire. Right. And so I googled how to write an loi and Google images. I popped up a whole bunch of them. I read like 20 of them and I was like, all right, this isn't so hard. Pull the screen to one side, pull up word on the other, write my own loi. This looks pretty good. And by the way, if you're listening to this, do not do that, please please hire an attorney or use one of Andrew's. Lois, send the loi. They sign it, return it, no red lines, nothing. And I was fired up. I'm like, this is the best day of my life. I just, I'm buying this company and not.

[21:26] Host: And you didn't have financing lined up, but you had the confidence you could get it. So you weren't, you weren't going to stroke a check out of your own checking account for 280.

Guest: No, but I had. But like if you've ever done like for me and my experience in real estate, like if you find a good cash flowing deal, like anyone will finance that. Like, especially if I can show it being cash flow positive day one, like

Host: that means you just people in your network or was it a bank or where did you expect to find them?

Guest: Well, before I even got to that point. Let's get to Let me tell you, 14 days into that LOI, or like seven days into the LOI being signed, Derek, who, by the way, I'm good friends with now and talk to periodically through Slack and good friends. He. He messaged me, he was the CEO media, and he goes, hey, we're going a different route. And I'm sorry, bud. And I was confused because you signed an LOI and like, how does this work? And come to find out, in my loi, I didn't put what they call any teeth in it. So it had no non compete.

Host: Yeah.

Guest: Which basically when their attorney got it was like. I'm sure he was like, this was written in crayon. Like, who the heck wrote this?

Host: Yeah.

Guest: And they just continued business with the list. They got microacquired. Like nothing happened. And so what ended up happening was they got. And I don't think. I don't know if this is under NDA or not. They had one of the largest call center platforms in the world. Also send them an offer for 2x what I was offering. And another company that raised $100 million also in the call center space, offer them 2x. And it was then between those two guys, and I was a peon. And so they kind of politely said, hey, man, like, no offense, but we're gonna take the bigger, the more money. And I was like, well, I was like, I can't fight that. Like, I would do the exact same thing. Yeah, I basically laid down in bed and I got on Twitter and I went to Andrew and I said, hey, hey, guys, quick heads up. I said, I just lost the median deal, which I was super pumped about because I wrote an loi with no teeth in it with no non compete. I said, it might be a cool idea to offer an LOI inside, and I can probably go back and find this Twitter post. And then, like, the next day I posted, like, well, that sucks. I just missed out on, like, one of the biggest opportunities of my life. And like, I had like, a family member reach out and be like, what happened?

[24:01] Host: And so I miss buying a sass.

Guest: Yeah, he did it. Like, the dude was like. He was a cpa and so he didn't get it at all. But anyways, so like, four months goes by and these two mega whales were in like, this really long due diligence with no end date in sight. And so Derek reaches back out and goes, hey, are you still interested? I said, yeah. And I said, I can close in 30 days at your asking price. And he said, done. Let's do the Deal. So then we started due diligence again and I did everything I said I was going to do like on the dot. And I think they were grateful of that. What I would say if you're selling a company is you might want to see some of the money put in escrow. Like I was able to pull it off and I'm sure a lot of other people are, but, but I also think there's a lot of people that start a transition period and like the money's not lined up. Derek and Ben I'd spent so much time with, they trusted me and like I knew I had the cash but like in hindsight when this whole deal went down and I was talking to him, I was like, dude, I couldn't believe that they didn't have to like see proof of funds or something like that.

Host: But well, they, they, they might have felt. They went from a position of feeling like they were the hottest thing and they had these two whales after them to feeling like those were empty offers and then they only had one offer left, which was yours. So all of a sudden the leverage shifted to you in a big way.

Guest: Yeah, I mean that's what happened. So anyways, they got full price asking. I know you're going to ask this question, so I'll tell you how the transition went. We did 75% up front, 25% three months later and then a six month contract retaining contract for help in case anything breaks or I need to like onboard playment team. And that six month following contract they were free to do whatever they wanted and I paid them in the event that I needed them on an hourly rate. So it was a transition period over probably 8, 6, 9 months. 3 months to transition the business and then 6 month retainer per nominally rate. And I think that that was the best way to do it and I really liked how it was handled and they were great and I kind of wish they were still part of the business. Yeah.

