Going from building to buying and hitting $12M/yr
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Dom Wells, founder of Onfolio

Dom Wells went from building to buying. Now, his holdco, Onfolio, is a publicly held company bringing in $12M/yr.

Here's Dom on how he did it. 👇

A niche holding company

I'm the founder and CEO of Onfolio Holdings, Inc. We're a publicly traded serial acquirer of small, profitable online businesses with a $12M revenue run rate. We currently have about 20 in our portfolio.

We typically buy B2B agencies, info product businesses, some e-commerce, some marketplaces. Most of the time, we are buying from founders and the businesses are doing $1-5MM in revenue. So, we're playing in quite a small space compared to other acquirers, but it's what we understand, and we've had success with it.

We are always looking to move into other business models, but we like to do a 1+1=3 acquisition, which means that we have some synergies or other instant wins available to us. And that generally requires us to be familiar with that particular business or industry.

Onfolio homepage

Going from building to buying

I initially started building online businesses as a way of making an income when I was living overseas. I eventually built my way to making about $10k/mo via affiliate websites and an agency. Once I had some savings, I started investing in stocks, but I realized that buying websites had a great ROI too.

So, over time, I switched to buying instead of building. I began by acquiring a few smaller businesses off of Empire Flippers with my own funds. And then, I raised money so I could do it as my main thing. I wanted to build something long-term and significant.

These days, we have a central leadership team and an individual team for each company. The central team helps each individual team with strategy and the individual teams execute.

Going public

Being a public company means you get access to a lot of advisors. And a lot of people are motivated to help you or work with you. It's a big advantage

But there's also a lot of scrutiny. And it's expensive. Both of these challenges have slowed our progress.

If I were to do it again, I'd raise more money at IPO. Either that, or wait until we were more profitable.

General growth strategies for a holdco

Since we're a holding company, it's hard for me to give a useful answer to how we grew our businesses — each one had its own methods.

But, in general, we use paid traffic, referral programs, and sometimes SEO.

As far as the holding company itself, we've grown largely through acquisitions. We usually aim for 3-4x net income, and we've spent about $10M so far.

When we went public, we had $1.2M in annual revenue. We now have about $12M revenue run rate, and that is largely due to acquisitions.

Stick with something

Don't keep switching between ideas.

The reason you have so many ideas is that you're hungry for success. That's a good thing. But channel it toward one or two things.

It's fine to change your mind sometimes or have a few things going on, but you also have to stick with something long enough. It's a balancing act.

What's next?

Our next goal is to hit $100M in revenue.

You can follow along on X and LinkedIn. And check out Onfolio!

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About the Author

Photo of James Fleischmann James Fleischmann

I've been writing for Indie Hackers for the better part of a decade. In that time, I've interviewed hundreds of startup founders about their wins, losses, and lessons. I'm also the cofounder of dbrief (AI interview assistant) and LoomFlows (customer feedback via Loom). And I write two newsletters: SaaS Watch (micro-SaaS acquisition opportunities) and Ancient Beat (archaeo/anthro news).

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  1. 2

    Really inspiring path. I’m also in the early stages of building something that could turn into a small portfolio, starting with a news/AI platform that's gaining traction. The shift from builder to buyer is underrated. Curious: How do you decide when a business is too small (or too messy) to be worth acquiring?

  2. 2

    @James, whats your view on purhcasing small AI companies that generate revenue but that have loads of competition. Do you think were in a bubble and most will die if they dont properly solve an issue ?

    1. 1

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    2. 1

      I know you asked James, but just to chime in. I think you need a stronger thesis than just buying small companies. AI in particular is tricky as a.) many of the smaller companies have no moat and b.) are overpriced.

  3. 2

    Enjoyed this one – I’ve always been in the “builder” mindset, but this gave me a clearer view of the potential in the acquisition path. What stood out most to me was how you centralized leadership but kept individual teams focused – that’s something I’m exploring even as a solo builder, trying to validate a small idea around personal organization. Also appreciate the reminder to “stick with something” – I’ve fallen into the trap of jumping ideas too early, and this gave me pause. Thanks for sharing your journey, Dom – super insightful!

  4. 1

    Really inspiring journey from building to acquiring businesses. Love the focus on synergies, structured teams, and the advice to stick with something long enough. Practical and motivating insights, thanks for sharing.

  5. 1

    This is super eye-opening. I’ve always been in the “builder” mindset and never seriously considered acquiring small projects, probably because I assumed it needed capital or experience I didn’t have yet.

