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What You’ll Learn in this Episode:
- How to sell your own business.
- How to have an SOP for your business.
- How to know when to buy a business.
“I always challenge entrepreneurs to ask, are you the most useless person on your team? Because from a valuation perspective, that means you are building a machine that’s running with or without you.” (7:21)
“The first things I tell any new buyer is ask what are your goals? What are you trying to achieve? Are you buying a business because you want to be a lifestyle entrepreneur on the beaches of Thailand? Or are you looking to like scale, a massive startup in Austin?” (15:59)
“Probably the easiest business to buy in terms of running and cashflow would be a content site that’s monetized through display ads. So that would be like Google Adsense, where people click the ad and you make a little bit of money.” (25:05)
About Gregory Elfrink:
Born in Anchorage, Alaska, Gregory joined Empire Flippers in 2016 as their Content Manager. Now as Director of Marketing, his goal is to take Empire Flippers more mainstream as an M&A brand, and to help investors see the power of digital assets, while helping sellers have life changing exits. In his free time, he moonlights as a novelist and loves sci-fi & fantasy.
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Video URL: https://youtu.be/zH0rpu1okTI