Buying your first business is exciting. Buying six more before you’ve figured out how to run the first one is where things get interesting.

Dev Shah discovered acquisitions through Acquire.com and quickly went from being fascinated by the idea of buying businesses to actually building a portfolio of them. His first deal was Sourcely AI, a student research tool he bought for just $4,000 while it was making around $500 a month.

A year and a half later, he had grown it to more than $5,000 in monthly recurring revenue and sold it for a low six-figure exit.

But along the way, Dev acquired six other micro-businesses, all for less than $10,000 each, using the cash flow from his original acquisition. And that's where he learned one of the biggest lessons of his acquisition journey: just because you can buy another business doesn't mean you should.

He couldn't integrate them as effectively as he expected. Some were sold. Some were shut down. Others continued running.

Today, Dev has taken those lessons into a much bigger world of acquisitions. He runs a buy-side advisory firm helping search funds, startups, and other buyers source deals, conduct due diligence, negotiate, and get acquisitions across the finish line.

And he's seen plenty go wrong.

Sellers who disappear after an LOI. Businesses with information that turns out to be fake. Owners claiming revenue that can't actually be verified. Deals that look attractive until you start pulling apart the numbers.

In this episode, Jaryd sits down with Dev to unpack what buying seven businesses taught him about moving too fast, how to build a buy box around your own skills and competitive advantages, and why serious buyers need to spend time in the market before they ever make an offer.

Dev also breaks down his approach to due diligence, why you should treat those 30 days as if you're already taking over the business, how to avoid becoming emotionally attached to a deal, and why your relationship with the seller can be just as important as the numbers on the spreadsheet.

From $4,000 micro-acquisitions to sourcing deals for buyers with millions of dollars behind them, Dev has seen both sides of the acquisition process.

If you're thinking about buying an online business, especially for $100K or less, this conversation is full of lessons that could save you from making the same mistakes.

🎧 Hit play to hear what Dev would do differently if he could go back to his first acquisition.

Episode Highlights

05:04 – The $4K Sourcely AI Acquisition: How Dev Turned $500 MRR Into $5K+ MRR and Sold It for a Low Six-Figure Exit

06:24 – He Bought 6 More Businesses Under $10K Each: Why Acquiring Too Fast Became His Biggest Lesson

10:21 – Online vs. Offline Acquisitions: Why Stripe Makes Due Diligence Easier and How “Unofficial Revenue” Can Destroy a Deal

15:07 – The Deals He Walked Away From: Fake Information, Ghosting Sellers, and Red Flags That Changed Everything

18:16 – Why Dev Still Believes SaaS Is the Best Business Model, Even After AI Sent Smaller SaaS Multiples Nosediving

27:04 – The 200 Seller Calls Before His First Acquisition: Why Your Buy Box Should Start With Your Own Skills, Network, and Interests

31:44 – The 30-Day Due Diligence Test: Why You Should Approach Every Deal Like You're Taking Over the Business Tomorrow

Key Takeaways

➥ $4K can be enough to start. Dev turned his first $4,000 acquisition into a low six-figure exit in about 18 months.

➥ Six acquisitions in 18 months taught him to slow down. Buying businesses faster than he could integrate them created unnecessary complexity.

➥ 200 seller conversations built his acquisition edge. Dev spoke with roughly 200 sellers before closing his first deal.

➥ Your buy box should go beyond price and MRR. Skills, interests, networks, and competitive advantages should shape what you buy.

➥ 30 days of diligence can expose a bad deal. Dev recommends starting from a blank slate and examining every number, customer, and red flag.

➥ 50–70% upfront cash changes the risk. Dev typically structures deals so the seller retains meaningful financial incentive after closing.

➥ The seller can be valuable long after the deal closes. A strong relationship can make the first 90 days of ownership much easier.

About Dev Shah

Dev Shah is a micro private equity investor and founder of Pocket Fund, a holding company built without outside capital. He started in 2023 by acquiring Sourcely.ai for $4,000, growing it into a business valued at $150,000 before exiting at a 37.5x return. Since then he's built a portfolio of SaaS, newsletter, and app acquisitions, and now helps search funds and private equity firms source and close deals in the $250K to $2M range.

Connect with Dev Shah

➥ https://www.linkedin.com/in/devlikesbizness/

Resource Links

➥ Connect with Jaryd here - https://www.linkedin.com/in/jarydkrause

➥ FREE Download the Due Diligence Framework - https://buyingonlinebusinesses.com/freeresources/

➥ Buying Online Businesses Website - https://buyingonlinebusinesses.com

➥ Online Business Due Diligence Services - https://buyingonlinebusinesses.com/duediligence

Buy & Sell Online Businesses Here (Top Website Brokers We Use) 🔥

➥ Empire Flippers - https://bit.ly/3RtyMkE

➥ Flippa - https://bit.ly/3wGa8r5

➥ Motion Invest - https://bit.ly/3YmJAmO

➥ Investors Club - https://bit.ly/3ZpgioR

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