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083: The 8 Essential Components Needed To Sell Your Site At Maximum Price

Posted by Austin Brawner on July 22, 2015

Warren Buffett once said that, in business, he looks for “economic castles protected by unbreachable moats.”

If the Oracle of Omaha was considering buying your ecommerce store, would he see an “unbreachable moat” surrounding your business?

Here are the 8 essential elements for an “unbreachable moat” in ecommerce so that you can create one to help you sell your site at maximum price.

In the previous two episodes, Jock Purtle of Digital Exits taught us how to value your ecommerce business and then how to sell it for max value.

He mentioned various ways to sale-proof your business (the moat), how to raise its real and perceived value, and then how to sell it.

In this episode, we pull everything all together and help you build your moat based on Jock’s recommendations AND from what we see our top 7-8 figure clients doing to build their unbreachable moat.

This is episode is part three in a 3-part series about valuing and selling an ecommerce store. Part one is “How To Determine What Your Ecommerce Business Is Worth” and part two is “How To Sell Your Ecommerce Store For Maximum Price”.

 

 

Key Takeaways from the Show

  • 8 things you need to do to sell your site at a maximum price
  • The risks of playing in the same sandbox as Amazon and how to survive the sand fight
  • The only 2 functions that any business has
  • How your site’s potential impacts it’s a value (you might be surprised)

Links / Resources

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Chad: Austin, what’s going on buddy?

Austin: Hey man, I’m doing quite well. How about yourself?

Chad: Pretty good. I’m reading this book right now, called ‘Not fade away’, you ever heard of it?

Austin: Have not heard of it.

Chad: It was recommended by Chris Sacca, a fantastic book about this guy who is – he’s basically dying of cancer, but really goes through so much about his life, and what’s really important. So, a good book, recommend it, I already read a hundred pages in like three hours.

Austin: Let’s give the – spoil it; what’s important?

Chad: What’s important? Well, I think it comes down to the typical things that we talk about; family, more time with the people you care about, but the one thing that I really took away from it is, he’s very similar to me that he was in constant rush mode his entire life. He was like rush-rush-rush like all the time, just get to the next thing ‘cause he was very active physically, so he could do so many things. And now that he – or during the time he’s writing this book, now that he can’t do much physically, it has forced him to live more in the present; and one thing I struggle with is constantly looking too far ahead.

Austin: Interesting, I’ll pick it up.

Chad: Yeah, it’s good. But what’s up with you man? What’s going on with – I know we got some exciting news about the website.

Austin: Yeah, absolutely; this has been new for me, it’s been new territory. A lot of the website design that you see, the current version, that we’re not very happy with, was designed by me, a person who probably shouldn’t be designing websites. But – and we have moved on to new territory, we made a collective decision that we are going to hire an outside firm basically to help us design and rebrand. So really excited about that, it’s been interesting ‘cause I’ve been going through the process of actually hiring somebody, and learned a heck of a lot. It’s really interesting when you are actually on the opposite side of reaching out to potential services providers, seeing what the sales process is. Oh my gosh, there’s just such a difference between – I reached out to probably 10 different companies that, you know, agencies that were recommended to us by one of our clients who is a fantastic designer. I asked him for somebody who he trusted. He gave me about 10 people, I reached out to 10. Now, of those 10, I probably got five emails back, and the response time varied from 6 hours to over 72 hours. And 72 hours is a long time –

Chad: In the sales world.

Austin: – yeah, in the sales world when somebody says, ‘Hey, I’m really interested to talk to you because we are trying to set something up and spend a lot of money to do a redesign.’ So it was interesting. I only get about 50% of the people back to me, and it wasn’t like I wrote a poor – it was a good email that I was – it was quite compelling why they would want to work with us. So five get back to us and then of that, of those five, what’s interesting to me is the difference between the company that we were probably going to hire, and some of the other companies that I sat down with. You know, the one that really stood out – when you’re looking for a website, what you are really – you want to find somebody who is gonna build something, it’s very – it’s not a tangible asset, it’s a feeling that the person is gonna build something that resonates with you.

Chad: Sure.

