Selling an e-commerce business is rarely straightforward. This episode offers a candid look into the three-year journey of selling an e-commerce venture, including unforeseen obstacles and the persistence required to close the deal. It highlights the critical role of a broker and the importance of preparing for a marathon, not a sprint, when exiting a business.
Key takeaways
Selling an e-commerce business requires immense perseverance, as unforeseen challenges and "bad luck" are common throughout the multi-year process.
Building trust and credibility with potential buyers is paramount, often involving meticulous preparation of financial documents like tax returns and ensuring SBA pre-qualification.
Prioritizing clear communication and having your affairs in order early can significantly streamline the sales process and attract buyers who recognize long-term value.
Even with a broker, be prepared for extensive due diligence and don't consider the deal done until all contingencies are met and funds are transferred.
Early preparation for a sale, including understanding potential tax implications and market conditions, can mitigate risks and improve the eventual outcome.
Mike Jackness talks to Chris Duty of Quiet Light Brokerage to dive into the challenges that they faced when trying to sell one of Mike's most recent business acquisitions, and the string of bad luck that Mike faced along the way. After 3 years, I'm glad to announce that I've sold one of my businesses. Joining me today is the broker that helped me with the transition, Chris Duty from Quiet Light Brokerage. Chris and I explore the process of selling a business that I, alongside investors from ECF Capital, acquired in late 2020, and what transpired along the way (which includes some unfortunate events). One of the key takeaways from this episode is that the process isn't over until it's over. Some roadblocks might pop up along the way, but it's always important to move onto the next step until the whole process is complete. If you're considering on selling your business, or if you want to hear the fun (or unlucky) details of my journey in trying to sell this business, today's episode is definitely one to save. Here's today's main points 00:00 - Introduction 01:50 - Ground rules of today's discussion 03:04 - The backstory of our sale 08:39 - Today's main takeaway: It's not done until it's done. 14:41 - How Chris approaches a business sale 16:28 - Building trust and credibility with buyers 24:18 - Tax returns and SBA pre-qualification 31:05 -The impact of having your priorities in order 33:43 - Finding the right buyer who recognizes the long-term value of the business 42:38 - The importance of
What does this episode say about founder & leadership?
Selling an e-commerce business requires immense perseverance, as unforeseen challenges and "bad luck" are common throughout the multi-year process.
What does this episode say about finance & fundraising?
Building trust and credibility with potential buyers is paramount, often involving meticulous preparation of financial documents like tax returns and ensuring SBA pre-qualification.
What does this episode say about founder & leadership?
Prioritizing clear communication and having your affairs in order early can significantly streamline the sales process and attract buyers who recognize long-term value.
What does this episode say about founder & leadership?
Even with a broker, be prepared for extensive due diligence and don't consider the deal done until all contingencies are met and funds are transferred.
What does this episode say about founder & leadership?
Early preparation for a sale, including understanding potential tax implications and market conditions, can mitigate risks and improve the eventual outcome.
