Sale of 100 % of shares · PaperTime s.r.o. · Czech Republic
A brand that 20,000 people have folded is looking for a new owner.
PaperTime is a Czech brand of 3D paper puzzles — seven years of brand building, in-house production, 11,534 customers, national press coverage (Forbes, Vogue, Reflex, iDNES) and an operation that runs on one hour a week off-season. We are selling it completely in the open: this page has every number for every year — including the ones that did not go our way.
Currency: CZK (Czech koruna). Rough conversion €1 ≈ CZK 25, i.e. CZK 1 M ≈ €40k. All figures come from statutory accounts, e-shop exports and ad-platform APIs; the full data room is in Czech (we are happy to walk you through it in English).
01 · ProductWhat PaperTime is
Minimalist, low-poly animals made of premium paper that the customer folds at home. No scissors (the Classic line is laser pre-cut), engineered folds, an evening of shared fun — and at the end a design object for a kid's room, living room or office. The product is at once a gift, a creative activity and a home accessory. That is why it works as a Christmas gift at CZK 299–799 (€12–32) and why lifestyle media write about it.
Classic · CZK 799 · laser-cut, Italian paper, ~85 % marginCut-outs · CZK 599 · printed on board, made in-house in Brno, ~90 % marginMini · CZK 299 · small puzzles, ~85 % marginA design object — hence Vogue and Marianne BydleníAn "anti-screen" product — the family at one table50+ designs: dog, cat, fox, deer, unicorn, panda…
Three lines, one margin
Line
Price
Unit cost
Margin
Classic (laser, Italian paper)
CZK 799
CZK 73–121
~85 %
Cut-outs (since 10/2025)
CZK 599
CZK 30–60
~90 %
Mini
CZK 299
CZK 32–60
~85 %
Accessories (glue + brush)
—
—
9,568 pcs sold
The cut-out line, launched in October 2025, took 6 of the 10 best-selling positions in its very first year.
Best sellers (lifetime, CZ)
Product
Revenue
Units
Dog
CZK 1,058k
2,003
Black cat
841k
1,586
Bulldog
607k
1,141
Orange squirrel
527k
1,094
Brown deer
515k
903
Brown cat
423k
782
Fox
366k
816
Black unicorn
311k
569
Fox Mini
288k
1,408
Why customers buy
Mums — an offline activity for kids with a sense of achievement.
Young couples — creating together, an original gift.
"Last-minute dads" — an inventive gift that saves Christmas (Q4 = 80–93 % of revenue).
Design lovers — an interior accessory.
Verified reviews: 4.9 / 5★★★★★ from 123 purchase ratings (118× five stars) — public on papertime.cz. Core audience: women 25–34 with above-average income in large cities.
The vision written into the brand manual in 2019: to become "the LEGO of paper" — the first choice for a creative gift worth a few hundred crowns. The animals are version 1 of the catalogue; the product engine (see Operations) can launch a new design in 24 hours.
02 · StorySeven years of PaperTime, unretouched
The trajectory is not a straight line up — it is a cycle that follows how much time and money the founders had at any given moment. We say it up front, because that is exactly what you will see in the numbers below.
2019 Two classmates from the Prague University of Economics (Egor Nefedov and Jaroslav Kevin Peterka) start a project inspired by the paper cut-outs of Czech childhood magazines. Goal: give people offline fun back. The first paper cat.
2020 External laser production for premium quality, the Mini collection (Fox = instant bestseller), first kiosk in a Prague shopping centre. Shoptet e-shop from September: 883 orders in 4 months.
2021 Christmas kiosks in two Prague malls, up to 18–20 people on temporary contracts, net revenue CZK 3.17 M, profit +CZK 898k. PaperTime s.r.o. incorporated (3/2021). Forbes, Vogue, Reflex, iDNES write about it.
2022 Record November (CZK 1.55 M in a single month), 3,178 orders, outsourced fulfilment (Skladon). Shift from physical retail to pure online marketing — the company goes "virtual". Loss −304k (marketing + fulfilment).
2023 Slowdown: other projects absorb the founders, marketing falls, revenue CZK 1.58 M, loss −583k (external fulfilment 508k + Classic production 668k at falling volume).
2024 Consolidation: end of outsourced fulfilment, own logistics, minimal marketing (216k). Revenue CZK 0.80 M — but profit +CZK 537k. A natural stress test: at a low budget the company is profitable.
2025 Growth restart: new cut-out line with in-house production in Brno, record marketing (934k), Google Ads back on (ROAS 4.7), November + December CZK 2.3 M, launch of papertime.eu. Net revenue CZK 2.21 M, book loss −557k (investment in acquisition and EU).
2026Strongest first half in the company's history (CZK 448k, 11× H1 2025), demand runs year-round for the first time. The founders decided to hand the company to someone who will give it time — ideally before the Q4 2026 season.
03 · FinancialsAll the numbers, all the years — losses included
Every figure comes from statutory financial statements, the Shoptet e-shop export, bank statements and advertising APIs. Every key number can be backed by at least two independent sources; serious buyers get the complete data room with the underlying documents. 2025 has additionally been independently confirmed by the tax office (assessed tax loss matches the P&L; document available on request).
Revenue by year
2020 covers September–December only (e-shop launch). 2026 = January–October (as of 2 Oct 2026). The trajectory is cyclical (peak 2022, trough 2024, recovery 2025) and tracks marketing intensity, not demand for the product.