Austin: So, the first person that I talked to that basically set up a phone call, we chat, and the whole thing is centered around them building something – building exactly what I want. They’re like, ‘Oh yeah, we got the skills; whatever you want, we can build.’ And I was on a phone call, and it was kind of impersonal, you couldn’t really tell what they’d built before or anything like that. And there wasn’t really much – there were no questions asked about what I was looking for. It was more like, ‘Whatever you’re looking for we can do; that’s why you should hire us.’ That was my first experience.

Then on the flip side, I got a response, within 24 hours, from another company and where they scheduled a Skype call. And they scheduled it for an hour, which kind of was like, wow, that’s a lot of time to just discuss my questions about the website. Before, in the email, they said, ‘Hey, I listened to one episode of your podcast to understand a little bit more about you.’ So that was a good sign already, I was like wow, this person actually cares. So, we sit down, and they have a Skype interview, we talk on the Skype interview for an hour, and it was purely focused on – it wasn’t focused on what I wanted actually. It was focused on trying to get to what we needed as a company and he came very prepared. We had questions about who our customer was – I had put together a little brief and he was like, ‘You know, that’s great. But to be honest, I really prefer to question everything that a potential client asks of us because that, I believe, is our job, to make sure you get something better than you could possibly imagine.’ Which I thought was a very, very good way to position what they were doing.

And I left after – we spent about 50 minutes talking about what we were looking for in a website, and I was just so impressed. And the difference between the first call where – and technically they are probably the same level. I really don’t know if there’s any difference in skill level, but the way that I felt after having somebody listen to me, and ask the right questions was truly tremendous.

Chad: Just because you have a product doesn’t mean you can sell, and that’s a big part of it. And selling really just questions.

Austin: Exactly, it questions and trying to understand what somebody – to me it wasn’t just about a website, they – if they just wanted a website, they could hire somebody off of Elance and have it built in some amalgamation of what they thought.

Chad: Yeah.

Austin: So anyway, it was just so interesting to me to see – ‘cause we’re not typically on the other side. We work with a lot – we have a lot of clients that we work with, we don’t often hire other service providers. So, it was an interesting insight for us, and for me to see a good example and a very poor example of how you can set it up.

Chad: Yeah, so do what the second guy did. Not the first guy.

Austin: Do what the second guy – yeah, exactly.

Chad: Cool.

Austin: But anyway, today – that was a rambling intro, but it’s been something that’s been on my mind ‘cause it was just so apparent that one person was doing a much better job. And today we are not going to be talking about redesigning websites. We are going to be talking about selling websites. It’s the third part in a three-part series and this is really focused on how to prepare your ecommerce business to sell.

Chad: Yeah, and I mean, in the previous episodes, we talked to Jock Purtle, that’s episode 81 and 82; we talked to him about, you know, how to evaluate the – how to basically put a value on your ecommerce business, and then sell it for maximum value. What we want to do today is really give you an overview, or a summary of the things that will, I guess, “sale-proof” your business, or value-proof your business. The quote that we read at the beginning was from Warren Buffet about how he – you know, he buys businesses that have this perceived moat around them, where they are protected by so many things, and today we want to outline you know, what components create that moat around your castle. So, we’re gonna be breaking that down today, giving it to you from our perspective, especially since we worked with so many clients who are in a position to sell, if they ever did decide to do so or who aren’t and need help to get ready to sell.

Austin: And it is a process, it’s something that – one thing that I have learned is that from the moment you decide you want to sell, you probably need about a year to get everything in order if you want to get the maximum amount of value from your business. So, this is what we are gonna be talking about. Really like if you are thinking about it in the future, listen to this episode because we are gonna cover all the stuff to do over that year, to make sure you get what you deserve for your business.

Chad: Yeah, and a couple of admin things before we jump in, one just want to say a shout-out to Andrew Foxwell, he’s the Facebook advertising guru, we love him so much. And I say that because I got a Skype message from him today that said, “You = Love you.” And he was basically complimenting us on this podcast, and it really means a lot to us. So thanks for that Foxwell, really appreciate it. If you guys have any comments or anything you want to send to us, send it to podcast@ecommerceinfluence.com, and we’d love to hear it from you directly. Of course, this is the last episode in the series and we want to remind you one more time that we are giving away a guide that we have, which we call the ‘Ultimate Guide to Selling Your Ecommerce Business for Maximum Value.’ So it’s going to outline exactly what we’ve talked about in the previous two episodes so that you can sell at maximum price. You can get that two ways: one is by texting the word “EXIT123” to the phone number 33444; you can do that and we’ll shoot you an email with a link to download that document. And you can also get that document over at ecommerceinfluence.com/selling. So let’s dump into it –

Austin: No, we’re gonna dive into it, not dump into it.

