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465 FBF: Buying Online Businesses with Justin Gilchrist
Manage episode 434183658 series 3593126
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Today's Flash Back Friday comes from Episode 172, originally published in November 2014.
Jason gives a warm welcome to Justin Gilchrist, who is an author and an expert in buying online businesses. He and two others co-founded Centurica, which helps people with online business assessment and does the necessarily due diligence and verification to make sure an online company is worth purchasing. Today, Justin provides some great tips for anybody looking to purchase an online business.
Key Takeaways:
6:00 – A good online business should be at least 3 years old before a customer should purchase it.
8:30 – Part of Centurica's due diligence package is to verify how an online business receives their customers.
12:00 – Depending on your technical expertise, Justin would recommend different types of online businesses that would be a good fit for you.
15:40 – Far too often do businesses over report their revenue or doing crazy accounting schemes to make a business appear more valuable than it really is.
20:40 – It's important to gather all the necessary information and make sure the website doesn't look 'too good to be true'.
22:00 – Justin gives out a very technical example as to why one of the seller's websites didn't meet requirements.
23:50 – Remember to always use leverage when buying a website. This can help decrease your costs and make it easier for you to pay off over time.
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