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GOLD! Selling my Ecommerce Business

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

  1. 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.
  2. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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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.
     
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  3. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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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.
     
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  4. 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!
     
  5. 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.
  6. 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.
     
  7. GravyBoat
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    GravyBoat Silver Contributor Read Millionaire Fastlane Speedway Pass Summit Attendee

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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!!!
     
  8. 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.
     
    Kingmaker, ChrisR, mikeyjd and 2 others like this.
  9. Whiskey
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    Whiskey New Contributor FASTLANE INSIDER

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    This sounds amazing to me. I started my own business a few years ago, and making a decent living, but definitely more of a job and a business. I think this post so inspirational because I want to be able to spend more time with my kids as well as experience new things with them as they grow up.

    Congrats on your success and thank you for creating this post and educating others on the forum.

     
  10. Ama
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    Hi Amp,

    Read through your thread congrats on making it through the process!

    I am in the starting stages of deciding to sell. How did you go about finding the right person from those business brokerage websites? Do they charge a flat fee? Did you contact an attorney on your own or was the business broker also an attorney? How were you taxed on the amount?

    I see @CareCPA provided a lot of support. I just read the chapter in MJ's book on selling again and it makes sense to pursue an exit now.

    Thanks everyone for your participation in this forum, really feels like a family.
     
  11. LittleJohn
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    LittleJohn Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Dude - all this before age 30? Wow impressive. Soon to be 36 and thinking where the hell have I been? Good news is my track record for doing what i set out to do is good.

    Amazing man!
     
  12. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    That's what I think whenever I see the 19 year olds here killing it.

    Everyone's path is different. Just be glad you found it now.

    Get after it!
     
  13. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  14. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Thanks @biophase!

    Before getting this new business going I had it all planned out. Slow grow for 2 years. Push the pedal down 3 years. Sell after year 5.

    But now... I love what I'm doing so much, I don't know that I even want to sell it!

    Some "thought experiments" sounds interesting... I'll check it out.
     
  15. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Wow. Thank you for documenting your sale process... it is pure gold.

    I must be one of those people who read a novel and say "hay, what happened to that villager who was trying to catch a fish in chapter 4?" But I have to ask. Have you figured out insurance yet?

     
  16. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    That was an interesting read, especially after having gone through the process, and having some (but not all) of the author's feelings reflected in my own experience.

    One thing that was 100% relevant in my case was "boredom covering up for incompetence". I had maxed out my first and only product line. I had no idea what the next step was or how to make it happen. But what I said was that I was bored with the business.

    I still would have sold. The time was right, for many reasons. It was a +ev decision when all the risks and other factors were considered.

    A really interesting idea the book presented was "what if you kept the business, and used the money you were going to pay in taxes on the sale, or something new like hiring a CEO or GM". I did pay a sh*t ton of taxes, and that hurt. Something I'll think about in the future.
     
  17. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Never did for that biz. I also didn't try that hard.

    I made sure I was insurance'd up from the beginning with my new venture.
     
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  18. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I had that same thought too reading that. Basically you think your business is stuck at $1M in revenue because you can't get it to $5M so you think you've maxed out your niche and can't go anywhere. So you sell, thinking that you can do better in a larger niche. When the reality is that you just don't know how to do it.
     
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