Chad: I mixed ‘dive’ and ‘jump’ and it came out ‘dump’. So let’s dive into it.

Austin: Let’s dive into it, absolutely. So, we are talking about building that Warren Buffet moat. You want to make your business defensible; right? Jock has talked so much about risk, minimizing the risk for a potential investor or someone who is going to buy your business and for us, where does that start? That starts with the brand; that’s the number one thing. That’s what we believe makes a sale possible. If you don’t have a brand, really like what can you sell that does not have a lot of risks? At this point, there’s nothing riskier than playing in the same sandbox with Amazon right now.

Chad: Mm-hmm.

Austin: So if you want to sell your business, you got to dial in on why someone – why a customer would buy from you and not from Amazon, and typically, that is the brand aspect of your business. There’s going to be a reason why someone needs to buy from you specifically and not from a competitor, or an imitator on Amazon. So there’s really four ways that you can do this; four different kinds of styles when you look at brands and the way that brands are built. Four different strategies that typically brands are assembled in: number one is the proprietary pricing model. You got to think like the flash-sale sites on ecommerce stores. The flash sales sites like Gilt, like Zulily; the way that they do this is they bring one item to market for a limited time so they can get better pricing than Amazon, and they sell it in a different way. They are out of Amazon sandbox because they are not competing directly with them. That’s one way to do that. You can build a brand within that model or, the second way we like to look at is a proprietary selection. Now the question is, if you have a strength in curation, there’s certain companies, there’s certain people who lead companies, they are very, very good at curating products. That’s something that Amazon, I believe, will never be able to do as well as a smaller company. That is not their core competency.

You can look at the Modcloths, the Nasty Gals, the companies that curate – the Huckberrys are a great example of proprietary selection. They bring together great products, and they create a great shopping environment and a community of shoppers that are basically enthralled by the selection of products even though you can get them somewhere else that are on this website. So number three, different strategies, the proprietary experience. Now this proprietary experience, this is where I feel like we are gonna have a lot of opportunities to expand in the next five to ten years. There’s companies that are doing it already, but there’s also – like the Birchbox. The subscription companies, the subscription commerce people have really excelled in this proprietary experience. You can get all this stuff they sell in other places. What they do is they put together, in a box, whether it’s a trunk club or other curated items, they put it into a box for you and they ship them to you, and you can’t buy it like that, in that specific way, anywhere else. You’re not gonna go to Amazon and get a curated box that fits you perfectly, and a stylist makes it happen. It’s just not gonna happen. So they are not reinventing the wheel in terms of the products, but they are reinventing the wheel in terms of the experience you can expect. And the reason why I think there’s lots of opportunities to expand is because that it’s such a new niche in the market. Last but not least when we are talking about brands, you’ve got the proprietary merchandise; and this is typically what people think about when they think about brands because the best opportunity to build a moat around your business is to build it with your own product and merchandise that somebody can only get from you.

If you really are dialed in on building a moat, this is a style that Bonobos has gone after; you can only buy from Bonobos, you can’t go buy it from Amazon. This is the way to really, really do it. It’s to focus on the proprietary merchandise. Those are the four different strategies you can kinda use if you want to focus on brand, and then branding is a lot more than just taking a strategy. It’s actually executing and making sure that there’s intrinsic value, but to start with it, this is the big one. If you want to sell for maximum value, you got to build a brand.

Chad: Totally, and I actually want to follow it up with the last one there, proprietary merchandise. That obviously is the moat. But I think in a way to further solidify that moat is combining proprietary merchandise with proprietary experience; right?

Austin: Absolutely.

