E623 - He Reviewed 500 Deals Before Buying One Shopify App

"You would probably prefer to take money from Tony Soprano."

Jeremy Horowitz has spent a decade in the Shopify ecosystem, scaled brands at Gorgias, and now runs a PE fund that's reviewed nearly 500 deals. He acquired a WhatsApp marketing app called Coco AI and he's still hunting for his next Shopify brand in the $10-100M range. We get into what actually makes a business sellable (and what kills a deal instantly), how earnouts and seller notes really work, why DTC as we knew it is dead, and his scorching take on why Shopify Capital loans are...