Year
Orders
CZ revenue incl. VAT
AOV
Net revenue excl. VAT (accounts)
Net profit
2020 (from 9/)
883
CZK 784,229
CZK 888
— (pre-incorporation)
—
2021
2,392
CZK 2,400,328
CZK 1,003
CZK 3,174k*
+898k
2022
3,178
CZK 2,698,331
CZK 849
CZK 2,654k
−304k
2023
2,069
CZK 1,726,223
CZK 834
CZK 1,582k
−583k
2024
1,124
CZK 898,591
CZK 799
CZK 799k
+537k
2025
2,382
CZK 2,458,575
CZK 1,032
CZK 2,214k
−557k
2026 (Jan–Oct)
911
CZK 785,496
CZK 862
—
—
2026 vs. 2025 by month — the current year live
Month
Orders (2025)
Revenue incl. VAT (2025)
vs. last year
Jan
90 (20)
CZK 78,188 (CZK 15,112)
+417 %
Feb
95 (9)
CZK 92,739 (CZK 7,104)
+1205 %
Mar
94 (11)
CZK 94,543 (CZK 6,395)
+1378 %
Apr
98 (8)
CZK 81,725 (CZK 6,471)
+1163 %
May
48 (5)
CZK 36,579 (CZK 2,246)
+1529 %
Jun
83 (6)
CZK 64,443 (CZK 3,381)
+1806 %
Jul
110 (2)
CZK 85,486 (CZK 1,596)
+5256 %
Aug
137 (2)
CZK 112,931 (CZK 5,238)
+2056 %
Sep
154 (4)
CZK 135,842 (CZK 7,297)
+1762 %
Oct *
2 (124)
CZK 3,020 (CZK 103,815)
−97 %
Total Jan–Oct
911(191)
CZK 785,496(CZK 158,655)
+395 %
Q4 2026 season week by week vs. Q4 2025
Week (Q4)
Orders
Revenue incl. VAT
vs. last year
W40
2 (0)
CZK 3,020 (CZK 0)
—
Q4 YTD
2(0)
CZK 3,020(CZK 0)
—
* Shoptet export, valid orders, as of 2 Oct 2026; the last month is incomplete. Updated automatically every week — from October a weekly comparison of the season is added.
* 2021 includes mall-kiosk sales (hence net revenue above e-shop revenue). Since 2022 the company is online only.
Seasonality month by month — the whole history
80–93 % of annual revenue lands in November and December. That is the company's defining trait: predictable cash flow (instant collection, practically no receivables), but marketing and stock must be prepared ahead of the season. The orange 2026 bars show what is new — the off-season is alive for the first time.
H1 2026 = CZK 448k, more than ever before (even H1 2021 with kiosks). Straight talk: it ran with ~CZK 407k of marketing (H1 2025 had almost none), so part of the growth is bought. What matters is the regime change — the off-season is close to self-funding (revenue ~531k incl. EU vs. costs ~658k) instead of a dead half-year.
Profitable years = years of disciplined marketing (2021: 19 % of revenue, 2024: 27 %). Loss years = investment in acquisition, EU and (2022–23) expensive outsourced fulfilment. Marketing is the main profitability lever, but not the only one.
Profit & loss 2021–2025 (CZK thousands, statutory accounts)
Item
2021
2022
2023
2024
2025
Revenue from products & services
3,064
2,635
1,581
799
2,214
Revenue from goods
60
17
0
0
0
Cost of sales (materials + services)
1,662
2,580
1,739
94
2,649
— of which materials
−393
288
283
−265
818
— of which services
1,888
2,292
1,456
359
1,831
Personnel costs
342
360
374
168
1
Other operating costs
52
4
0
0
85
Operating result (≈ EBITDA, depreciation ~0)
+1,116
−292
−532
+538
−521
Financial result
−7
−12
−51
−1
−36
Net profit after tax
+898
−304
−583
+537
−557
Negative "materials" in 2021 and 2024 = stock build-up (capitalised inventory), not income. Personnel costs near zero since 2024 — operations run on temp workers; the founders' work is not in wages (an owner-operator sees SDE ≈ EBITDA; an institutional buyer must add a management cost).
Balance sheet 2021–2025 (CZK thousands)
Item
2021
2022
2023
2024
2025
Total assets
1,978
1,757
873
1,472
1,735
Inventory (book)
444
254
160
450
241
Receivables
163
284
121
416
756
Cash
1,362
1,213
588
606
738
Equity
998
694
111
648
91
Liabilities
980
1,063
762
824
1,580
Straight talk: equity has eroded to CZK 91k and liabilities rose to CZK 1,580k (trade payables 643, taxes 333, bank loan ~273, shareholder loan 152). The bank loan (Česká spořitelna) has a balance of ~CZK 240k as of 6/2026 (instalment CZK 5,809/month); the shareholder loan is ~CZK 200k — offset against a CZK 267k receivable from the shareholders at closing. Net debt is reflected in the price (see Price).
Where the money goes — operating costs 2021–2025 (CZK)
Marketing is the largest and most controllable item, but not the only one. Costs excluding marketing were ~CZK 1.8 M in 2025. About CZK 209k of that is a one-off sell-down of stock built up in 2024, a book cost with no cash outflow. The low 2024 figure is distorted by the opposite effect, the stock build-up (−265k).
