Jan 9, 2018
A business can’t really be sold
until the seller has all of their ducks in a row and is able to
sell. Having everything done to prepare a business for selling can
also make the transition easier and command a much larger price. If
a business is built on your personal success, you have to remove
yourself from the business and the process.
Daniel Fagella always knew that
he was going to sell ScienceOfSkill.com, but it didn’t happen as quickly as he
expected. After reaching out to us after just a few years in
business, he learned that he would need to hang onto the business
for a few more years and work to transition himself out of the
business. After growing the business to over $2 million in annual
revenue, Daniel worked with Jason Yelowitz to sell his business for
seven figure acquisition. His deal closed early in 2017.
- How a roof collapse was
the beginning of Daniel’s adventure of having an ecommerce
- Marketing automation based on
segmenting based on behaviour.
- In order to build a
sellable business, you often need to wait until you have enough
history to justify bank financing
- Creating a transferable
business is key to getting more value out of a business
- Working yourself out of your
business involves two principles: removing your name and your
image, and removing your knowledge of processes
- How Daniel had to split his
time between both businesses until he had the runway to
- Problems with banks not
understanding ecommerce business. They had to convince them with
more financials than he would have liked.
- Daniel built his
business using email marketing automation.
- Tips on how to first dissect an
email marketing automation campaign.
- What you need to know to build
an automation campaign.
- How bad events can lead to big,
positive changes in life.
- Everything worked out, but it was tougher than
he thought it would be in the early days.
- Being a grown up and
implementing systems and processes to get himself out of Science of
buyer got an SBA loan. It took some time, but the deal went
after the sale. No regrets. Transition wise, Dan couldn’t have
hoped for anything better.