ML
Michael Lynch
United States
Bootstrapper who built and sold TinyPilot, now writing Refactoring English
TinyPilot, Refactoring English, Zestful +3
exit story · 2024 · hardware makers
How Michael Lynch Sold TinyPilot to Scott (individual buyer) (2024)
TinyPilot was built by Michael Lynch and sold to Scott (individual buyer) in 2024 for $598K. At the time of the sale it made ~$1M annual revenue; ~$208K earnings at listing.
Key facts
- Buyer
- Scott (individual buyer)
- Year
- 2024
- Price
- $598K
- Revenue at sale
- ~$1M annual revenue; ~$208K earnings at listing
- Years operated
- 4 years
- Channel
- Broker
Why they sold: Lynch missed writing code, was worn out from juggling every part of a hardware business with several teams and vendors, and wanted to start a family. He said TinyPilot took a minority of his time but most of his stress.
The story of TinyPilot
TinyPilot is a KVM-over-IP device for controlling computers remotely. Michael Lynch started it in 2020 from a blog post about a Raspberry Pi project and grew it into a hardware business with about $1M in annual revenue and a small team. He documented its progress in public monthly retrospectives.
Lynch first tried selling directly, including four months of talks with a strategic buyer that ended in a poor offer. He then hired the broker Quiet Light and listed the business at $599K. Two serious buyers emerged, and after letters of intent and about three months of due diligence the sale closed on April 12, 2024. The buyer, Scott, came from a corporate job in media production.
The price was $598,000 (about 2.4 times annual earnings), paid in full in cash at closing with no earnout or seller financing. After broker commission and legal fees, Lynch reported net proceeds of about $491K. He went on to write the book Refactoring English.
Lessons Michael Lynch shared
- 1.Each extra week of due diligence adds risk and work for the seller and weakens their negotiating position.
- 2.A buyer paying cash is better than one who needs a bank loan, because financing drags out diligence and adds people who can kill the deal.
- 3.A broker can find better-matched buyers than approaching companies on your own.
Paraphrased from the maker's public posts and interviews (see sources).
The maker
See the TinyPilot product page or Michael Lynch's full profile for everything they have built since.
Other exits by Michael Lynch
Amazon changed how its affiliate links worked, which broke about 90% of the site's affiliate links, and Michael Lynch no longer had time to maintain the site.
by Michael Lynch
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Sources
Facts are taken from the maker's and buyer's public statements and press coverage. Prices and revenue are shown only when publicly stated; self-reported figures are not independently verified.
Keep exploring
TinyPilot acquisition FAQ
Who bought TinyPilot?
TinyPilot was acquired by Scott (individual buyer) in 2024 from Michael Lynch.
How much did TinyPilot sell for?
TinyPilot sold for $598K, as publicly stated. At the time of the sale it made ~$1M annual revenue; ~$208K earnings at listing.
Why did Michael Lynch sell TinyPilot?
Lynch missed writing code, was worn out from juggling every part of a hardware business with several teams and vendors, and wanted to start a family. He said TinyPilot took a minority of his time but most of his stress.
How long did it take TinyPilot to get acquired?
TinyPilot was sold about 4 years after launch, through a broker (sold through an M&A broker such as FE International or Quiet Light).
What did Michael Lynch learn from selling TinyPilot?
Each extra week of due diligence adds risk and work for the seller and weakens their negotiating position. A buyer paying cash is better than one who needs a bank loan, because financing drags out diligence and adds people who can kill the deal.