Item (CZK k)
2021
2022
2023
2024
2025
Marketing (Meta, Google, EU)
596
704
382
216
934
Other services (print and die-cutting, shipping and fulfilment, platforms, accounting, rent)
1,292
1,588
1,074
143
897
Materials, goods and energy (incl. stock change)
−226
288
283
−265
818
Personnel costs
342
360
374
168
1
Other operating costs
52
4
0
0
85
Total operating costs
2,056
2,944
2,113
262
2,735
— of which excl. marketing
1,460
2,240
1,731
46
1,801
Source: statutory accounts (profit and loss statement) 2021–2025; marketing from Fio bank statements and the Meta and Google Ads APIs. Corrected 9/2026: an earlier version of this overview grouped costs by bank payments and was incomplete for 2025. It showed costs excluding marketing of ~CZK 290k instead of the actual ~CZK 1.8 M. The overview is now taken directly from the P&L.
H1 2026 by category (FlexiBee accounting, CZK)
Category
H1 2026
Marketing (Meta, Google)
351,288
Logistics (PPL, GLS, Zásilkovna, DPD)
143,587
Wages / temp workers
59,861
Accounting
30,250
Rent (Brno)
25,992
Platforms / SaaS
20,875
Packaging
15,557
Marketing services (Leadhub)
7,806
Production / print
3,366
Total
~658,000
Unit economics of one order (2025, indicative)
Item
CZK / order
AOV excl. VAT
~853
− COGS (material, print/cut, assembly CZK 10/pc)
−128
= Gross margin
~725 (85 %)
− Packaging
−20
− Shipping net (after customer-paid postage)
~−60
− Marketing / order (934k / 2,382)
−390
= Contribution after marketing
~255
~CZK 255 × 2,382 orders ≈ CZK 607k of contribution to cover fixed costs (rent CZK 3k/month, platforms, accountant, owner time). In 2025 it did not → loss. Returning CAC to ~CZK 250 (2021–24 level) saves ~CZK 170/order ≈ CZK 410k. That would move the 2025 result from −521k to ~−110k, or ~+100k after adjusting for the one-off stock sell-down.
Year
AOV incl. VAT
New cust.
CAC
LTV/CAC
2021
1,003
2,280
CZK 261
3.0×
2022
849
3,014
CZK 234
3.4×
2023
834
1,829
CZK 209
3.8×
2024
799
1,003
CZK 216
3.7×
2025
1,032
2,071
CZK 451
1.8×
LTV ≈ CZK 790 gross margin per customer (AOV 853 × 1.09 orders/customer × 85 %). Repeat rate 7.8 % — a gift purchase, not a repeat purchase; the value is in acquisition and brand, not retention. Payback is immediate (first order covers CAC) in every year except 2025, where it is borderline.
What you need for the season — working capital and stress test
largest outflow: stock build + campaign ramp-up, WC peak ~CZK 1–1.4 M
November–December
80–93 %
Q4 collection (~CZK 2.3 M in 2025) covers WC and the whole next year's operations
Total capital deployed in year 1: purchase price + debt settlement ~200–440k + WC 1–1.4 M, of which the WC comes back from Q4 collections by December.
Weak Q4 scenario (−30 %)
CZK k, net revenue
Base (2025)
Weak Q4
Q4 revenue
~1,990
~1,390
Contribution after variable costs (~75 %)
~1,490
~1,040
Impact on annual result
—
~ −450
Even in the weak scenario Q4 generates over CZK 1 M of contribution. There is no fixed cost base that could sink the company (rent CZK 3k/month, no fixed salaries). Marketing can be cut in real time by ROAS; pre-stocking is low thanks to JIT.
04 · Brand & customersThe asset you cannot buy quickly: demand that comes on its own
Over seven years the company invested a cumulative CZK 3.3 M+ in marketing (documented by bank statements). The result is not just a sales history but a permanent stream of unpaid demand worth ~CZK 900k of revenue a year — customers who arrive on their own from search, direct, e-mail and social.
11,534 unique customers (CZ, by e-mail) + ~189 in the EU. Repeat 7.8 % (897 repeat buyers) — we say openly that the value is not in repeat purchases but in the brand and the channels that bring new customers on their own.
Traffic recovered after the 2024 slowdown and is growing: 54,841 users in the last 12 months (CZ 41,004 + EU 13,837). Until 2022 measured in Universal Analytics (~100k users/year), GA4 since 2023 — not fully comparable.
Media credibility
Repeated coverage in Forbes, Vogue, Reflex, iDNES, Radio 1, MF DNES, Marianne Bydlení. Something Czech competitors do not have and advertising cannot buy. Press contacts transfer with the company.
Instagram ~4k followers, Facebook ~2.7k. Content is now largely AI-generated (product visuals indistinguishable from photos → zero photo-shoot cost). Tutorials, folding time-lapses and UGC are natural for the product and almost untapped.
E-mail database + automation
Leadhub: 14 live flows (welcome, abandoned cart 2 h/24 h, browsed products, rewards at 30 days/3/6/9 months, name-day wishes). Open rate ~33 %, e-mail attributes ~39 % of order value and has the highest conversion rate of all channels (~10 %). The tool is built — the lever is database growth.
What customers say — 4.9 / 5★★★★★ from 123 verified purchase ratings
★★★★★
"Perfect! Everything arrived practically at once. Beautiful packaging, a perfect gift! The puzzles are really amazing. I wanted to order the big dogs too, but sold out."
