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Recent content by yungmillionaire

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    Update: Business Makes ~$2M Profit a Year, Hiring a Successor and Structuring Profit Share

    QUESTION 
    Thanks MJ! I did explore selling the company with the help of IBs and considered reaching out to M&A firms, but the consistent feedback I received was that, due to the niche nature of the business, it didn’t fit well into their standard investment criteria. Most were suggesting low multiples...
  2. Y

    Update: Business Makes ~$2M Profit a Year, Hiring a Successor and Structuring Profit Share

    QUESTION 
    Hi everyone, I wanted to share an update following the incredible advice I received in my previous thread, [“I am 29. My business makes me $2M in income a year. What next?”]. TL;DR of My Original Thread: • I’m 29 (30 now) and run a niche online education business that I founded 5 years ago...
  3. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    This is what I needed to read! Thank you for sharing.
  4. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    This seems super helpful! Thank you! Thanks for sharing! I think 7-10x prices some growth into consideration. I am curious why do you think an automotive business is only 2.5x / 3x? It has to be because of heavy capex/obsolescence risk and lack of growth.
  5. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Also wondering, what do you guys feel is a reasonable valuation? ~2m annual profit, no growth unfortunately, but very stable. I am thinking maybe 4-5x earnings is reasonable. Anything less than 4x and I might as well continue running it by myself.
  6. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Hi everyone! It has been about 4 months, and I now have a serious buyer (a private fund) that I am meeting tomorrow. Wondering if there are any books / resources I can read about selling a relatively small company of my size. I have to admit, while I have been built this from the ground up...
  7. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    I would like to express my gratitude to each and every one of you here for the responses. My thinking has always been that it's impossible to sell to a bigger player because the business is so niche. This thread has opened my thinking to selling to an investor or fund instead. Since the thread...
  8. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Thank you for your kind words. Unfortunately, I don't have any employees that are capable for this role. In the ideal scenario I would promote from within, because that person would already be familiar with the business. I don't have any good candidates, hence I am left to source for a GM/CEO...
  9. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Thank you for your kind words. Likewise I wish you the best in your future endeavors.
  10. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Thanks for your input! I never thought of engaging a third party company to connect me with a buyer. Perhaps I will explore that. If I can't sell, then I will hire a GM. Appreciate these words of wisdom.
  11. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Appreciate your thoughts. I agree - after making some money and doing the same thing for 4.5 years, I've slightly lost the hunger to continue for this particular business. I need to hire a hungry CEO and focus on other things. Giving away 10-15% equity makes sense. However, I think finding a...
  12. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Thank you very much. I operate in an extremely niche field so it is impossible to sell the business. So I guess my only option now is to hire a General Manager or CEO to take over me and run the business.
  13. Y

    I am 29. My business makes me $2m in income a year. What next?

    HOT! QUESTION 
    Hi everyone. Grateful for this community here. I first created an account here almost 6 years here with the dreams of becoming a millionaire. That dream is now achieved but I am thinking of what to do next. Context: -I am 29. I founded a business 4.5 years ago in the online education space...
  14. Y

    To all CEO/Founders, what designation do you put as your email signature?

    I have been deliberating this for some time now, being the sole founder of a small business (less than 10 staff). I have been putting my designation as 'Business Development' on my email signature. Calling yourself a CEO/Founder to me implies that you are a leader of a large organization. A CEO...
  15. Y

    Doing $75,000 USD Per WEEK (Service Business)

    GOLD! HOT! EXECUTION 
    Absolutely true.
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