My Amazon Guy How to Exit Your Business Kellianne & Fedio Paul Miller of Amazing Exits #83
Sep 21, 2020
44:40
Amazing Exits launches today as a company and podcast. What does it take to sell your business? In today’s podcast I speak to Paul Miller and Kellianne Fedio of Amazing Exits. We talk about goal setting, planning, mistakes and best practices so you can get an Amazing Exit when you sell your Amazon business.
How to Exit
- Kellianne's background/experience as a successful Amazon Seller growing and selling her ecommerce brand
- Paul's background/experience as a 7 figure brand builder.
- The most money that you can put into your pocket comes from when you sell the business.
- Many businesses don’t know how much their business is worth.
- Hire someone else to do the bookkeeping.
- Clean financial records are critical
- Exit planning - why it's important to have an exit mindset; what should sellers do to plan for a successful exit
- Reverse engineering your goal.
- Financial independence - net proceeds.
- What makes your heart sing
- Financial independence
- Freedom of choice
- What makes a serial entrepreneur?
- Bunch of screwups (joking) - driven to be self employed
- Build business with intention.
- When best time to plan to exit?
- Now. And always. Know the value of your business.
- Paul missed his ideal exit. 4 years of growth. Created company Cozy Phones. Copy cats took market share.
- Have growth shown historically
- Plan for buyer to continue growth
- Diversification
- Product mix
- Skill mix
- Multiples
- Types of buyers
- Read book: Built to Sell