Jiří · 12/2022
★★★★★
"Very satisfied. Beautifully packed, great instructions, quality workmanship. A gift for my 18-year-old son — he rated it the best present under the tree."
verified purchase · 12/2025
★★★★★
"Beautiful things, nice idea, original gift, fast delivery, friendly communication with the shop, frequent price promotions."
Daniela · 12/2022
★★★★★
"Great communication — the parcel arrived mixed up, but they sorted it out quickly even at the weekend and immediately sent a corrected order! Thank you and I recommend!"
Jitka P. · 12/2025
★★★★★
"A great gift for my better half :))"
Filip Ř. · 12/2022
★★★★★
"Great fun, thank you."
Martin H. · 1/2026
All ratings are public at papertime.cz/hodnoceni-obchodu (118× 5★, 4× 4★, 1× 1★ — a colour-shade complaint on a cut-out, 12/2025, resolved). Translated from Czech. The brand manual (mission, vision, tone of voice, logo, palette, Oswald typography) transfers to the buyer as a finished asset.
05 · MarketingEngine and weakness at once — and the main lever for a new owner
Marketing is the main source of revenue and the largest cost. It decides whether a year is profitable. Channel by channel we show what works (Google Ads, e-mail, organic), what is expensive (Meta in season) and what was a mistake (EU Meta 2025). Figures come straight from the Meta Marketing API, Google Ads API, GA4 and bank statements.
Revenue follows marketing: the 2024 slowdown (216k → revenue 799k, profit +537) vs. the 2025 push (934k → revenue 2,214k, loss −557). 2024 is a natural stress test: with a 4× smaller budget revenue fell to ⅓, but the company was profitable.
Marketing/net revenue jumped to 42 % in 2025 — EU launch, Google Ads and expensive seasonal auctions. At ~28 % (the 2022–24 level) 2025 would have ended roughly at break-even: EBITDA ~−207k, ~0 after adjusting for the one-off stock sell-down. Marketing discipline removes the loss; profit also needs revenue growth or lower overheads.
Run the numbers yourself — the "what if" calculator
The model is calibrated to actual 2025: the default values give ≈ −CZK 310k, i.e. book EBITDA of −521k adjusted for stock sell-down (+209k of non-cash material cost). Variable costs 24 % of revenue = material/print, packaging, net shipping, piece-rate labour (see unit economics). Drag the sliders.
—
contribution after variable costs (76 %)
—
marketing
—
EBITDA (indicative)
—
≈ marketing per order (AOV CZK 853)
Scenarios:
Illustration, not a forecast. Excludes owner remuneration (founders' work is not in wages) and interest. The exact 2025 bridge and normalisation are in the data room.
Channel (CZK)
2021
2022
2023
2024
2025
2026 YTD (6/)
Meta Ads CZ
573,447
650,990
366,772
216,270
737,831
236,740
Google Ads CZ
22,762
53,097
15,090
0
97,483
—
Meta Ads EU (CZK 25/€)
—
—
—
—
~98,700
~110,000
Total (≈ bank)
~596k
~704k
~382k
~216k
~934k
~407k
% of net revenue
19 %
27 %
24 %
27 %
42 %
—
Channel performance
Meta Ads CZ main volume
ROAS 1.99 Spend 2025 CZK 737,831, 1,765 purchases, CAC CZK 418. Best year 2024 (ROAS 2.19). ~2.0 in Q4, 0.5–1.4 off-season. The ad account with years of history and trained algorithms transfers with the company.
Google Ads CZ most efficient
ROAS 4.7 Relaunched in Q4 2025 after a year off: spend ~CZK 97k, November ROAS 7.4, December 5.5 (Shopping + Search). Tested on a small budget → largest headroom to scale.
E-mail (Leadhub) highest conversion
~10 % CR Only 1,678 sessions but 173 conversions and CZK 143k (GA4). Open rate 33 %, ~39 % of order value attributed. The cheapest channel, waiting for database growth.
~⅓ of revenue from unpaid channels (Organic Search 372k + Direct 324k + E-mail 143k + Organic Social 85k = ~CZK 925k). The company does not depend solely on bought traffic. Note: GA4 revenue is lower than Shoptet (undertracking is normal); Shoptet remains the source of truth for revenue, GA4 for channels.
CAC jumped to CZK 451 in 2025 (from 209–261). Reasons: pricier seasonal auctions, EU launch, Google Ads learning. This is the key risk and the key lever.
How marketing actually runs
Performance campaigns (Meta, Google) are set up and run by an external specialist — the relationship can be taken over.
Creative and content: AI-generated visuals + copy built on a copywriter's groundwork; the brand manual defines tone of voice.
Pricing: alternating list prices with promotions (1+1, gift with purchase) — keeps perceived value without permanent discounting.
Organic: micro-influencers, YouTube (unboxing, folding), PR.
Attribution: Meta, Google and GA4 each attribute their own way and overlap; authoritative order counts always come from the e-shop.
06 · Production, operations, teamA company that does not need a full-time owner
Operations were deliberately built to be "super-automated": ~1 hour a week off-season, ~10 hours a month of management in season. Production, dispatch, payments and customer service run on temp workers, documented processes and an AI agent. For the last year we ran the company literally in our spare time — and it still had the strongest half-year in its history. There is no better stress test of autonomy.
The product engine: from idea to e-shop in 24 hours
1
Design — own 3D low-poly model (Classic, exclusive) or a licence from professional designers (cut-outs, LPObject).