Chad: I really believe, and I know we’ve talked about this many times, that the experience, I think about Ryan Dicey mentioned it. He’s like, how do you take a Bass Pro Shop with the experience and a lot of that what they do there, and combine that experience online with your proprietary merchandise. Let’s put it this way, you have, I don’t know, some widget with your name on it, it’s not that hard to go and reverse engineer and recreate. That’s just the way it is, or it’s already being made and they just put a new brand name on it. So combining merchandise and experience is the way. For me personally, I think of Disney as well, as a way to really solidify that moat.

Austin: Yeah.

Chad: But moving on to the second one, you have this brand and what do you have to do with it? You got to market it. Peter Drucker once famously said that business has only two functions and that’s innovation and marketing. So, you’ve created this product, created the brand potentially, but it’s like how are those marketing systems operating to get that product and brand out there? I think at the minimum, are you at least getting two dollars for every one dollar you are spending on ads or something like that? Are you building a customer base of raving fans purchasing from you repeatedly? Are they telling their friends about you? Of course, none of these things really happen without marketing, so it’s one of those areas that must be really, really solidified.

Austin: And there’s one aspect of marketing that we can’t harp on enough when you are talking about selling for maximum value. You need to have a list, you need to focus on building that list. Think about it, if somebody is coming in to buy your business, and you haven’t spent the time to grow an email marketing list and then develop it even further with adding, you know, SMS numbers, addresses, why would – they would not – there’s no reason for them to pay top dollar if you don’t have a clear database of customers and prospects. A lot of times people think that it’s enough just to have a checkbox at the end of checkout that says, ‘Oh would you like to receive newsletters from us?’ and a customer can either check it or uncheck it to decide if they want to be followed up with.

Chad: Yeah, and I think about two things that we all know from experience, well one, I had a personal experience when I was like 22-something in real estate, and the broker at the office said, ‘Chad, you need to build a list’. And at that time, I was like, ‘I don’t know what you are talking about man. I don’t get it.’ And now looking back, that image is seared into my mind because I’m like, man, if I just had a list. And the reason why I think about it is you think about a doctor right, they have a black book of names and numbers, and what they often do is just sell that black book. That is the business, that little black book.

Austin: That’s it, the list is the business and you have to focus on it more than just having a checkbox at the end of checkout because the majority of people are not going to leave that little tick – that box ticked to be added to that mailing list. So, if they don’t check that box to be added to the mailing list, you’ve got to make sure that there’s other things in your site that they are getting them to be added again to subscribe to your mailing list so that when somebody purchases your business or looks behind the veil, the veneer of your ecommerce site, they can see a very detailed breakdown of all your customers, what they’ve purchased, when they’ve purchased it, and they are buying that because they know there’s value in that.

Chad: Yeah, and which leads to the last point, don’t rely on things like Amazon or Facebook or all these areas that you don’t own. They own the data, not you. So, that’s why it’s so important. So that was marketing, what’s next?

Austin: Next is just talking about the length of your business and Jock touched on this a little bit, but really people are gonna be buying – when they are buying your business, they are buying potential. So, you want to be in the growth phase, but not too early and not too late because if you are too early, you are not going to get the highest value for your business because it won’t be established. If you are too late, if you are already matured and your sales have kind of leveled off, well, you are not gonna get the multiple that you want because there’s no – people aren’t gonna see the potential there. You want to be firmly on the hockey stick growth phase and you what to be like right before it becomes mature, because just like anything in life that people are buying, they want to find potential. There’s a reason why they draft all these young players; you look at baseball, they draft them so young because – and they pay them – baseball not so much, but they pay them, in the NBA at least, these young guys who aren’t even gonna play, massive contracts because they see the potential, they see the frame or a seven-footer. The Knicks just drafted this guy who’s like 19, he’s 7-1, going to 7-2 and can shoot threes. They gave him a massive contract even though they know he’s not gonna play for a couple of years because they see the potential there.

Chad: Totally. And the one thing I think Jock really hammered home was, he goes, “Look if you are only six months into your business, don’t even think about it.”

Austin: Don’t sell. No.

Chad: Don’t even think about it.

Austin: Next step, systems.

