Incredible Exits – Mike Jackness – Selling ColorIt

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In the second installment of our Incredible Exits series, we welcome Mike Jackness back to the podcast. Mike, one of our favorite guests, is here discussing the recent sale of his online business, ColorIt. Mike is a lifelong entrepreneur and hosts a podcast with a 30k listener following. On his show, he talks all things about e-commerce, email marketing, and Amazon. Mike’s decision to sell this particular business was based not on struggling to grow it, but simply on the the need to offload something from his plate. He was well aware of what he’d done to grow it, and the potential for its future growth, he simply knew it was time to hand over the reins.

We wanted to have Mike on to tell us firsthand how that process went, the challenges he faced, and how he eventually reached multiple offers. He shares some of the key things he did to get the business sold at 96% of the list price. We discuss how some acquisitions don’t go as smoothly as others, even for someone who seems to have a great grip on how to grow and eventually sell an online business. Ths episode chronicles the sale and buying process: what Mike has done right and what he would change if he could.

Episode Highlights:

  • We hear about Mike’s journey as an entrepreneur and what led him to start the Ecomcrew podcast.
  • The factors that led him to sell one of his e-commerce businesses.
  • Mike talks us through the 10 risk factors to take into account for e-commerce success.
  • How Amazon can be the judge and jury when it comes to keeping your e-commerce business alive.
  • The one thing he would go back and do differently in the transaction.
  • The importance of planning in advance for an easier buyer transition.
  • Why some entrepreneurs get caught up in the squirrel syndrome and often find that as they take on too much they run into trouble.
  • Mike takes us through the launch process and how we got to the multiple with the right buyer.
  • The importance of instilling confidence in the buyer.
  • The inventory issue specific to this brand and how that affected the sale. Why one can’t plan the perfect inventory in e-commerce business.
  • How to find middle ground on the inventory excess in the sale and acquiescing when necessary.
  • Why the seller makes all the difference in the sellability of the business. The way a seller should act under any circumstances.

Transcription:

Mark: Joe you got to have one of our favorite podcast guests on; Mike Jackness. And Mike actually retained you or hired you to help sell one of his properties. And we get to do another episode … is this part of our Amazing Acquisitions? I don’t know … our Amazing Exits I’m sorry.

Joe: Incredible Exits, come on Mark get it right.

Mark: My goodness, I made it up. It’s a good—

Joe: I don’t even know what it’s called. Somebody’s going to tell me there’s a certain term for things that flow off the tongue very well … incredible.

Mark: It’s almost as if I’m not paying attention to what you’re doing at all. You got to have him on the podcast about selling his business.

Joe: Indeed.

Mark: I’d like to know about it.

Joe: You know he’s just an awesome human being and that made selling his business and the person buying it that more excited about it. Look, Mike is an influencer. He has a podcast where he’s got 30,000 people listening to him every month and he talks about e-commerce and email marketing and Amazon. We had challenges because people are like well if Mike Jackness isn’t killing it with this I don’t know if I can do any better. But the

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