    But the way you broke down the mindset shift, from product obsession to distribution & growth, really clicked for me.

    I just launched my own solo project, and your story honestly made me think about the long game differently. Appreciate the transparency, especially around the acquisition mindset.

  6. 1

    Fascinating journey. I’ve been experimenting with small digital projects and was wondering how early you’d consider something acquirable. Really cool to see how you’ve scaled this model to public-company level.

  7. 1

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  10. 1

    Appreciate the honesty about going public. It’s easy to only hear the upsides, but the tradeoffs are real. Still, huge respect for hitting $12M in revenue.

    1. 1

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  11. 1

    Dom’s timeline reads like a cheat code from 0 → IPO: bootstrap tiny sites to $10k/mo → reinvest profits into buying more → snowball with other people’s cash flow → list the snowball.

    What hit me hardest is the “1 + 1 = 3” mantra—not stacking revenue, but plugging a proven playbook into a new asset and watching margins explode overnight. Too many indie teams chase GMV and forget that synergy is the real multiplier.

    Also props for the brutal IPO honesty—should have raised more at the bell. Going public isn’t the finish line; it’s both an amplifier and a magnifying glass.

    Following along for the $100 M checkpoint!

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      Full Email & Phone Number Access
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  12. 1

    Impressive focus and discipline — love how you moved from builder to acquirer and scaled through smart, synergistic buys. The transparency about going public is rare and appreciated.

  13. 1

    Really interesting approach to acquisitions — especially your focus on small, profitable online businesses in the $1–5M range. It’s refreshing to see a holdco that thrives in a space often overlooked by larger firms.

    Curious — how do you typically support these companies post-acquisition in terms of operational efficiency or tech enablement?

  14. 1

    Really interesting discussion on holding companies. I’ve been building something similar with Onfolio — a public holdco focused on acquiring small, profitable online binessesus. I went from building affiliate sites to running a public holding company doing $12M+ in revenue

  15. 1

    This is such a smart shift in mindset — from building everything yourself to strategically acquiring. It’s awesome to see how buying proven assets helped accelerate growth and reduce the early-stage struggle. Really motivating to see what's possible when you play the long game and focus on smart decisions over hustle alone. Thanks for breaking it down so clearly!

  16. 1

    Fleischmann's journey from building to buying demonstrates an impressive $12M/year in business success through smart acquisitions, scaling operations, and leveraging market demand.

  17. 1

    The switch from building to buying was a smart leverage play — using capital instead of time to scale. Love the 1+1=3 synergy thesis; that kind of integration mindset is where most small holdcos fail. Curious how you're balancing central ops vs. decentralized autonomy as you scale toward $100M. Following closely.

  18. 1

    Appreciate the honesty about going public. It’s easy to only hear the upsides, but the tradeoffs are real. Still, huge respect for hitting $12M in revenue.

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  19. 1

    This was an excellent read. I love the mindset shift from building to buying. It’s inspiring to see how leveraging existing products can scale revenue so efficiently. Congrats on hitting $1.2M/year. That's awesome.

  20. 1

    I have a SaaS company and would like to discuss potential acquisition opportunities with you. Deborah at the company Blackwolf Int

  21. 1

    @James, Shifted from building 3 failed SaaS to acquiring a $8k content site last year. The predictability vs. validation risk is night and day. What red flags do you watch for in due diligence?

  22. 1

    Dom, your journey from building to buying is fascinating! It's not every day we see indie hackers scaling through acquisitions. How did you identify the right businesses to acquire, and what criteria did you use to ensure they aligned with your vision and could be integrated successfully? Also, managing 20 companies sounds like a logistical challenge—how do you structure your team and processes to keep everything running smoothly? I'm curious about the balance between acquiring existing revenue streams and continuing to innovate. Do you still build new products from scratch, or is your focus now primarily on optimizing and growing the acquired businesses? Your story is inspiring for those of us considering different paths to scale. Thanks for sharing!

    1. 1

      Also curious about this... Was going to ask about what's worth acquiring vs. ones that looked shiny but weren’t sustainable...

  23. 1

    Incredible journey Dom! Your evolution from building to buying really resonates with me.

    As someone who works with entrepreneurs daily (I'm a therapist), I see the psychological shift you describe so clearly. The transition from "I need to create everything" to "I can acquire and improve" requires a fundamental mindset change - moving from creator ego to strategic operator.