2
AI product photography — visuals indistinguishable from real production; no photo shoots, samples or locations.
3
Print on demand on graphic board (Stepa) in our own Brno workshop; Classic laser-cut externally on Italian paper.
4
Assembly and dispatch the same day — self-seal mailer, PPL / Zásilkovna / GLS / DPD, delivery in CZ in 1–2 days.
Most e-shops resell other people's goods. PaperTime designs and makes its products: no containers from Asia, no minimum orders, no dead stock. Paper animals are the first catalogue — the same engine handles seasonal collections, kids' lines, personalised B2B orders and localised products for new markets.
Parameter
Classic
Cut-outs
Production
external (laser)
own (print, Brno)
Lead time
weeks
hours
Unit cost
CZK 73–121
CZK 30–60
New product to market
weeks–months
1 day
Stock risk
higher
minimal (JIT)
Capacity
limited by supplier
~200 orders/day
Margin
~85 %
~90 %
At peak, temp workers handle up to 200 orders a day from full stock, ~100/day including printing from scratch. The bottleneck is not people but the printer/cutter — capacity is added with a machine, not more staff.
Who does what
Role
Who
Note
Performance marketing (Meta/Google)
external specialist
sets up and runs campaigns, relationship transferable
Social + content
Egor Nefedov
AI content + copy; handed over during transition
Customer service
AI agent + Egor
only complex queries and claims; a temp worker can do it
Production, assembly, dispatch
temp workers
fully systemised, self-service, piece rates
Finance
Egor
paying invoices; accounting outsourced (BOTAX)
Second shareholder
J. K. Peterka
not active in operations, ready to exit immediately
People & rates
Off-season 1 temp worker (~0.6 FTE, 2–3× a week). In season ~6 temp workers on agreements (or 2 full-timers). Piece-rate pay: CZK 15/packed order + CZK 10/produced piece → personnel cost scales with volume. Training ~30 minutes. Full-time employees: 0.
Premises & logistics
Workshop + warehouse ~14 m² in Brno (OLTEC a.s.), rent CZK 3,000/month excl. VAT, open-ended lease. Own dispatch since 2024 — outsourced fulfilment (Skladon, CZK 350–510k/year) was expensive and slow; the switch saved hundreds of thousands a year. Packaging: self-seal mailers C4/C5 ~CZK 18–20/pc. Carriers on list prices, no framework contracts.
Stock & equipment
Currently 149 SKUs, 2,357 pcs: purchase value CZK 163,917, retail value ~CZK 990k (excl. VAT) — stock for a whole season. Book value 241k (2025). Most valuable: black cat, dog, bulldog, unicorn, bear, squirrel. Workshop equipment (computer, 3 printers, shelving) ~CZK 33k + 2 mall kiosks + a pop-up kiosk for design fairs.
What exactly you take over — working systems, not promises
E-mail automation (Leadhub) — 14 live flows
WelcomeFirst-purchase discountFirst-purchase reminderCart after 2 hoursCart after 24 hoursBrowsed products (1 h)Browsed products (24 h)Reward 30 days after purchaseReward 3 monthsReward 6 monthsReward 9 monthsOne-year anniversaryName-day wishesParticipation confirmation
Personalised subject lines, discount codes, open rate 26–56 % by flow (Leadhub export, last 30 off-season days). E-mail attributes ~39 % of order value.
Documented procedures (SOPs) and handover checklist
Production and assembly: print → assemble → pack → dispatch, piece rates 15 + 10 CZK
E-shop to dispatch integration (Shoptet → carriers PPL/Zásilkovna/GLS/DPD)
New product in 1 day (licence → drawing → AI photo → e-shop)
Setting up and running Meta/Google campaigns, content calendar, pricing strategy
Accesses: Shoptet, Shopify, Meta Business, Google Ads, GA4, Leadhub, domains, bank, social, e-mail
Handover: 30 / 60 / 90-day plan + a year of support
Day 0–30
Transfer of all accounts and accesses (e-shops, ad accounts, e-mail, bank, domains, social), supplier and temp-worker contacts, a joint production/dispatch shift.
Day 30–60
Marketing handover — campaign structure, creative, content calendar, the marketing specialist, Leadhub automation, pricing strategy.
Day 60–90
Independent operation under the founder's supervision; joint season preparation (stock, budget, temp capacity).
Month 4–12
Founder available ad hoc through the first season under the new owner. Documented SOPs for production, dispatch, campaigns, e-mail flows, product creation and suppliers.
07 · EU expansionpapertime.eu — honestly: a loss-making test so far, but with a map of what works
Since November 2025 an international Shopify store with payments and logistics for the whole EU. In its current form it is loss-making: foreign advertising cost more than revenue and the budget was spread across 45+ countries. It is also a valuable data set: the numbers say exactly where to concentrate money (Austria, Ireland) and where not (Germany). The EU experiment is fully separable from the healthy Czech core.
Period
Orders
Revenue (EUR)
2025 (from 11/)
112
4,562
H1 2026
81
3,300
Lifetime
193
~7,900
Markets: AT 83 · IE 44 · NL 27 · DK 13 · DE 9. AOV €41. Repeat 2.6 %. EU marketing total ≈ CZK 257k (Meta ~200k ROAS 0.64 + Google 57k ROAS 1.12) against ~CZK 200k of revenue. EU CAC ≈ €66 at AOV €41 → an order does not pay for itself even at a 90 % margin.
