My first exit was selling a small shopify dropship store (backstory here) on empireflippers.com for under 24x monthly earnings (this was 2016!).
The process of selling a business and discovering what is valuable to buyers had been an incredible learning experience for me and Frank who bought the business is a great guy (interview below). Out of the 20+ buyers who paid the deposit to see the site, Frank was the one I wanted to take on the business and I was happy when we agreed on a price.
It’s given me the confidence and mindset to realise that the only difference between creating a $300/m, $3k/m or $30k/m online business is ability to scale in your chosen niche, i.e. the right traffic to the right funnel.
Knowing that I’m able to build something in a way (through SOPs) that is valuable for someone else to purchase has been a game changer.
Rather than hustling for the rest of my life I now have the mindset and ability to build and sell businesses to achieve my financial goal.
I’ve recently been going deep learning about the world of investing, reading as much great content as possible from people such as local Brit Siam Kidd of The Realistic Trader as well as listening to the awesome podcast Invest Like A Boss.
I’ve worked out that my top line financial goal is 5 million USD which will give me the option of being able to retire by investing it. A conservative return of just 5% would generate over $20k/m to live on completely passively for the rest of my life without dipping into capital.
To achieve this my plan is to continue investing in websites to sell, such as funnelengine.com. If $5MM seems crazy high to you, let’s break it down into something more tangible.
HOW TO BUY A PORSCHE
A new Porsche 911 which starts at $90k – this is going to be a gift for achieving my financial goal. But assume your goal was simply to own a new 911 asap. How would you do this?
That’s just $100 in earnings a day. Assume a RPM of $100 for an affiliate site and you just need 1000 pageviews per day for 30k a month.
To sign off, below is a google hangout I did with the new buyer one month after the sale – the connection drops a few times but it’s a fun chat.