How Roman Beylin Turned a Pain Point Into a Thriving M&A Advisory Marketplace

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Navigating the complexities of an acquisition can be daunting, especially for those without experience. Roman Beylin knows this firsthand. After spending more than a decade in traditional finance, Roman transitioned to entrepreneurship, which sparked his interest in small business acquisitions.

As Roman shares in this interview, his experience led him to found DueDilio, a marketplace designed to streamline the M&A process. You may also know Roman as the man behind a popular newsletter, The Business Inquirer.

In this interview, Roman shares his journey, his vision for simplifying the M&A process, and practical advice for first-time buyers and sellers.

Can you share your background and how you got started in the world of M&A?

I started my career in traditional finance, spending 12 years in equity research and investment banking.  After 12 years, I decided to take the leap into entrepreneurship and co-founded a consulting business in the alternative data space. That was a game-changer for me. My partner and I built the business over four years and eventually sold it, which gave me my first real taste of small business M&A.

That experience sparked my interest in the EtA (Entrepreneurship through Acquisition) space. I wanted to explore it further and understand how to navigate the process as a buyer. To dive deeper, I launched a Substack newsletter (The Business Inquirer) where I wrote about small business acquisitions, sharing insights and resources with others curious about the space.

At the same time, I decided to gain hands-on experience by purchasing two small online businesses. Those acquisitions gave me valuable “reps” in evaluating deals, managing due diligence, and learning the ins and outs of ownership.

What was the motivation behind DueDilio?

The idea came from a personal pain point and feedback from my newsletter subscribers. When I bought two online businesses, assembling my deal team took too long and felt unnecessarily complicated. Soon after starting my newsletter, readers began asking for M&A service provider recommendations, and that’s when the lightbulb went off.

Can you give a brief overview of DueDilio and explain how it works?

DueDilio is a marketplace and advisory service for assembling an M&A deal team for small business transactions. Our large network of highly vetted independent professionals and boutique firms specialize in M&A advisory, due diligence, and post-acquisition value creation.  Since launching in 2021, we’ve worked with over 500 clients.

Our business model is straightforward: clients use our services for free, and we earn referral fees from M&A service providers when they’re hired through our platform. This ensures aligned incentives and a win-win for everyone involved.

When we say “advisory,” we mean offering free consultations to help clients figure out exactly what they need—whether that’s deciding who to hire, understanding costs, or planning the right timing. I personally have 2 to 5 of these conversations daily.

Clients can use DueDilio in two ways. First, they can reach out directly, share details about their transaction, needs, and budget, and request introductions to 2–4 service providers we believe are a good fit. This approach works well for clients on tight timelines who trust our expertise.

The second option is more like a traditional marketplace. Clients submit their project, and we match them with service providers in our database. Within about two business days, we collect and present proposals for the client to review. From there, the client decides who to interview and ultimately hire for their project.

This structure makes the process simple, efficient, and tailored to each client’s needs.

Please tell us about your typical clients and how potential buyers can know if they’re a good fit for DueDilio.

Our typical clients are business buyers and sellers involved in transactions ranging from $500k to $25M in enterprise value (deal size). We work with individuals, independent sponsors, private equity firms, family offices, and even small businesses. Some of our clients are navigating their very first acquisition, while others are seasoned M&A participants with years of experience. We are industry-agnostic and can help clients all over the globe.

We understand that every transaction is different, and we focus on matching clients with service providers who fit their specific needs, timeline, and budget.

That said, there are situations where DueDilio might not be the right fit. If a transaction is very small (below $500k) or a client has unrealistic budget expectations for the services they need, it can be difficult to find the right match. But for most people in the small business M&A space, we’re a great resource.

What challenges do first-time buyers of online businesses often face during the due diligence process?

I want to start with a quick disclaimer: I’m an entrepreneur, not an M&A advisor or a due diligence professional. DueDilio is a marketplace, not a professional services firm. That said, here are a few observations from my experience…

First-time buyers often struggle with limited access to data, making it hard to assess operations fully. Analyzing SEO and web traffic can also be tricky, especially when differentiating between legitimate and unsustainable traffic sources.

Understanding customer acquisition and retention strategies is another hurdle, as is evaluating the technology stack if you lack technical expertise. Having a clear strategy and experienced professionals can help address these challenges.

What red flags should buyers look for when reviewing the financials of an online business?

Financial due diligence for an online business is often more straightforward compared to a Main Street business.  Here are a couple of areas to be particularly mindful of…

• Unverified Revenue Sources: A lack of supporting documents like bank statements, invoices, or payment processor reports to validate revenue claims is a major warning sign.
• Revenue Volatility: Significant fluctuations in monthly or annual revenue without clear explanations can indicate unstable income streams or seasonal dependency.
• Heavy Reliance on a Single Source: Overdependence on a single customer, vendor, or platform (e.g., all revenue coming from one marketplace or affiliate program) poses a risk to business stability.
• Unexplained Expenses: High or inconsistent expenses without clear justifications could indicate mismanagement, inefficiencies, or potential fraud.
• Lack of Separation: If the business’s finances are mixed with the seller’s personal or other business accounts, it can be difficult to understand the true financial picture.
• Hidden Liabilities: Outstanding debts, unpaid taxes, or pending refunds that aren’t clearly disclosed could lead to unexpected financial burdens.

How do you advise clients to assess an online business’s operational structure when dealing with remote teams or outsourced roles?

Start by understanding who does what and how critical each role is to daily operations.  Check if the business has clear processes and documented workflows, which make transitions smoother. Look for any over-reliance on key individuals that could pose risks if they leave.  How easy are team members to replace?

It’s also worth assessing the tools they use for communication and task management—good use of platforms like Slack or Asana often indicates an efficient team. Don’t forget to review outsourcing agreements to ensure they’re scalable, flexible, and the IP is properly assigned.  Finally, ask about team morale, stability, and the seller’s plan for transitioning relationships with team members, and make sure everything is compliant with labor laws across different locations.

What aspects of an online business’s marketing should be scrutinized during due diligence?

When evaluating an online business’s marketing, it’s important to dig into how they’re attracting and keeping customers. Look at the main acquisition channels—are they relying on organic search, paid ads, or referrals? Check if these strategies are sustainable or overly dependent on one source.

For SEO, see how well they rank for key terms, the quality of backlinks, and if there are any red flags like penalties. Email marketing is another big one—are they actively engaging their audience with strong open rates and good segmentation? If they’re running paid ads, look at how much they’re spending and if it’s delivering a solid return.

Finally, check for over-reliance on platforms like Google or Facebook, which could become risky if policies or algorithms change. This gives a clearer picture of whether their marketing can support long-term growth.

I’ve always believed that it’s better to buy a business that has a proven paid marketing strategy rather than one that solely relies on word of mouth or organic sales.

What is one piece of advice you’d give to anyone buying their first online business?

There’s a great quote from Eric Schmidt:  “Revenue solves all known problems.”  Focus on buying a business where you understand:

1. How it makes money
2. How it attracts clients 

For business owners considering a future sale, how early should they start preparing their business for due diligence, and what steps should they take first?

There’s no such thing as too early.  Start at least 1–2 years before selling to give yourself time to clean up financials, document processes, and fix any potential issues. Organize contracts and customer data, and reduce over-reliance on yourself or key team members.

This preparation not only smooths the sale process but can also boost the business’s value. Having a professional to guide you is always a smart move, and DueDilio can help you find one.

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