Diary of Opening A New Business

[JEdwards]

Unlike some people on this site that have this dream to become rich and sit on the beach, or travel, or whatever. (not there is anything wrong with that). That isn't me. I've done it, I have sat and done nothing for months at a time, only to be bored and wanting to do something.

I love this little business I started, I am really having fun. I want to see how far I can take it until it blows up or gets bought out for an obscene amount of money. ( 9 figures)

I could sell today if I wanted. I have offers on the table. But No Not yet.

 

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[oddball]

Ah, nothing to complain about then, definitely not a bad option if you enjoy it and are making money.
Very interesting to see where you went from the first post just when you started, to where you are today, less than 3 years later. Is a 9 figure buyout something that is reachable in your industry?

 

[JEdwards]

Yes it is. Happens everyday.

 

[Phones]

Just read this thread from 1st page to the last, amazing progress.

Unlike some people on this site that have this dream to become rich and sit on the beach, or travel, or whatever. (not there is anything wrong with that). That isn't me. I've done it, I have sat and done nothing for months at a time, only to be bored and wanting to do something.

I love this little business I started, I am really having fun. I want to see how far I can take it until it blows up or gets bought out for an obscene amount of money. ( 9 figures)

I could sell today if I wanted. I have offers on the table. But No Not yet.

I don't think most people here have the dream to become rich and sit on the beach for the rest of their lives. Just like you, they want to have the freedom to be able to do so if they want to. That's what being rich is about, freedom.

Hope you get an awesome deal soon Jack!

 

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[Zetta]

Just read this thread from 1st page to the last

+1

Thanks Jack. People like you make forums valuable...

I am myself the 20 years old young entrepreneur who has the 6-7 business ideas too in my head and paper that all will blend to be 1 big empire in the end that I own all by myself... (before I turn 30...). I will just skip this and say thank you for the thread... you don´t write much, but you write what I need to hear. Thanks <3

 

[jpa0827]

If you were just starting out wholesaling to retail with limited resources would you offer one specific product only? One specific line (brand) of products? Or a larger variety, but stock small quantities at first?

I'm wondering, because if you purchase in bulk, you could get a better discount, but if you allocate a larger chunk of money to one product, you also limit the ability to sell other products to the retailer.

What would be a good approach in a situation like this?

 

[Lagron]

God, I read the first page and will wake up first thing tomorrow morning to finish the entire thread as I take notes of what you've done

Yea, I am going to copy what you've done for a business I am in the works of starting. I may perhaps start a thread like this as well, and update it once a week or something to that extent.

I am glad I joined the forum, I bought the book, it should be at my place in 48 hours, and I will read it asap.
I've run businesses in the past but nothing to make such obscene amounts of money this quickly, I used to think twenty five to thirty thousand a month was good, but I feel like a failure with all the posts I am reading on this site.

So, yeap...

Will read the rest of this thread tomorrow.
Thanks for posting, and I am not sure if you reached your goal (will find out tomorrow morning), but heck I am sure you must have learned a lot from this.

Thanks again on your updates on here.

From Lagron.

----
Edit: I just read everything last night, but didn't post.

This thread has opened my eyes to the power of having salespeople, do the sales. I have made money from my own mobile marketing firm since HS, (4 years now) but was always stuck making the sales, and so on and so forth. It's a process I don't like.)

BUT, you just showed me how I can structure my company so that employees do the work, while I concentrate on growing it somehow. I am definitely, going to get a move on creating something to the extent that you mentioned throughout this thread of yours.

It was informative enough to keep my interests and HECK I NEVER read every page of a thread this long before.

Congrats to your hard work and dedication buddy, glad things worked as well as they did, it shows I can just replicate your system towards a service/product I have had been under utilizing for years!

 

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[kablumas]

Been reading Jack's whole thread, some hours passed, I regret nothing.

If this doesn't make you go "f my life, I'm going to start selling something!" nothing will. Like the rest of the guys reading, I too am dying to know what on earth you are selling.