Host: Yeah. Well, it's cool that you're in such good touch with them and you can keep using them as a resource.

Guest: Yeah.

Host: Do they, I mean, because they had basically other opportunities that they were pursuing. Do they agree with your vision of where you're, where you're taking median and the potential for it? I mean I'm sure they, during the buying process they were like, of course it's the best, we just don't have time for it. But yeah, I mean, did you get the sense that they really believed in the opportunity? They just had an even bigger opportunity. They wanted to pursue.

Guest: So two things I would say happened as I'm listening to what you just said. They loved my offer because I was keeping median as median. The other two companies were gonna crush it. They just wanted the tech.

Host: Yep.

Guest: Right. They were gonna wipe the customers. Everything they built would disappear into the ether. And so they liked my offer because media was gonna stay median, the brand was gonna grow and their dream was gonna continue on. And on the flip side, they wanted a big acquisition. Right. They wanted a big logo. Right. And they would, I mean anyone would. Right. You know, one of these huge call center platforms or like publicly trade company, like that would be great to have under your belt. So like there was a trade off.

[27:25] Host: Yeah.

Guest: So they were happy I got it. I think if they weren't, they didn't tell me. And so as far as the vision goes, right. They didn't really. I don't know if they necessarily cared because then it was off of their like, as far as like what I was going to do with it after that. They knew what I was doing because in the transition period, I didn't wait around. I started working on what I had planned, so new website, new marketing, you know, and then started development on some new features.

Host: And so let's talk a little bit about the financing real quick. The. So 75% upfront and then 25% you said six months later, I think. Did I have that right?

Guest: Yep.

Host: So did you take the financing? Did you get a loan from someone or was it equity?

Guest: Went to two banks to generate a loan. And it just wasn't, I didn't have a good, good experience with the banking stuff. And probably because I went to like Capital One and like some of these big wheels.

Host: Yeah.

Guest: And so what I ended up doing was I just treated it like a real estate deal. I kind of reached out to some people that I knew. Here's what I want to do. Pitched it like a house. And I had done deals with these dudes with houses at the same numbers. So like this wasn't like out of their range. And so I offered it up to a handful of people and one of the, like the, one of the first guys I called goes, I'll do it. I'll do the whole thing by myself. And I was like, deal. And so I just did a high interest loan with this guy and that was it. So I put up some of my own money, he put up the rest and I pay him monthly. And I was gonna say it's convertible debt, but it's not. He has a piece of equity in the business.

Host: Oh, okay. And like some SMB deals that you often see where you can actually pay for the loan out of the profits from the business. Is that a situation? Is that the situation here? Or is there not enough juice in the monthly revenue?

Guest: Oh, no, yeah, no, the whole. The business pays for itself okay. For the loan and kicks out cash. So it's not enough to live on. And you know, I mean, it might be for some people, but what I'm trying to do with it right now, it doesn't require me to live on it. So I'm in a unique situation on that point, on that good position to be in.

Host: And so you closed it was what,

Guest: December, January, December 2020?

Host: Yep, December 2020. So seven and a half months later or six and a half months later, is it. Is that 75k? Like, what's revenue look like? Has it stuck with it?

[30:05] Guest: It's increased. Not as much as I'd like. You know, and being full transparency, I mean, I think that this is a little more challenging than I thought. So that we've had some infrastructure situations that have popped up where like I've had to find, you know, I've. I've had to find outsource talent because I can't like hire someone. So I have, you know, AWS engineer that I outsourced to. I have a dev team in Singapore that I had to outsource to for development work. So I've spent a lot of time on redoing the website and reaching out to customers and trying to bring back old customers and doing basically a little bit of marketing. And then the last. So that was the first three months. The last three months have been development. Development hell, I'll just say it. I'd spent like 25 grand of my own cash. Not out of the median account, just out of my account to develop a product that I think will basically take median to the moon. And by the way, that's not how you build a business. You should always find, you should always have people prepay for the feature before you build it. But this was like such, what I think was enough of a groundbreaking feature that it was worth building.