Meta EU by market (11/25–6/26)
Spend €
Purchases
ROAS
Austria
3,245
68
0.90
Ireland
2,315
31
0.57
Netherlands
970
11
0.36
Denmark
482
4
0.37
Germany
506
2
0.12
Sweden
151
2
0.69
Google Ads EU: ROAS 1.12 overall, improving to 1.47–1.70 in Q1 2026 — better than Meta, on the edge of payback.
What we would do differently (and recommend to the buyer): instead of one English store for the whole EU, build localised stores per country (local payments, delivery, community) and concentrate budget on AT and IE, where ROAS is already near payback on an unoptimised campaign. The infrastructure (Shopify, DPD/GLS/PPL to the EU, EU Meta and Google accounts) is in place and transfers with the company. The paper-toy market grows ~4–7 % a year globally (~$1.9 → $3.0 bn by 2035).
08 · Market & competitionA small niche, few players, one media-known Czech brand
The 3D paper-puzzle niche belongs to the growing market of craft kits and paper toys (craft kits ~$6.8 → $12.4 bn by 2034). In Central Europe competition is limited and the company's value lies in brand, distribution and operating model — not in category size. On price PaperTime is mid-range with a convenience premium (complete kit, nothing to cut, child-safe).
Competitor
Market / since
Profile
Relation
Šikovná Opice
CZ, 2020
more colourful models, pieces must be cut, longer build, comparable prices
direct competitor
Cut'n'Glue
CZ, 2019
smaller, more detailed, for modellers, not pre-cut
contractual partner for product development
PaperTrophy
DE, 2015
first in the field, dozens of designs, EUR-million revenues, higher prices (from €19.9, paper only)
foreign
Assembli
NL, 2014
hundreds of precise models, art pieces, mainly brick-and-mortar
foreign
Copyability — straight talk
A paper product is copyable in principle; the "PaperTime" word mark is not registered (we recommend the buyer does it, low cost) and design protection makes little sense for this product. The barrier is not a patent but the brand, media credibility, own JIT production and the database. The Classic line has own exclusive designs; cut-outs use a non-exclusive LPObject licence (custom/exclusive versions can be bought).
Market size
TAM: hundreds of $M (papercraft gift kits globally). SAM (CZ + DE/AT/NL/Nordics online): tens of CZK M a year; the Czech market alone single-digit CZK M where PaperTime is already a significant player. SOM: ~CZK 2.5 M/year in CZ today + EU depending on localisation.
Positioning
Between "a toy for families" (simplicity, laser cut, safety) and "a design accessory". Channels competitors use and PaperTime does not yet: physical retail (toy shops, bookshops, stationers, museum shops, design stores) and marketplaces (Amazon, Etsy, Allegro).
09 · RisksWhat you would ask anyway — answered up front
Naming risks transparently builds trust and leads to a fair negotiation. Most risks are manageable and some are at the same time the main value lever for a new owner.
Weaknesses
Book loss 2025 −CZK 557k despite record revenue (aggressive marketing, EU).
CAC CZK 451 vs. historical 209–261.
Repeat rate 7.8 % — low LTV, an acquisition business.
Equity CZK 91k, liabilities CZK 1,580k.
Key person in marketing and process set-up (Egor) — addressed by the handover plan + a year of support.
Extreme seasonality — one weak Q4 hurts (stress test above).
Dependence on Meta + Google and rising ad prices.
Strengths
Established brand with media credibility, 20,000+ units sold, 4.9/5 rating.
Gross margins 85–90 % across the portfolio.
Own JIT production, product to market in 1 day, minimal stock, zero permanent staff.
New cut-out line: 6 of the top 10 positions in its first year.
~⅓ of revenue from unpaid channels; e-mail automation built.
EU infrastructure ready; Google Ads ROAS 4.7 barely tapped.
Strongest H1 in history (2026).
Why was the company loss-making in some years if you call it healthy?
Profitability is driven directly by marketing intensity. The profitable years 2021 (+898k) and 2024 (+537k) were years of a disciplined budget (19–27 % of revenue). Loss years correspond to investment in acquisition, the EU launch and, in 2022–23, expensive outsourced fulfilment. 2025 normalisation bridge: reported EBITDA −521k + marketing normalised to 28 % (+314k) = core ~−207k; after adjusting for stock sell-down (−209k of book material cost with no cash outflow) the run-rate core is close to break-even even in the year of highest investment.
Isn't 2024 (+537k) just an accounting effect?
Partly — the low cost base was also helped by stock build-up (−265k in materials). That is why we do not rest the profitable-core case on one year, but on the combination of the 2025 normalisation, the forward H1 2026 trajectory and the cost model at ~28 % marketing (see the calculator).
What happens in another weak Q4?
Seasonality is predictable (gift market, 6 seasons of history). Even at Q4 −30 % the season generates over CZK 1 M of contribution; fixed costs are minimal (rent CZK 3k/month, no fixed salaries), marketing can be cut in real time, pre-stocking is low thanks to JIT. The EU and the year-round 2026 recovery spread the risk further.
Will the business run without the founders?
Yes. Operations are automated (~1 h/week off-season), processes documented, production and dispatch run on trained temp workers, service is largely an AI agent. Last year we ran the company in our spare time and it had the strongest H1 in its history. The founder hands over everything (30/60/90) and is available for a year.