Chad: Next step, systems. So look, any good chain out there that you ever go to has systems in place that are duplicatable, replicable so that anybody who wants to buy that business knows that they are buying a machine. I always think about like a car engine, when you buy a business it’s the same thing as buying a car. What does it really do? They pop the hood and say, ‘Does the engine work?’ It’s the most important part and I look at like McDonald's, that’s probably the one that comes to mind first ‘cause they are so systematized. And on top of that, I think about a story, a friend of mine, he’s a hair stylist here in Hollywood, and he was working at a store called Drybar, I’m sure some of the ladies have heard of it, it’s a pretty big place, but he did like 200-some – I don’t know what they are called, but basically some hairstyles, 200 of them, and he messed up on two or three of them but – and he had to leave. They’re like, ‘Look, you messed up on three, you got to go.’ But they loved him, and they loved him as a person. The thing was, the company had a checklist in place that said, All right, when this percentage is hit, then this person has to go regardless of who they are.’ And that’s just a simple system put in place to keep it as a well-oiled machine and you have to do that with your business.

Austin: You just talked about popping the hood and checking to make sure the engine works; the key is not just making sure the engine works, the key is making sure the engine works without the original driver, that’s the big difference.

Chad: Sure.

Austin: That’s what’s happening with us; we’ve been focusing on our business, everything is being SOP’d as we call it, or turned into Standard Operating Procedures because we’ve realized that we need to free ourselves up and stop being the drivers who can make everything work because that’s our long-term strategy. If you are the one that is firmly entrenched in the day-to-day, and your business will shut down if you are not there for a couple of weeks, you got to spend more time diving into those SOPs. The most interesting thing we’ve seen is that things that we could not even comprehend, that could be standardized six months ago, are being standardized in our business as we have gained more experience building those standard operating procedures.

Chad: And I think – obviously, it’s a fantastic point but the worst part, you mentioned, you mentioned it doesn’t run without you, the worst part is when you go to sell and they are buying you.

Austin: They are buying you.

Chad: The whole point is to like sell something and to move on, to free yourself from it if that’s what you want to do.

Austin: You don’t want to be their chauffeur.

Chad: Totally.

Austin: They can buy your car.

Chad: Yeah, well, we had somebody we had talked to, and he was like ‘Yeah, they offered to buy the business and there was a requirement in it that I had to stay two years.’ And I was like, ‘Wait a second, why do I have to stay two years?’ ‘Well, ‘cause you have to run it.’

Austin: Exactly. So good resources for you, I mean obviously we talked about ‘The E-Myth’ multiple times, that’s a great one, ‘Work The System’, Tara Pearson’s blog is great, what else, I’m trying to think of other resources – those are good places to start.

Chad: Yeah, start with ‘E-Myth’, ‘Work The System’ – the book ‘Work The System’ –

Austin: Those are all frameworks so that’s the thing.

Chad: Yes.

Austin: Those are all basic frameworks of Standard Operating Procedures and the whole mindset behind it. You’re going to have to figure out what processes work for you and your own system, and you may need to hire a consultant. Honestly, because that’s actually helped us quite a bit, hiring somebody else who was able to help us build the framework of what we need to, how we are gonna structure the Standard Operating Procedures.

Chad: Absolutely. And that leads us to management, now that we have these systems in place, what about the people? How do you systematize the people so to speak?

Austin: Sure.

Chad: And that comes down to an organizational chart; right? Who fills what role? Not, the other way around, like ‘How do I fit this role to the personality?’ It’s ‘How do I fit this person with the skill set to this particular role?’ And having the right people on the bus and the right people off of it, and the people who buy in, that’s key to a good management process.

Austin: Remember, when you are selling, you are selling the vision of the company. So if you have a dialed in an organizational chart, let’s talk about the future-oriented organizational chart. So, not just the day that the sale is made, but a growth strategy laid out with the positions that will potentially be hired. Again, that’s a way to minimize downside risk because the person that’s buying the business from you will understand where you see the company going, and the potential roles they are gonna need to hire for as they grow. It’s been big for us; I mean, we really revamped our org-chart in the last couple of weeks.

Chad: Yeah, it’s really nice to know who is doing what, or who is supposed to be doing what so there’s accountability and more importantly, I think about it this way; it’s so much easier to switch people in and out, whether they are performing or not, or they should or they shouldn’t be doing this role because they are better someplace else. Like it’s really relieving when you can sit there and say, oh okay, I’m in this role. Like for example, the website design, you were designing a website and we set this org chart up and were like well, maybe you shouldn’t be designing the website, your skills are better off somewhere else and it helps our business ‘cause you can focus in the areas you are best at and I think that helps.

