Manage episode 228086990 series 1770904
It seems that with certain Quiet Light Brokerage listings, there is just a mad rush of activity as soon as they come out. Most of the listings that we put out will receive at least 100 inquiries right away, but what does it look like when we put out a “hot listing” that garners two times that much interest?
Today we are discussing the type of business that gets 9 offers. We go over how many inquiries those types of listings get, how much discussion and conference calls happen around these potential transactions in a short time frame, and just what it takes to get these listings under contract. We hope you enjoy this little case study of how to set up for a successful sale from the seller side and tips for how to act from the buyer side. Being thoroughly prepared and running a real, viable business are keys to success.
- The main characteristics that made this business so attractive.
- How the pricing decision played into the transaction.
- The process of selecting the 15 buyers we entertained.
- The conference call screening process between the seller and potential buyers, facilitated by the broker.
- How to choose a buyer and deal with disappointing those who lost out.
- The 4 pillars of success and how this business checked them all.
- The one intangible thing that took the business to the next level and attracted the buyers.
- How the packages that Quiet Light puts together tell a story about the listing and the journey of the brand and its seller.
Mark: It seems that with some Quiet Light Brokerage listings as soon as when they hit the marketplace there is just an absolute mad rush of buying activity towards those listings. Now to be clear most of the listings that we put out at Quiet Light Brokerage, the vast majority, in fact, it could be an exception to the rule is going to receive at least 100 inquiries from buyers and calls right away. So what does it look like when it we come across a “hot listing”? Well, it looks like a lot of conference calls scheduled very, very shortly and just a mad rush of inquiries probably upwards of 200 and 250 within the first 24 hours in some cases. What’s the difference between a listing that is not as hot like that that gets on a 100, 150, which is still a lot and something that doubles that? Joe, I know you launched a listing 3 or 4 weeks ago from the time that we’re recording this episode that we would definitely throw in that hot category. What were the top line statistics on that?
Joe: It was a let’s call it a 95 to 98% Amazon business. It was 30 months old. It was in the category of America’s fastest growing recreational sports. It was run by a single owner operator that was a stay at home dad that was a CPA by training yet outsourced the bookkeeping to an e-commerce bookkeeper. $440,000 in discretionary earnings and we went out on a 3.3 which is lower than my recommendation. But in this case, the conservative CPA said no I don’t want it to be listed for too long. I really like to get it sold let’s … can we go out at a three. I suggested a 3.5. Rarely does somebody come back and say can you sell it for less and he did in this case and we ended up [inaudible 00:02:50.9].
Mark: The guy sounds like one of these unbelievably likable guys. How many inquiries did you get within that first 24 hours?
Joe: You know I didn’t count the first 24 but I know that you and I were … we were in Dallas and on the way to Houston for a meeting and I think we pulled it up and within the first 4 hours, we had something like 185. So within the first 24, I think it probably doubled to close to 400 would be my guess.
Mark: That is insane. Now I do remember obviously these are all load
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