Isn't the company too dependent on paid ads?
Roughly a third of revenue (~CZK 900k/year) comes from unpaid channels. The finished e-mail automation is a ready retention tool with the highest conversion of all channels.
Can the product be copied?
The paper itself, yes — the barrier is the brand, media credibility, own JIT production (new product in 1 day), ad accounts with history and the database. Classic has own exclusive designs; for cut-outs, custom versions only for PaperTime can be ordered.
What liabilities do I take on?
In a share deal liabilities transfer too (CZK 1,580k at 31 Dec 2025: trade 643, taxes 333, bank loan ~273 (~240 as of 6/2026), shareholder loan 152 (now ~200, against a 267 receivable from shareholders — offset). Net debt is reflected in the price; we are open to an asset deal or a cash-free/debt-free structure.
Why are you selling?
Both founders are devoted to other projects; PaperTime is a secondary project for them that deserves more time than they can give it. It is not an escape from a problem — the company is in the best shape of its history and we want to complete the sale before the Q4 2026 season so the new owner runs it under their own steam with our support.
10 · GrowthWhere the value for a new owner lies
We name the weak spots openly, because for you they are the fastest opportunities. Ranked by impact / effort.
① Acquisition discipline quick win
Bring marketing from 42 % back to ~28 % of revenue (restructure campaigns, exclude weak segments, cut the loss-making EU tail) → the 2025 loss shrinks to roughly break-even at unchanged revenue. Shift budget to Google Ads (ROAS 4.7 vs. Meta ~2.0). Year-1 illustration in the calculator: revenue ~2.5 M, 28 % marketing, no loss-making EU tail (overheads ~900k instead of 1,060k) → ~+300k.
② Wholesale & offline proven channel
Partner brick-and-mortar shops (design and gift stores, stationers) and partner e-shops (muzza.cz, domio.cz, molo7.cz, darek.cz, Knihy Dobrovský, CVRK) worked in the past. The wholesale price list is set (25–40 % discounts) and margin stays high even at the deepest discount. Toy shops, bookshops, museum shops, marketplaces (Amazon, Etsy, Allegro).
③ E-mail & retention
The cheapest channel with the highest conversion (~10 %), ~39 % of attributed value. Automation is built — the lever is database growth (pre-season collection, contests, content) and more campaigns.
④ Custom production & B2B
Already runs on request (corporate gifts, weddings, events) — nobody actively sells it. Higher margins, off-season demand, independence from ads. Potential for a stand-alone product line.
⑤ EU done right
Focus on AT and IE, localised stores per country, Google Ads EU (trend 1.47–1.70). Infrastructure is in place; data from the first markets show where to put the budget.
⑥ Product & content
New lines (layered 3D card kits, puzzles for younger children, origami, seasonal collections, personalisation) in days thanks to the licence-and-print model. Tutorials, time-lapses and UGC are natural for the product and almost untapped.
Who PaperTime is ideal for
Owner-operator
An established brand with automated operations and growth potential — without having to be there 8 hours a day. SDE ≈ EBITDA (founders' work is not in wages).
Toy & game maker / retailer
Instant portfolio extension with an award-winning creative category, production and distribution through your own channels — solves the main weakness (offline).
Printer / cardboard converter
Vertical integration: own cutting and printing turn the margin from good to excellent and add a consumer brand to material supply.
E-commerce group / agency
A finished brand with unpaid demand and ad accounts with history — just plug in your own performance know-how.
Where it can grow — PaperTime 2030: a year-round European brand of making-together in 3–5 countries, retail + B2B + e-commerce, with a catalogue growing at the speed of days. Every building block already exists and is proven in data (the AT market, the product engine, B2B demand, Google Ads, e-mail). It requires no invention — just capital and execution, which the current founders lack the time to deliver.
11 · TransactionWhat is for sale and for how much
We are selling 100 % of the shares in PaperTime s.r.o., including:
the e-shops papertime.cz (Shoptet) and papertime.eu (Shopify) incl. domains (papertime.com under negotiation), settings, data and integrations,
brand, logo, brand manual, photo/video archive and all graphic assets,
own production know-how, Brno workshop equipment, print files and design licences (Classic exclusively own),
a database of 11,534 customers and finished e-mail automation (Leadhub),
Meta and Google ad accounts with history and trained algorithms, GA4, social profiles (IG ~4k, FB ~2.7k),
supplier contacts (print, board, mailers, carriers), temp workers, the marketing specialist, media; the Cut'n'Glue partnership,
2 mall kiosks and a pop-up kiosk for fairs,
a 30/60/90-day handover plan, founder availability for the whole first year and a 3-year non-compete of the founders in paper puzzles.
Key facts
Company
PaperTime s.r.o., ID 10666699, VAT CZ10666699 (VAT payer)
Registered office
Pod Cihelným vrchem 1030, 264 01 Sedlčany, Czech Republic
Incorporated
12 March 2021 (project since 2019), Municipal Court Prague C 346238
Shareholders
Egor Nefedov 50 % · Jaroslav Kevin Peterka 50 %, both managing directors
Employees
0 full-time (temp workers on agreements by season)
Disputes, provisions, insolvency
none
Accounting / tax
BOTAX / tax adviser Vojtěch Bouřil
Asking price
CZK 2,000,000
≈ €80k · for 100 % of shares · negotiable · we will reflect the loan, liabilities and the 2025 result
What the price rests on
1
Replacement value (build vs. buy) — the brand took 7 years and ~CZK 3.3 M of documented marketing investment; the result is unpaid demand worth ~CZK 900k of revenue a year that you take over ready-made. That annuity cannot be bought elsewhere or replicated quickly.
