Kudos to you bud,
It's nice to see your exit plan come to fruition!
Admirable!
It's nice to see your exit plan come to fruition!
Admirable!
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Free registration at the forum removes this block.Probably the most inspirational thread in this forum!
Goes from being a teacher, to exiting an ecommerce biz for a nice payday, all while starting a new ecommerce biz.
Valuable threads like this are the reason I come here everyday!
Reading one of your comments back in December was a big part of why I joined here actually.
Thanks for all the sharing you do here man, seriously.
Congrats!
The caller from last week put in an offer, however, it turns out he doesn't have his ducks in a row, i.e. funds, and isn't capable of buying the business. (So what was the point?)
You had previously stated someone wanting to know things about your business, such as maybe how to rank a product. I can see people doing this as a way to gain knowledge on that subject.
And congratu-damn-lations!!!!! Read it all in one sitting, and got cold chills when you finalized the sale!
but I am now struggling 10 units a day on this product.
Built to sell is a great book. I actually listen to their podcast once a week.This is a great thread. I've gotten way ahead of myself and just read 'Built to Sell', which I'd recommend to anyone on this forum (although you've now experienced it all first hand).
Best of luck on this.
EDIT - Second on McCallan 25. Excellent single-malt. If you like peaty/smokey though, give Laphroaig 10 a try.
But I have a new idea. A product that has come from being a new parent, it’s actually my wives idea. This baby product does not exist. I have no idea how I am going to make it but I am going to validate the product before working out how to. I am very excited about this product because I think people will love it. The goal will be to sell into retail and Amazon will just been another platform.
Thanks for the heads up. Sounds good though, more barriers.Baby products.
Make sure whatever you come out with is fully tested to CPSC and ASTM standards, in a government approved lab, as soon as possible.
Carefully consider the liability and risk, and see if you're comfortable with a worst-case scenario.
I had very similar results with "me too" products.
Realistically if it's hard to differentiate your product and you aren't a top ranking search result, 10 per day is probably pretty normal in most categories on Amazon.
Didn't know they had a podcast. Thanks!I actually listen to their podcast once a week.
Absolutely. Pretending to be a buyer would be a great way, albeit slightly unethical way, to learn a business model. You get to see all the numbers, financials, etc. as well. However, if i'm ready to sell my business, I'm not really worried about new competition, am I?
If you don't want potential buyers to see a sudden decline in sales/profit, then I absolutely think you should be worried. I know I would be.
I just don't trust people. Sorry!
Out of curiosity, when did you decide to quite your job? And what was that experience like?
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.
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 shit (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.
It's amazing how all the holes in the plan start to show up once your money is gone. If I had spent 15 min doing some basic fact checking, I would've uncovered the lies. In my case, and probably yours, my judgement was clouded by optimism and wishful thinking.
I'm helping a client sell a business right now. The due diligence request list is 14 pages long.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!!!
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.
One more side note:
My 30th birthday is on the 16th. Also that weekend is my life-long friend's bachelor party.
It would be wonderful to go into that weekend with the ink dry on the contract and the escrow funds being transferred to my account.
We'll see if it plays out that way.
Anyone got any recommendations for a fine bottle of scotch and/or whiskey? The kind worth getting to celebrate the sale of a business, aging another decade, and seeing a best friend soon to be married?
Soon to be 36 and thinking where the hell have I been?
Thanks @biophase!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
The only question that was kind of a "gotcha" was "why don't you have insurance?".
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