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GOLD! Selling my Ecommerce Business

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amp0193

amp0193

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I just finished this short book. I recommend reading it before you sell. It was interesting to me at $2.99.

https://www.amazon.com/dp/B07BN2KD1J/?tag=tff-amazonparser-20

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 shit ton of taxes, and that hurt. Something I'll think about in the future.
 

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amp0193

amp0193

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But I have to ask. Have you figured out insurance yet?
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.
 

biophase

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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 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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