eCommerce Fuel (Buying & Selling Stores)

New post from The eCommerceFuel Blog:

It's been eight years since Right Channel Radios first opened its eCommerce doors. After a cart migration, major website overhaul and lots of lessons learned over the years, the business has officially been sold. Today we're talking about the biggest takeaways Drew and Andrew walked away with after selling eCommerce businesses. It takes more planning, strategizing and moments of doubt than one might think. Subscribe:  iTunes | Stitcher (With your host Andrew Youderian of and Drew Sanocki of Andrew: Welcome to the eCommerceFuel podcast, the show dedicated to helping high six and seven figure entrepreneurs build amazing online companies and incredible lives. I'm your host and fellow eCommerce entrepreneur, Andrew Youderian. Hey guys, it's Andrew here and welcome to the eCommerceFuel podcast, thanks so much for tuning in today. Joined by Mr. Drew Sanocki, the man from New York City consultant and business owner extraordinaire. Drew, how are you doing buddy? Drew: Good, how are you doing? Andrew: Good, I was looking at Nerd Marketing and things are looking sharp over there man, you've got a pretty beautiful brand and site with some awesome content. Drew: It's getting there. I read some book on design for founders, I think it's called "Design for Founders," taught me a lot about typography which I got into, you can sink a lot of time into that but I love it now, it's really interesting, I recommend it for anybody who is looking to brand a site or a blog. Andrew: Yeah, it looks super sharp, I was jotting a bunch of notes down and stuff that I'm totally going to swipe for the eCommerceFuel site, yeah it looks sharp man. Drew: Oh fun, good. Andrew: But yeah, today talking about some kind of crazy, crazy news. I sold the business. Drew: I know. Congratulations. Andrew: Yeah thank you. Sold Right Channel Radios which is the business I've had for, man, I guess where it all started back in 2008 so owned it for eight years and just this last couple of weeks ended up closing on the sale. Drew: So is this the first official announcement? Andrew: Publicly it is, I've been chatting with people in the community about it, the private community but in terms of public announcement, yeah, this is where it's getting broken. Drew: Well that's great, well congratulations, this is your second exit. Andrew: Yeah. Drew: Isn't it? Andrew: Yeah, thank you, this is my second one, sold a couple of years ago and this is number two. Drew: That's great, got all sorts of questions for you. Andrew: Yeah, hit me man, it's kind of strange doing a podcast about selling your own business but you were kind enough to come on and help me do it so it wasn't just me talking to people. Drew: Well I'm happy to be here, I sold my first business, it seems like ancient history now, but back in 2011, 2012. Andrew: Yeah, Design Public, right? Drew: Yup and then we sold a business where I was the CMO, Karmaloop, we sold that about a month ago. Andrew: You're partnered up with a private equity group for that, right? Drew: Yes, I mean they did the deal, I did the diligence on the deal, came on board, helped return the company to profitability and we sold, they made most of the money off of the deal unfortunately, but yeah. Andrew: Probably it's safe to say they probably brought most of the money to the deal, right? Drew: Yeah, I was a mere pawn. Andrew: Yeah so I thought it would be kind of fun to just kind of talk quickly about why I sold, who I sold it to and then get into some lessons, both kind of some lessons I learned from the sale and also get your kind of thoughts on it. Drew: Sounds good. Long-Term Prepping Before Putting Up a "For Sale" Sign Andrew: So probably the biggest takeaway for me, and this is something I realized after the fact,

Direct download: EP156ECOMMERCEFUEL.mp3
Category:Buying & Selling Stores -- posted at: 6:00am EST