This episode recaps Q1 2019 goals, focusing on a major brand sale (ColorIt) which enabled debt reduction and increased location independence. It offers valuable insights into strategic exits, financial management, and operational efficiency for e-commerce entrepreneurs looking to streamline their businesses and achieve personal freedom.
Before I hop on a plane to Asia, I thought it would be a good time to do a review of those goals I made for myself at the start of the year. Sell a brand. We already did this. ColorIt is officially no longer ours. We'll be discussing the sale in a series of separate podcasts which is definitely something I'm looking forward to. Position another brand for sale in late 2020. All of our brands now have their own LLCs. I don't know which brand it will be, but we plan to figure this out in the middle of this year. We'll start thinking about this now in anticipation that we will be in a better spot with whatever brand we'll be letting go of next year. Getting back to location independence. Now that ColorIt's off our plate, it's allowed us to move everything to a 3PL and shut down our California warehouse. It's also allowed me to start filming episodes of EcomCrew Roadshow. Reducing debt to zero dollars. We have completed the first step of this. ColorIt's sale has allowed us to pay all of our business debt. We are working on clearing our mortgage by the end of this year. Hike the West Coast Trail on Vancouver Island. This will be happening in August and I've already started training for it and doing 5-mile walks. Take at least 10 weeks of personal travel. We'll be going to Japan and I'm super looking forward to going to Tokyo. We'll have three full days to spend there. That comes after going to Hong Kong for the Mastermind and Global Sources Summit and the Philippines to visit my team. Record 6 or more episodes of the EcomCrew Roadshow. Two of those are already done. We're planning to do at least four more. Invest in at least 1 ecommerce business.