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GOLD! Selling my Ecommerce Business

Discussion in 'Progress/Execution Threads' started by amp0193, May 21, 2017.

  1. TKRR
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    TKRR Contributor I've Read UNSCRIPTED Speedway Pass

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    @amp0193 Congrats on the sale and thanks for sharing, this was quite the read and very informative. Cheers!
     
    amp0193 likes this.
  2. Patrickg
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    Patrickg Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Congrats on the sale!

    Great thread. Great motivation. Thank you for taking the time to post and inspire us all.

    Out of curiosity, when did you decide to quite your job? And what was that experience like?
     
    Cableabe likes this.
  3. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    In a few months I'd love to have seen:

    A new competitor round up a couple thousand amazon reviews, cause that's the only way they would've gotten on page one.

    A new competitor find which retail stores I was selling in, and then convince the store owner/buyer to switch from my brand to theirs.

    The only thing a new competitor could really do, at all, in the short term, would be to make my Google shopping bids higher. Maybe. But that was only like 5% of my business. That's assuming they could a get a brand, supplier, website, thrown together in a month.

    If a business is vulnerable to competition that can get up and running in a few months, then it probably isn't worth selling.

    Good luck selling your business without revealing the details of your business or the numbers to potential buyers.
     
    NickB likes this.
  4. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I quit my job when it cost me more in lost profits then it was making me in salary.

    The experience was I checked out for the last 4 months (I was always focused on my business), my bridges ended up all burned, and the principal asked me to resign before we even got to summer break, because it was so obvious I didn't give a sh*t (about staff meetings, etc.). Not proud of it. I tried to care, I didn't want to burn my bridges, but that's what I ended up doing.

    A week later I flew to Europe for two months with my family and ran the business from there. It was a nice de-tox from my worst school year ever.
     
    NickB, Invictus, Patrickg and 6 others like this.
  5. Striver
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    Striver Bronze Contributor Read Millionaire Fastlane

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    Well, I was talking about Amazon since... you know... they were asking questions about Amazon! lol

    Seems like you're on the defensive. Don't be! You did an amazing job!
     
  6. Patrickg
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    Patrickg Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Great inspiration, thanks for sharing. I am currently on this journey and it's awesome to speak to someone, who is further ahead.
     
    amp0193 and Striver like this.
  7. mikeyjd
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    mikeyjd Contributor Read Millionaire Fastlane

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    Great read. Inspiring! I'm currently trying to position my own company for mergers and acquisitions, so this thread was quite relevant in many ways.
     
  8. GravyBoat
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    GravyBoat Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Great thread man. I've also noticed this about myself: I'm the easiest person in the world to sell to. I buy into things far too quickly. Due Diligence is KEY!!!
     
  9. CareCPA
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    CareCPA Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I'm helping a client sell a business right now. The due diligence request list is 14 pages long.
    Don't be afraid to ask for everything.
     

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