Host: Well, you teed me up perfectly. We just have a couple minutes left. So why don't you describe what this feature is, which I've seen and was really impressed by.

Guest: So it's video and voice. We've added full WebRTC video invoice into the platform where you can not only see everything that everyone's doing on your website, but with a Click of a button, you can pop onto their screen and talk to them. So imagine like somebody goes to your website and they're scrolling through. You can initiate a conversation by pushing a button and your video will pop up on their page. You can talk at them, they can initiate their camera and talk back to you. And you can basically turn any website into a fully functional zoom page.

Host: It's like having a zoom call spontaneously. No installs embedded right into a webpage. It's super seamless.

Guest: It's a absolute. In my opinion, and I don't want to. I'm overselling it some, but it's an absolute game changer because if you think about, like going to Walmart.com like, if you walk into Walmart Store, you can get help immediately. You can just ask for help. Yeah, Walmart.com you get no help. And so, like, you could ask for help and somebody can not only pop on the screen and say, how can I help you? So you're not dealing with an annoying chat. Bottom but then you can also both scroll on the screen together and they can take you to products and categories and things that you're looking for. So now you don't even have to shop on Walmart.com you could literally just click and have a conversation with somebody and the Walmart person could go and add all the stuff into your cart for you and you could check out. Same with, like, you know, onboarding somebody. You can really do, like full demos right from your website without sending them an invite link. So I mean, I'm doing cold outreach right now to try and grow this business. And I can have Will hit the site. I can see Will on the site and be like, will, welcome. I don't know. There's so many people who do cold outreach that get no response, right? Like, the biggest annoying thing for like, SDRs and sales is getting nowhere, right? This you can get somewhere. Like, if they click the link, you can see them on the site and be like, will, I didn't think we were gonna meet. I really didn't. You haven't responded to my last three emails, but you see, you're here on the site. That sounds bad. But, like, you can have a full conversation. Everyone says they don't.

[33:42] Host: So what, what do you think? What are your, let's say, top two or favorite use cases for this? Because it's you. You could kind of daydream about a lot of different ways to take it. I guess it's retail and sales. The two things you just said, online retail and sales.

Guest: I would go higher level. I would just say sales and support. Right. So on the front end you can bring customers in. On the back end you can provide support like you've never seen before.

Host: Yeah, yeah.

Guest: You know what I find is like, I show people the product and then they have to their imaginate. I leave it to their imagination a little bit. But like, if I can show use cases on how my customers are using it, and that's just some of them, like, we have nature Sunshine using the product today. That's when it really hits home. Like, so that's why I always try to dive into the use cases.

Host: Well, we'll tell the audience where they can. So, hello, media.com is the URL of the company today. This new tech. Do you have any sense of when people can get their hands on it? The public?

Guest: Oh, man, we're shooting for 30 days.

Host: Okay. And it'll be@hello, median.com as well.

Guest: Yeah. And it'll be just like an upsell feature so you can get screen share. So, like the original product integrates with like 13 chat tools and that's what we use today. But like, if you need to escalate past the chat tool, we're gonna be able to offer you voice and video as well.

Host: Okay. Okay. Really cool. It was really impressive technology. And it's kind of like, how does this not already exist if it was? I mean, like I said to you, like, $25,000 right out of your wallet stings, but in the grand scheme of like tech development costs, that's not a lot to have built something that's really, really cool. So I'm just surprised some of the big whales of the world haven't already built it.

Guest: Yeah, I mean, if you look at like amount of money in the bank account versus invested, you're like, it felt like the worst thing that's ever happened to me. But like, if, you know, if this was a VC firm I raised or if this was funded and I raised, you know, Andrew, 6 million, that was nothing. Right? I could have spent a lot of money on it.

Host: Yeah.

Guest: So anyways, we'll see. I'm excited about what the future holds, so.

Host: Well, Spencer, thanks for sharing your story about acquiring media and really interesting. Really excited to see the new tech release to the public and appreciate the transparency, sharing numbers and everything. Really a really cool story.

Guest: Appreciate it. It was nice. Nice catching up. I know I dipped you on the first one, but if you had me. Anyways, appreciate it.

[36:06] Host: Cool. All right, Spencer.

Guest: Thank you.