Austin: Good couple of resources, book [Unclear 0:25:31] or Verne Harnish’s ‘Scaling up The Organization’ are couple of ones you can check out if you are interested in management strategy. The next step is finances. This area and Jock talked about it a lot, is the area you need to get together way early; way earlier than –

Chad: It’s the first thing you do.

Austin: Yeah, I mean this is – when you talk about that whole year that you need to ramp up, this is the area that holds the most weight. You got to get it cleaned up, understand your books –I mean, my gosh, there’s a difference between thinking you know what you’re – your books are dialed in, and we thought we were doing a decent job up until about a month ago, until we hired a bookkeeping company and they totally set it straight. They’re like, ‘What the hell are you doing here?’ But more importantly, once you get those setup, you got to learn how to run your finances, and bring in profit, like Jock talked about. You want to run lean for a year, don’t just put everything – you got to pay taxes and run lean for a year so that you can show the most glorious golden egg that your business is producing, for whoever is going to be buying.

Chad: Yeah, there’s no better way to eliminate mistrust or skepticism on a buyer’s part than showing clean books.

Austin: Yeah.

Chad: Like honestly, you could – you could probably even lie about the brand itself but if you have clean books, showing exactly what’s going in and out and how it’s operating, and they are like, ‘Wow, this is like you know, super-solid’, it’s going to eliminate all that buyer skepticism. I can’t tell you how many times; you know, you’re at a closing table for a house and it’s like, ‘Oh, something just came up on the financial part. Looks like we might have to delay closing or it’s not going to happen.’ I mean, look at a mortgage company, they literally ask for everything you have. Well, at least now they do, they didn’t do that back in 2007, but you know, they are asking for everything, all the documents to prove that. And when a person buying a house has all that information without even a hitch, loans happen so fast. It’s the same way in this business.

Austin: Same way. Go read ‘Profit First’; if you have questions about where to get more – how to get more profit out of your business, how to run leaner, find yourself a good bookkeeper, you can go through the Profit First network. We had great success. We went to Profit First, emailed Mike, the author or Profit First and I was like, ‘Hey, can you hook us up with a bookkeeper who understands the Profit First system?’ And he connected me through his network, with a fantastic lady, Justine Lackey from Good Cents Bookkeeping, she’s done a great job helping us out, and she was able to go in and just see what we were doing, and spend – same thing with our website design, I was doing all of the books, and I’m not an expert at books. So, hiring somebody else who can clean them up for you is a great way to get yourself ready for the sale process.

Chad: Absolutely. And that leads us to the next one, this is a second to last one here, but it’s skill set. Jock mentioned, he goes – he said, “Your skill set and your mindset predicts your valuation.” So we are going to talk about the skill set; what you are developing and how you are translating that into systems or processes within your business, so that either you are becoming better at it to help your business or you are able to train more people to do it as well, like understanding what skill sets you need to acquire, or even what your team needs to acquire. I mean, we are gonna have Ian, our project manager, take an analytics course so that he can continue to hone in on his analytical skill set for Google Analytics; you know, simple stuff like that.

Austin: And even also just these podcasts are very helpful just to take a step back and focus in on one thing, one topic. It makes us think about the topic a little bit more in-depth and step out of our business, and really think about what matters and how we can work on the business a little bit more. So just taking the time, we build it in ‘cause we are going to produce the podcast no matter what, but make sure you are working on that.

Chad: Yeah, I know it’s hard to – everybody is like, ‘We are trying to do 200 tasks in a day’ and I add ten more and I only get two done and it’s like how do I add that in? Well, I don’t know –

Austin: The morning – the morning time –

Chad: 15 minutes every morning. 15 minutes and this week what I did is, I just was re-writing sales letters so that I could get better at sales copy and that’s – I was writing it by hand, so 15 minutes and I just go through it, and already I’m seeing a difference in just the way I think about it. So, 15 minutes is all you need.

Austin: Yeah, absolutely. You can make it happen in the morning. Resources, podcasts, listen to us.

Chad: Yeah man, listen to us.

