George PuAcquisition Thesis
I buy boring online businesses that survive AI and compound forever.
The thesis in one sentence:
“Small, profitable, AI-resistant digital assets with owned audiences, bought at fair multiples, held forever.”
Ideal Targets
$50K - $300K annual revenue. Profitable. Light operations.
Newsletters
Paid or ad-supported. 10K+ engaged subscribers.
Substack, Beehiiv, Ghost, ConvertKit
Affiliate Sites
Content-driven. <60% Google dependency.
Review sites, comparison tools, niche blogs
Communities
Paid membership or hybrid model.
Circle, Slack, Discord, forums
Micro-SaaS
Simple tools with recurring revenue.
Browser extensions, integrations, niche tools
Owned Audience
Email list preferred (10K+ subscribers)
Traffic Diversity
<60% dependent on Google
Light Operations
<20 hours/week to run
Profitable
Positive cash flow (non-negotiable)
Revenue Range
$50K - $300K annually
No VC Baggage
Bootstrapped or lifestyle businesses
The Five Principles
What guides every acquisition decision.
Owned Audience Over Rented Traffic
Email lists survive algorithm changes. SEO doesn't. I prioritize businesses where the audience relationship is direct and owned.
AI-Resistant, Not AI-Proof
Nothing is truly AI-proof. But some businesses have natural moats: trust, community, curation, taste. These compound over time while commodity content gets arbitraged to zero.
Cash Flow Over Growth
I'm not buying growth curves or TAM narratives. I'm buying businesses that throw off cash today. Profitable is non-negotiable.
Forever Hold, Not 5-Year Flip
No fund timeline forcing an exit. No LPs demanding returns. I buy to hold for 30+ years. This changes everything about how I operate and what I'm willing to pay.
Light Operations, Deep Value
I'm looking for businesses that run on 20 hours/week or less. Not because I'm lazy - because leverage creates freedom, and freedom creates optionality.
What I Pay
Transparent deal structure. No games.
Multiple
2-4x
annual revenue
Structure
70-80%
cash upfront
Earnout
20-30%
over 12-24 months
Timeline
30-60
days to close
Why Sell to Me
Fast Decisions
No investment committee. No board approval. I make decisions myself, quickly. If there's fit, we move in 30-60 days.
Forever Hold
I'm not a fund with a 5-year exit timeline. Your creation continues. Your subscribers/users stay served. No flip, no gut, no leverage games.
Real Operator
I've built businesses from zero. I understand newsletters, content, communities. I'm not a spreadsheet guy - I'm going to actually run what I buy.
Fair Price
I've been a seller too. I don't lowball. I pay 2-4x because I'm buying to hold forever - your valuation is my entry point, not my exit opportunity.
Sound Like Your Business?
If you're running a profitable online business and thinking about selling, I'd like to hear from you.
5 minutes to fill out the form. I respond within 7 days.