On another note, thank you for taking the time to write about your journey, it is very inspiring and motivational.
To your success, sir.

 

[theBiz]

Just out of curiosity:

http://www.alibaba.com

Can your product or something very similar be seen here? Its amazing to me how many people are selling things directly from here in raw format just re-branding it, only for it to eventually be discovered and hurt them pretty badly. Im assuming you're either selling big, heavy products (like condensing boilers) or small products in bulk (like 10,000 watches) so im sure that helps push away the next schmoe trying to do it aka barriers to entry. The fact that you were selling with so little invested into the company... that does challenge what i just said above though. Maybe you just sold to break even and see if it worked before buying in bulk and reducing your costs, i dont know.

Very curious to see how these sites are changing companies such as yours considering now a consumer can deal directly with a manufacturer and it seems the only security a middle man would have is buying in bulk (in which the next guy can do with capital) or having an exclusive contract with rights to sell for a strong branded company (like rolex).

Thanks, impressed as always with your progress.

 

[Lathan]

Awesome thread.

 

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[Oztrepreneur]

Mind boggling....congrats to all your hard work and success. No doubt well deserved.

Back to the drawing board!

 

[Sergey]

Great thread! I need to focus on only one or two ideas right now, but appreciate your methods. Hopefully by the time I'm ready to launch my own sales team, you would have already sold and given more insight into the business.

Keep up the great work. It's truly humbling.

 

[Daniel A]

I am now scheduled to read this whole thread tomorrow haha. Be back soon

 

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[GravyBoat]

This thread is legendary. I read the entire thing when it was 22 pages, and have been checking every update since, awaiting the sale of this business. Mad props to JackEdwards, THANKS FOR THIS THREAD!!

 

[JEdwards]

Thanks, moving right along. It is all a chess game, putting the pieces together, but I have and am making money so that is a great thing.

 

[SanMateo]

It is all a chess game, putting the pieces together, but I have and am making money so that is a great thing.

Hello Jack.

Thanks for all of the insight on your adventure. Since you're looking at unloading the business and we don't know which industry you're in, how many times above EBITDA do company's like yours sell for?

Also, with M&A slowing down at year end, would a potential buyer be looking to purchase your business to vertically integrate or to eliminate competition? Are we talking middle-market here?

Thanks for your response.

 

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[JEdwards]

Vertically Integrate. Since we would be looking at that type of buyout structure, EBITDA is kind of thrown out the window.

For those that may not understand: We are going to sell out to someone who needs our customer base to sell their products. So what we Earn will not really matter to them in the long run.

 

[stefan]

Actually I do a lot of things, I just make it seem easy. (which it is not) If they have a problem with my cars well sad for them. Here is a pic from outside my office window right now. My employees call it Ferrari Friday, cause I mostly bring it on Fridays.

I have two managers now, One for sales, one for all others. I think a misconception here is the mangers run the business. They do not, they are just a piece in the puzzle. As long as do their job to the best of their ability, then the other parts will fall into place.

Funny you said, did you know them before, one I have never met until she started here, the other oddly, I have had 3 jobs in my entire life, all ending in 1989. The other manager worked with me at a retail store when I was in high school. I didn't even recognize him, but he brought it up after I hired him.

I'm really sorry for bringing up this old post but I had to reassure you that you are in fact a BOSS. That fire red Ferrari is beautiful. Even more so, all of the information in this thread is beautiful and extremely helpful for so many reasons. I've learned so much from a business AND psychological standpoint in this thread.

 

[SanMateo]

Vertically Integrate. Since we would be looking at that type of buyout structure, EBITDA is kind of thrown out the window.

For those that may not understand: We are going to sell out to someone who needs our customer base to sell their products. So what we Earn will not really matter to them in the long run.

Thanks. I would like to add to this...

