How to Sell Your Business Without Touching the Principal

Introduction:

In this episode of the Seller Sessions Podcast, host Danny McMillan welcomes Mihkel Moosel from Estonia to delve into the fascinating world of entrepreneurship. Mihkel shares his inspiring journey, from his childhood aspirations to his experiences as a successful Amazon seller. They also explore the challenges he faced along the way and how he found motivation and inspiration.

1. Childhood Dreams and Role Models:
2. Mihkel reflects on his childhood and how he looked up to his father for inspiration. He shares his early aspirations, ranging from wanting to be a veterinarian to a car mechanic, highlighting the diverse range of interests that shaped his entrepreneurial spirit.
3. Academic Journey and Discovering Sales:
4. Mihkel excelled in high school but found university to be lacking excitement. He then stumbled upon an opportunity that would change his life - selling books door-to-door in the United States during his university years. This experience marked his entry into the world of sales.
5. Building Sales Teams and Venturing into Amazon:
6. Mihkel explains how his sales acumen led him to become a sales manager, where he recruited and managed teams for a company. Eventually, in 2016, he made the pivotal decision to start selling on Amazon. He launched two brands, one focused on water and air quality testing, and the other revolving around RFID wallets.
7. The Journey of Selling Brands:
8. Mihkel shares the process of selling his brands, from receiving offers to negotiating the deal. He reflects on the emotional aspects of this decision, as well as how he celebrated the successful sale. This marked a significant milestone in his entrepreneurial journey.
9. Overcoming Challenges and Learning from Mistakes:
10. Mihkel opens up about facing challenges with a previous brand, which resulted in financial losses and the departure of valuable team members. He discusses how personal and business-related difficulties, including depression and a severe shoulder injury, took a toll on his well-being and team motivation.
11. The Road to Recovery and Personal Growth:
12. Taking a break and seeking solace in Madera for five weeks became a turning point for Mihkel. He shares how this rejuvenating vacation helped him regain his strength and mental well-being. Gradually returning to work, he focused on a healthier work-life balance, personal growth, and travel experiences.
13. Supporting a New Brand and Overcoming Initial Setbacks:
14. Mihkel's business partner and a talented team member started a new brand, with Mihkel providing financial and strategic support. They encountered challenges with defective products during the initial launches but persisted, resolved the issues, and ultimately achieved profitability.
15. Aspirations and Inspiration:
16. Looking ahead, Mihkel aspires to build a successful eight-figure business on Amazon. However, he remains open to exploring new opportunities if needed. He finds inspiration through various channels, including walking, exercise, conversations with others, and exposure to new experiences and information.

Conclusion:

Mihkel Moosel's entrepreneurial journey is a testament to the resilience and determination required to overcome challenges. From childhood dreams to facing setbacks, he demonstrates the importance of learning from mistakes and maintaining team motivation. Tune in to this captivating episode as Mihkel shares his experiences and insights that can inspire aspiring entrepreneurs and those seeking to find their own path to success.