    Your point about "1+1=3 acquisitions" is brilliant. The synergy piece is what separates smart acquirers from just collectors. It sounds like you've developed a real intuition for spotting those opportunities.

    What strikes me most is your advice to "stick with something." I see so many founders jumping between ideas because they're "hungry for success" - exactly as you described. That hunger is beautiful, but channeling it requires serious emotional discipline.

    Going public at $1.2M to reach $12M run rate is impressive scaling. The scrutiny vs. access trade-off you mentioned is fascinating - more resources but more pressure.

    Question: When you acquire these businesses, how do you maintain the entrepreneurial spirit that made them successful in the first place? I'm curious about the human side of integrating founders' babies into a larger structure.

    Thanks for sharing this roadmap - proof that patience, focus, and strategic thinking can compound into something truly significant!

  24. 1

    Stick with something- great advice

  25. 1

    You mentioned each business had its own path to growth. Do you ever try to apply shared operator playbooks across companies (like centralizing analytics, CRO best practices, or customer success), or do you mostly stay hands-off post-acquisition?

  26. 1

    i believe i will done。

    1. 1

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      Real Gmail & Active Phone Number Linked
      Bank Account & Card Fully Verified
      SSN, ID, License & VCC Included
      Transaction-Ready – No Waiting

      ➤If you want to more information just knock us–

      ➤Telegram: @pvaonit

      ➤WhatsApp: +1 (616) 322-3450

      ▣Website link: pvaonit

  27. 1

    Great read! I’m genuinely intrigued by the concept of holdco companies like Onfolio. @Dom, given that Onfolio operates in a relatively niche market, how do you identify attractive acquisition opportunities? It appears that founders at this scale often struggle to determine whether they want to scale further or consider an exit, which can make sourcing motivated sellers quite challenging. I’d love to hear your insights on this.

  28. 1

    The idea of ‘1+1=3’ synergy resonates a lot. Do you have a process to identify potential synergies before the acquisition, or do they emerge afterward? M.C.

  29. 1

    Fantastic read. I'm really interested in learning about such holdco companies. @Dom, since Onfolio operates in a relatively smaller market, how do you scout attractive target opportunities? Most of the times founders of that scale don't know if they want to grow further or plan an exit. So, I believe finding motivated sellers would be a challenge. I'd love to hear your take.

  30. 1

    One thing that caught my attention here is "sticking with something" I recommend everyone to stick with something rather than trying to do everything realize that there is so much that you can do in a day, only there is this much time in a day, you can't make 24 --> 48 until and unless you take leverage of other things out there. So remember to focus on the one thing first make it work put it into practice and when you get good at something then you can move on to other things. One thing at a time.

  31. 1

    I enjoyed this thank you!

  32. 1

    Hey, Dom just checked out your site. Do you get any leads from it?

      1. 1

        We do, but the corporate site isn't for any of the operating companies. Each portfolio site has its own site for generating leads.

        1. 1

          That makes sense. For the holding company, would you say it's more inbound or outbound that leads you to acquire the companies that you want

  33. 1

    Really enjoyed this read. The “building to buying” mindset shift is something more indie founders should consider, especially once they have systems and cash flow from their first projects.

    The point about 1+1=3 acquisitions stood out. It’s easy to think buying any profitable site is a win, but having synergy with what you already know feels key to avoiding overwhelm and missteps.

    Also appreciate the reminder to stick with something. Simple but hard to practice when shiny objects are everywhere.

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      Transaction-Ready – No Waiting

      ➤If you want to more information just knock us–

      ➤Telegram: @pvaonit

      ➤WhatsApp: +1 (616) 322-3450

      ▣Website link: pvaonit

  34. 1

    Thanks for sharing your journey and insights! It’s impressive how you transitioned from building small affiliate sites to running a publicly traded holding company with a $12M revenue run rate. The focus on acquiring businesses where you have clear synergies really resonates — it’s a smart way to create value beyond just buying revenue streams.

    I also appreciate your honesty about the challenges of being public — the tradeoff between access to advisors and increased scrutiny is real, and your lessons on IPO timing are very valuable.

    Sticking with a clear focus while being open to new opportunities is such a key balance for growth. Excited to see you hit that $100M goal!

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      SSN, ID, License & VCC Included
      Transaction-Ready – No Waiting

      ➤If you want to more information just knock us–

      ➤Telegram: @pvaonit

      ➤WhatsApp: +1 (616) 322-3450

      ▣Website link: pvaonit

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