Comments on: E246: Why I Sold ColorIt.com (2019)

By: Dave Bryant

Dave Bryant — Mon, 20 May 2019 05:43:50 +0000

In reply to Larry Seith. An accounting course is probably low on the totem pole for a variety of reasons, but it's something we do go over fairly frequently ad hoc in our premium webinars. The one thing every ecommerce entrepreneur should be doing, if they don't have up to date books (most don't), is doing a simple monthly Excel balance sheet to make sure there's an upwards trend. It's not perfect but avoids any big surprises at the end of the year.

By: Larry Seith

Larry Seith — Fri, 10 May 2019 01:39:22 +0000

Hi guys!
Just finished listening to this podcast and was intrigued to hear Mike talk about how many entrepreneurs he encounters that just don’t have a handle on their businesses numbers and whether they are even making a profit! I also heard Mike say how much enjoyment he gets out of helping people so I was wondering if you have ever thought of putting together a course on how to get your business numbers in order? You can teach the basics of ecommerce accounting and have a simple spreadsheet so that business owners can plug in their individual numbers and see if they are indeed making a profit! Maybe examples of a simple balance sheet and an explanation of COGS. Nothing to indepth where you need an accounting degree to understand it, but a basic overview to help us figure out if we’re heading in the right direction.
Thank you for all that you guys do!
Larry

By: Dave Bryant

Dave Bryant — Thu, 09 May 2019 21:00:31 +0000

In reply to Leong. Hi Leong, we'll probably have a podcast on debating the merits of selling vs holding but the effect on mind/soul is probably more important than anything financially.

By: Leong

Leong — Tue, 07 May 2019 14:34:23 +0000

Mike, Congratulations on this successful transition of ownership! This is episode resonated with me a lot even thought I did not own a business but my corporate job that I used to love had not only burnt up my passion for the company but altered my character negatively. I finally have the perfect timing to pull the plug last year and had been on a recovering journey since. The day I put in my resignation was the day I felt overwhelming load lifted from my body.
I’m sure you feel even more relieved after paying off all your loans and turned into financial freedom and free up over 25% of your time! Love your episodes and I’m trying to convince young e-commerce companies in IOWA to apply for your EcomCrew Roadshow so you can check Iowa off your list and come back again!
Thank you for sharing!
Leong