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Tubs

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Great stuff @richardd that's some real hustling!

Thanks for this valuable thread!
 

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Last edited:
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doitman

doitman

Silver Contributor
FASTLANE INSIDER
Speedway Pass
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UPDATE: I got a new profile name, in tribute to Shia Labeouf. Look it up. If you ever need good motivation or a laugh, he's your guy. But in all seriousness, "do it" is my mantra.

My most recent transaction was a bust. Luckily we were able to unwind it, and I didn't lose much money in the deal. But it was stressful, to say the least, especially with the amount of money on the table. I won't go into detail about it, but I will tell you that I've learned a lot about improving my vetting process of business opportunities. I am much stronger and hardened by this most recent experience, and much wiser as well. Many sleepless nights on this one for the past month. But the ordeal is over, and it's time to move on.

While dealing with all of that during this past month, I did unify most of my businesses under one brand finally. My web hosting, web site maintenance, and accounting software businesses fall under one name, my US corporation. My contractors all now handle help desk tickets through our WHMCS system. It's all centralized now. My last step is to get the remaining customers out of Freshbooks and into WHMCS.

WHMCS is a great billing platform. I won't go much into this since it's a large topic. But if you do any eCommerce, you should check it out.

For the new year, I will be rewriting a lot of our accounting software products to prepare for mass marketing since we are one brand now. Also, since all of our customers will be in WHMCS, I will be able to "cross-market" all of them very easily, offering any of our other products and services. The trust has already been established and engrained. Lastly, I'll plan on launching an online school linked to our online community. It's a lot on my plate, but since my last day of consulting is March 31, 2020, I will have a lot more free time come April.

Retirement from the slowlane.
 
Last edited:

Tubs

Time spent x intensity of focus
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Apr 5, 2019
196
437
199
22
VA
UPDATE: I got a new profile name, in tribute to Shia Labeouf. Look it up. If you ever need good motivation or a laugh, he's your guy. But in all seriousness, "do it" is my mantra.

My most recent transaction was a bust. Luckily we were able to unwind it, and I didn't lose much money in the deal. But it was stressful, to say the least, especially with the amount of money on the table. I won't go into detail about it, but I will tell you that I've learned a lot about improving my vetting process of business opportunities. I am much stronger and hardened by this most recent experience, and much wiser as well. Many sleepless nights on this one for the past month. But the ordeal is over, and it's time to move on.

While dealing with all of that during this past month, I did unify most of my businesses under one brand finally. My web hosting, web site maintenance, and accounting software businesses fall under one name, my US corporation. My contractors all now handle help desk tickets through our WHMCS system. It's all centralized now. My last step is to get the remaining customers out of Freshbooks and into WHMCS.

WHMCS is a great billing platform. I won't go much into this since it's a large topic. But if you do any eCommerce, you should check it out.

For the new year, I will be rewriting a lot of our accounting software products to prepare for mass marketing since we are one brand now. Also, since all of our customers will be in WHMCS, I will be able to "cross-market" all of them very easily, offering any of our other products and services. The trust has already been established and engrained. Lastly, I'll plan on launching an online school linked to our online community. It's a lot on my plate, but since my last day of consulting is March 31, 2020, I will have a lot more free time come April.

Retirement from the slowlane.
Just do it! Make your dreams come true.
Yesterday you said tomorrow.
So just do it!
 

mojorisin

New Contributor
Oct 6, 2019
18
7
12
UPDATE: I got a new profile name, in tribute to Shia Labeouf. Look it up. If you ever need good motivation or a laugh, he's your guy. But in all seriousness, "do it" is my mantra.

My most recent transaction was a bust. Luckily we were able to unwind it, and I didn't lose much money in the deal. But it was stressful, to say the least, especially with the amount of money on the table. I won't go into detail about it, but I will tell you that I've learned a lot about improving my vetting process of business opportunities. I am much stronger and hardened by this most recent experience, and much wiser as well. Many sleepless nights on this one for the past month. But the ordeal is over, and it's time to move on.

While dealing with all of that during this past month, I did unify most of my businesses under one brand finally. My web hosting, web site maintenance, and accounting software businesses fall under one name, my US corporation. My contractors all now handle help desk tickets through our WHMCS system. It's all centralized now. My last step is to get the remaining customers out of Freshbooks and into WHMCS.

WHMCS is a great billing platform. I won't go much into this since it's a large topic. But if you do any eCommerce, you should check it out.

For the new year, I will be rewriting a lot of our accounting software products to prepare for mass marketing since we are one brand now. Also, since all of our customers will be in WHMCS, I will be able to "cross-market" all of them very easily, offering any of our other products and services. The trust has already been established and engrained. Lastly, I'll plan on launching an online school linked to our online community. It's a lot on my plate, but since my last day of consulting is March 31, 2020, I will have a lot more free time come April.

Retirement from the slowlane.
Richard, please share what new vetting you learned in the recent transaction.

I'm currently under contract for 10 days (transferred funds to escrow.com yesterday) buying my first online business. Domains transferred to me yesterday. Hosting transferred tomorrow.

Would love to learn from you before it's too late!
 
OP
OP
doitman

doitman

Silver Contributor
FASTLANE INSIDER
Speedway Pass
Jun 11, 2017
191
983
328
United States
Richard, please share what new vetting you learned in the recent transaction.

I'm currently under contract for 10 days (transferred funds to escrow.com yesterday) buying my first online business. Domains transferred to me yesterday. Hosting transferred tomorrow.

Would love to learn from you before it's too late!
Quick thing. Verify the customers. If you can speak with them or email them, do it. Do not just trust the seller on the accuracy of their data.
 

mojorisin

New Contributor
Oct 6, 2019
18
7
12
Quick thing. Verify the customers. If you can speak with them or email them, do it. Do not just trust the seller on the accuracy of their data.
Excellent point. And thank you for sharing. Sounds simple, but hard to make the ask (for me)... curious, what would you do in my situation.

The site I'm acquiring has 3 monthly subscription customers who generate 60% of the revenue (3 of 10 total currently). They have each renewed for 3+ years. My concern was that I would "rock the boat" if I come in asking a bunch of questions as a "new owner" vs. leaving things as is. They each just re-updated their Visa CC expiration dates, etc. Nov 2019. And we have 4 new customers just came online in Jan/Feb so my plan will be to diversify with more customers vs. all "eggs in single basket". I know there is risk in the 3 main customers, however I have a clear path to continue to add more lower paying customers to grow / diversify.

What you request to communicate with the primary 3? Or leave things as is, then contact them post sale? I also wonder if they even know the site is up for sale (this is an obvious one I can ask the seller right now before purchase).
 
OP
OP
doitman

doitman

Silver Contributor
FASTLANE INSIDER
Speedway Pass
Jun 11, 2017
191
983
328
United States
Possibly easy... If you have the domain and hosting tomorrow, can you email the customers from the site's official email address with some innocuous message like how everything is going, and if they need anything else?
 

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