I just sold my first eCommerce business (FU money!)

[LuckyPup]

So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!

If I could bake, I'd bake you a FU cake! Sincere thanks for sharing and for all you do here.

 

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[jick5555]

Really enjoy reading posts like this, Congratulations dude.

 

[Action Mike]

Congratulations!!! The FU section of unscripted was one of my favorite I have ever read in a business book.

Thanks for the post and all the advice you give, it helps tremendously to those in the beginning stages.

 

[Gutski]

Hi @biophase
Thanks for the post. It is encouraging for a newbie like me!

 

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[Nik@16]

Profit, always profit.

It wouldn't make any sense to put a multiplier on rev.

Does the deal includes previous year retained earnings and present year profits too ?

 

[SEBASTlAN]

congrats @biophase

 

[garyfritz]

Very happy for you Kenric! I hope the next business is even more fulfilling than the first.

I'm kinda amazed that ecom businesses -- especially exclusively Amazon-based businesses -- sell for 2x. Assuming steady performance it takes 2 years to get your investment back. Amazon could screw you 16 ways to Sunday in that time, and completely wreck the structure you built on. I'm surprised that inherent risk doesn't lower the valuation more.

 

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[Striver]

I'm surprised that inherent risk doesn't lower the valuation more.

It does. It one of the reasons the resell multiplier is nowhere near what other business types bring in.

 

[Dana Taylor]

I am so excited to read this.

Do you have any tips to get my sales on my shopify store please. I have been testing on Facebook and Instagram, buikt blogs and got some backlinks and no sales yet.

I am in a pretty good niche which is anti-radiation yet no traction.

All help is welcomed

 

[Tanu1234]

So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!

Awesome. I started one ecommerce business but closed due to lack of time.

Is it possible to run ecommerce business part time?

I generally loose focus in multiple business. [emoji19]


Sent from my iPhone using Tapatalk

 

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[PTFIRE]

So I wanted to wait a few days for it to settle in to make a post about it. This week I sold my ecommerce business that I started back in 2007. It's been 10 years running this business that I started from scratch. I still remember my goal of making one sale a day at $50 profit and being happy if I took home $18,000 a year.

Fast forward 10 years and 3 months later... and it's sold and mostly gone.

I sold it because I started another ecommerce business in 2015 that I am much more passionate about. And passion combined with experience can really blow up a business. It took my first business 10 years to go from 0 to a million dollars a year. It took my second business 2 years to get to a million dollars a year.

I began thinking about selling the business about 2 years ago. I think once the thought gets in your head, you know it's about time. I put the business on the market in March 2017 and went through 3 serious buyers before the 4th actually closed.

What am I going to do with the money?

It's funny because if this happened 5 years ago, I know the first thing I'd be doing is getting a Ferrari. But honestly, I have no idea what I'm going to do with it. I thought about buying another business to grow my second ecommerce business. Maybe I'll get some real estate. Bitcoin? Just kidding.

The odd thing about closing is that it the money hitting the bank account didn't even matter. I was more relieved that the business was sold and seeing the inventory leave my warehouse there was a sense of closure, but not fully because I still have to provide support for 6 months.

I am more excited that I get to spend 100% of my time on my second business because if I could get it from 0 to a mil in 2 years working on it 50% of the time, I can't wait to see where it could go with me working on it 100% of the time and with a huge cash infusion to expand!

No specifics on this or any little details?

 

[GravyBoat]

No specifics on this or any little details?

He gave all the details bro. Quit clowning and go take action.

 

[JAJT]

No specifics on this or any little details?

@PTFIRE

You're pretty new here so I can understand if this thread seemed vague from that perspective.

To fill you in - Kenric (@biophase) is one of the most open, giving, detailed and active members on this forum. He's posted personal details regarding his decision making and aspects of his various businesses in just about every e-com thread on this forum in some way, shape or form.

He's personally inspired many of us to get off the couch and start our first businesses and hell - many of us have been lucky enough to fly out to various events over the years and meet him in person.

So while yes, this thread is very light on the details, you can look at it like the finale to a show we've all been watching for many seasons. You're simply just tuning in at the wrong time for it to make sense.

Here's 9 pages of threads he's personally started over the years on the forum, going back to 2007: Search results

If that's not enough, here's the first 50 pages of posts he's made (to any thread, not just his own) going back to December 2018. Be sure to click "view older results" on page 50 for the next 50 pages that goes back to July 2017. And so on: Search results

 

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[AnneC]

I like this thread by @biophase the most.

He started the thread in 2007 “nowhere near the $1M range yet” and easily doing multiples of it now... not to mention the millions donated by his current business, and all of the people (myself included) he’s helped along the way.

GOLD! - SUCCESS STORY: Biophase (eCommerce, Real estate)

My story is not as intricate or exciting as the other ones on here and I'm nowhere near the $1M range yet. But, after reading the other ones I felt compelled to write mine. It's actually pretty boring and normal and it's not the fastlane or slowlane. I'd call it driving in regular traffic and...

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