Vertical integration, as Jack explained, also cuts expenditures for businesses by controlling supply cost which in return lowers production cost and automatically builds a larger client base. Faster + Cheaper = Increase Revenue

 

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[AlexanderCM]

I'll be honest, reading this thread from page one up to now has been the tipping point in my decision to join the forum! This is an extremely insightful and motivational thread, I have never heard of something like this being possible before. Thanks Jack! (Love the Ferrari )

 

[Solus]

How much experience did you have going in to this Jack? I'm starting my first venture and totally overwhelmed... I know I'm going to have to go through some serious growing pains here, but there is just so much to do! Sometimes it all feels rather hopeless.

 

[JEdwards]

Lots.. Have not worked for the man for 23 years. In that time I have learned over and over what not to do. I did a lot of them.

Also don't get overwhelmed, take everything bit by bit.

 

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[Solus]

Good to know, keeps my fantasies in check. It also inspires me to learn... when there's the world to discover, the only way to discover it is to make each small discovery worth the world.

Between all the great 'start-up stories'/postmortems and progress threads here and elsewhere I've got tons of inspiration. Now it's time to develop the perspective.

 

[xmartel]

I read this whole thread front to back, and was able to pull out some great wisdom.

Noticed that Jack was in Texas and I was heading there on holiday so I threw it out to him if he'd like to meet up for lunch. I'd never reached out to anyone before like this, makes me a little uncomfortable, but gotta step past the comfort zone to grow. Jack said yes and we had a great lunch. Only meant to talk for 1 - 1.5 hours, but ended meeting for over 3.

Best decision I've made in a while. I learned more in that 3 hours about business than most people will from a lifetime.

You're a very easy going, easy to talk to person, thanks again for your time Jack.

If anyone else is ever in a position to reach out to someone successfull, do it. Even if you're a reserved person like me, suck it up and do it. You'll grow and learn so much from the experience.

Also got a ride in the F430, icing on the cake. At 6'4" I wasn't sure I'd fit, but I do and it's quite comfortable, it's now on the buy list.

 

[Oztrepreneur]

Jack you certainly are an inspiration. Where there times when you felt you had 'opportunity blinkers' on?

Some seem to recognise opportunity so effortlessly (granted th hard work to take that opportunity to fruition is anything but effortless), I on the other hand cannot recognise real opportunity or am quick to dismiss it.

 

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[OnePerCent]

I read this whole thread front to back, and was able to pull out some great wisdom.

Noticed that Jack was in Texas and I was heading there on holiday so I threw it out to him if he'd like to meet up for lunch. I'd never reached out to anyone before like this, makes me a little uncomfortable, but gotta step past the comfort zone to grow. Jack said yes and we had a great lunch. Only meant to talk for 1 - 1.5 hours, but ended meeting for over 3.

Best decision I've made in a while. I learned more in that 3 hours about business than most people will from a lifetime.

You're a very easy going, easy to talk to person, thanks again for your time Jack.

If anyone else is ever in a position to reach out to someone successfull, do it. Even if you're a reserved person like me, suck it up and do it. You'll grow and learn so much from the experience.

Also got a ride in the F430, icing on the cake. At 6'4" I wasn't sure I'd fit, but I do and it's quite comfortable, it's now on the buy list.

Absolutely great, you got your greatest MBA from Jack.
Any pictures of the time you spent with Jack?

 

[xmartel]

All I took, should have gotten more, was too busy enjoying the moment.

 

[JEdwards]

Had we had some more time, who knows maybe you could of gotten a pic of you driving it.

 

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[oddball]

All I took, should have gotten more, was too busy enjoying the moment.


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I just got a ride in an aventador the other day, first time in an exotic. Made me want an exotic that much more.

 

[JEdwards]

I just got a ride in an aventador the other day, first time in an exotic. Made me want an exotic that much more.

Had you not had to drive to Houston I would of been happy to give you a ride in the 430. Just didn't think to ask. Maybe when you move down.