Austin: But and focus – again, focus on just one thing, don’t try to do more than one. Last thing is something Jock talked about but it’s mindset; he said, “Your skill set and your mindset predicts your valuation. Entrepreneurship and building a business rewarding and it’s taxing in many ways, especially psychologically.” One thing that he mentioned was a big issue – or during the closing process, a lot of times, he said that people that were selling the business would take their foot off the gas ‘cause their mindset changed. They think they were getting out, took the foot of the gas, sales slump, and in that process, the buyer can get some cold feet. We talked about mindset here quite a bit because we believe that it’s an absolute requirement to having success, something you can list in your businesses and asset for sale because it’s imperative to make sure that your mindset through the entire process is producing the most valuable asset that you can create.

Chad: Yeah, and the thing is, you know, obviously mindset is not easy, it’s a battle for us, there’s ups and downs but being able to stay even-keeled throughout the process, even in the selling process, it’s going to be a psychological battle. It’s like, ‘What are they looking at? What do I need to provide? Do they think everything is right?’ So it’s just managing that mindset and you know –

Austin: Yeah, not taking your foot off the gas, making sure you –

Chad: Just push through it man, nothing changes. I think about the – I remember seeing a YouTube video of this college runner, he took hits foot off the gas at the end and the guy that – a guy came streaking up from behind and beat him and he watched it happen on the Jumbotron in front of him. So that’s how he knew he was about to get beat because he simply slowed down, he was celebrating before the finish line. That’s a mindset issue right there. But, one way we like to improve our mindset, simple things, things that you should know if you are listening to enough podcasts, it’s exercise, eating right, meditation, scheduling in fun, getting enough sleep and then working on that focus; and one thing I really like to use is Headspace. I use that every single morning, it really helps. Plus, I also eliminate decision fatigue by systematizing my personal life. That sounds so robotic, boring, bland but actually systematizing my personal life actually makes the fun times super-fun because I know during blocks of time – like, I have nothing to do here, whatever I am on.

Austin: Yeah. I’m a big fan of Dan Sullivan, strategic coach, he is – oh my gosh, he’s over 70 years old now, and he’s been training and coaching entrepreneurs his – as he says, his entire life. And he’s got some great tips about mindset and about scheduling in those three days to be comfortable. So if you’re – I’ve gotten so much value from listening to Dan Sullivan talk about business and entrepreneurship, they were in the 10x Talk on iTunes podcast. That’s a good one to download and get into if you haven’t ever listened to it before. But yeah, no, it’s huge.

Chad: Yeah, there you have it.

Austin: That’s it.

Chad: There’s the list to build your moat.

Austin: That’s all you need; go sell for max value.

Chad: Right there, that’s all you need. Just listen to what we just said there but anyway, just a quick reminder, you can get the guide that I talked about in the beginning, the ‘Ultimate Guide to Selling Your Ecommerce Business for Maximum Value’ where it outlines how to value your ecommerce store and then sell it for the highest price. And again you can get that via text by texting the word “EXIT123” to the phone number 33444 and we’ll send that email to you with the docs. You can also get that over at ecommerceinfluence.com/selling.

Austin: Yeah, absolutely. So, we’d be happy to hear from you guys. If you are in the process of selling your business, if you’re thinking about selling your business, or if you’ve sold your ecommerce business in the past, we would love to hear your feedback. You can email us at podcast@ecommerceinfluence.com. If you’ve enjoyed the episode, or if you have listened to us for quite some time and haven’t taken the time to head over to iTunes and write us a review, head on over there now. Just go over there and find our –

Chad: Just do it.

Austin: Do it, find our podcast, go right in there, give us a little feedback. It’s something that we enjoy.

Chad: Sweet.

Austin: So, thanks so much for joining us, and we’ll see you in the next episode.

Chad: Later!

Transmitter: Thanks for listening; to get even more actionable insights from the most influential experts and the most successful CEOs in ecommerce, to help you grow your business from one million dollars to 10 million plus, visit ecommerceinfluence.com.

Chad: Austin, what’s going on buddy?

Austin: Hey man, I’m doing quite well. How about yourself?

Chad: Pretty good. I’m reading this book right now, called ‘Not fade away’, you ever h...

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