My First Million

The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.

Magazine Portfolio Acquisition Framework

Reusability

A systematic approach to acquiring undervalued magazines with loyal audiences and converting them into commerce platforms

How It Works

Buy magazines trading at 3-5x EBITDA that have survived decades, indicating strong audience loyalty. Use the media business to break even while building commerce opportunities on top of the audience

Components

Identify magazines that have survived decades indicating audience loyalty

Target enthusiast categories with high spend potential

Acquire at 3-5x EBITDA multiples

Fix broken subscription and advertising models

Build commerce businesses (financing, e-commerce, services) on top of audience

Consolidate back-office operations across portfolio

When to Use

When targeting enthusiast communities with high spending power in categories like aviation, boating, trains, or hobbies

When Not to Use

For broad general interest publications or audiences without clear spending patterns

Anti-Patterns to Avoid

Acquiring magazines with declining engagementOverpaying for trophy assets without commerce potentialNot fixing core media economics before expandingIgnoring audience intent data

Example

“Flying Magazine was losing $7 per subscriber annually at $8 average revenue per subscriber vs $15 cost. After acquisition, raised subscription prices to $30-40, eliminated freeloaders, built aircraft financing and real estate businesses on top of the audience”