2
Forward earnings power — the strongest H1 in history and at ~28 % marketing the 2025 loss shrinks to roughly break-even, profit comes with revenue growth. You are not buying a loss, you are buying a rising curve ahead of Q4.
3
Assets and strategic value — stock, two e-shops, production, licences, database, ad accounts; plus synergies for a strategic buyer. Sanity check: net revenue 2025 CZK 2.21 M × ~0.9 ≈ 2.0 M.
Framework (share deal, CZK k)
Asking price for 100 % (equity)
2,000
− bank loan (balance 6/2026)
~240
− shareholder loan (against a 267 receivable → offset)
~200
≈ indicative enterprise value after debt settlement
~1,560
We prefer a cash sale of 100 % of the shares and a fast closing so the new owner runs Q4 2026 (80–93 % of annual revenue) under their own steam with our support. We are also open to an asset deal and a cash-free/debt-free variant. The exact structure is subject to negotiation; the table is a framework, not a fixed condition. Foreign buyers: a Czech s.r.o. can be owned by a foreign entity or individual without restriction; the notarial transfer takes days.
12 · ProcessHow the sale works — and what happens when you write
No trap and no "call with a sales rep". You write, the founder answers, within 24 hours you get data-room access (after signing a simple NDA) and then we go step by step. The goal is a handover before the main season — or, if timing does not allow, we run the season together and hand over after it. Both options are on the table. We negotiate in English or Czech; documents can be bilingual.
day 0
You write
Form, e-mail or phone. I (Egor) answer, usually within 24 hours. No bots.
day 1–2
NDA + data room
Sign the NDA online in 2 minutes (e-mail verification, signed PDF with audit trail for both parties; PDF template) and data-room access follows automatically and you get personal data-room access: 15 chapters, accounts, exports, contracts, unit economics.
week 1–2
Call / meeting + walkthrough
We go through the numbers, show the Brno workshop, e-shops, ad accounts and automations live. We answer anything.
week 2–3
Indicative offer
A short non-binding offer (price, structure, financing, timeline). We do not need a 20-page LOI.
week 3–6
Due diligence + SPA
Access to accounting, bank, contracts; settlement of the loan and shareholder loan by offset; share purchase agreement (share deal, or asset deal / cash-free debt-free).
closing
Signing + transfer
Notarial share transfer, transfer of all accounts and accesses, register entry. Price against signature (part in escrow if agreed).
day 0–90
Handover 30/60/90
Accounts and suppliers → marketing and e-mail → independent operation under supervision; joint season preparation.
month 4–12
A year of support
Founder available ad hoc through the first season. 3-year founders' non-compete.
Two timing options
A) Closing by end of October 2026 — the new owner runs Q4 (80–93 % of annual revenue) under their own steam with our full support; campaigns, stock and temp workers prepared together in September–October.
B) Signing in autumn, takeover after the season (January 2027) — we run the 2026 season together (the buyer can shadow everything), Q4 cash reflected in the price/settlement as agreed. The buyer takes over a company with post-season cash and a full year to prepare their own season.
What we will ask of you
Who you are and what you intend with PaperTime (owner-operator, strategic buyer, portfolio).
An NDA signature before data-room access.
Willingness to move fast and talk straight — that is how we do it too.
A rough idea of financing (cash / loan) so we set a realistic timeline.
No exclusivity required until the DD phase; standard thereafter.
13 · Founders & contactA word from the founders
Kevin and I started PaperTime in 2019 with a simple idea: give people back the moments when the whole family sits at one table, puts the phones away and creates something together for an hour. From the first paper cat, over seven years, grew a brand that more than twenty thousand people have folded, that Forbes and Vogue wrote about — and we still get photos of finished animals on shelves.
We are selling it because it deserves more than we can give it today. Other projects have absorbed us both — and PaperTime needs an owner who will give it energy at exactly the moment it is in the best shape of its history.
We talk straight: every number on this page is documented and you will see it in due diligence anyway — we want you to be glad you did. The new owner gets everything: processes, know-how, contacts and a year of our support. And one wish — that one day it truly becomes the "LEGO of paper" we wrote into the brand manual at the start.
Egor Nefedov & Jaroslav Kevin Peterka
Egor Nefedov — co-founder, managing director, 50 %. Runs brand, marketing, content and operations. Now fully devoted to other ventures — hence handing PaperTime over; stays available for a year and hands over personally. Fluent English.
Jaroslav Kevin Peterka — co-founder, managing director, 50 %. Was at the origin of the product and the mall kiosks (2019–2021); today works on other projects, is not active in operations and exits with the sale. Both signatures are ready.
Egor Nefedov
co-founder & managing director · replies fast · EN/CZ
PaperTime s.r.o. · ID 10666699 · Pod Cihelným vrchem 1030, 264 01 Sedlčany, Czech Republic · papertime.cz · papertime.eu · data room (for buyers) · Česká verze All figures: statutory accounts 2021–2025, Shoptet/Shopify exports, bank statements, Meta/Google Ads and GA4 APIs. Data as of 10/2026. The asking price is negotiable; this is not a public offer within the meaning of the Czech Civil Code.
