How do I Sell my First Ecommerce Business?

How do I Sell my First Ecommerce Business?

Question:

Yeah, our first one is from our/entrepreneur and this person asks: people who sold their business to big companies, how do they make their first contact?

Answer

John Max: You sold…you sold kind of a big business.

Blake: yeah, we’ve sold companies and that sort of thing, but I would say that if you’re selling a business like you should look for people to be coming to you rather than kind of going out and hawking your business. I think, look at it as a growing thing that’s worthy to be sold, rather than having to go and beg for people to buy what you’ve built. There’s an element of making it aware that you’re looking to sell off what you’ve built, but there’s also an element of not being kind of ‘the guy that’s trying to sell his company at a public event’

John Max: you want to have the leverage.

Blake: Yes 

John Max: And you know it’s kind of sad that I’m recalling this now, Casey Neistat and Matt Hackett who co-founded Beme together, they actually did a very interesting show on this, and I actually link that in the in the product…or in the episode notes below, but they really talked about this because they were selling Beme to, and they were looking for buyers and they were running out of cash, like they had the day that they signed the agreement for their company to be able to be purchased, they had like twenty days left accountable and he talks about the feeling that they had of not being desperate, letting people come to them and it’s essentially just like everything else, when you’re selling something to someone, you want them to sell themselves and enjoy the journey and so I would focus, like you said, not trying to go and sell, talk about the company, talk about the success that you had, get someone interested you know you can, what’s it called? Sales breath? When you can tell someone knows that…when you can tell that you know that someone wants to sell something to you, don’t be like that, have the leverage.

Blake:  Yeah, build something that’s worth selling rather than trying to sell what you’re building.

John Max: yes.

Written by
John James, M.D. is the CEO of Engine, an upcoming ecommerce software platform currently in closed beta. I paid for medical school with an ecommerce business I founded in my dorm room over twenty years ago, and eventually raised over $100 million in venture capital running Acumen Brands. Email me -- john at engineinsights dot com.