The host provides a Q1 recap of his 2019 business and personal goals, highlighting the successful 7-figure sale of his brand, Color It. He emphasizes the strategic shift towards "less is more" by reducing business debt to zero and transitioning to a 3PL for increased location independence, setting the stage for future growth and focus on Ecom Crew.
Key takeaways
Selling a business for a significant multiple (7 figures in this case) can accelerate debt reduction and free up resources for new ventures, even if it feels emotional to let go.
Transitioning from in-house warehousing to a 3PL can dramatically improve location independence and business flexibility, allowing owners to focus on strategic growth rather than operational headaches.
Proactive debt elimination, especially business debt, creates a strong financial buffer against market uncertainties and allows for greater risk-taking and investment in growth opportunities.
Actively positioning a brand for sale by structuring it as an independent LLC can streamline future exit strategies and attract potential buyers.
Documenting your business journey, challenges, and successes (like selling a brand or tackling debt) can be a powerful content strategy for engaging with your audience and building a community around your expertise.
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.
What does this episode say about founder & leadership?
Selling a business for a significant multiple (7 figures in this case) can accelerate debt reduction and free up resources for new ventures, even if it feels emotional to let go.
What does this episode say about finance & fundraising?
Transitioning from in-house warehousing to a 3PL can dramatically improve location independence and business flexibility, allowing owners to focus on strategic growth rather than operational headaches.
What does this episode say about supply chain & operations?
Proactive debt elimination, especially business debt, creates a strong financial buffer against market uncertainties and allows for greater risk-taking and investment in growth opportunities.
What does this episode say about founder & leadership?
Actively positioning a brand for sale by structuring it as an independent LLC can streamline future exit strategies and attract potential buyers.
What does this episode say about founder & leadership?
Documenting your business journey, challenges, and successes (like selling a brand or tackling debt) can be a powerful content strategy for engaging with your audience and building a community around your expertise.
