In this episode, we look at some of the pitfalls first time buyers fall into and how those newbie buyers can avoid them.

EFP 174: Avoiding First Time Buyer Pitfalls

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Why start from scratch when you can leverage an existing business’s traction and capitalize on its untapped potential? That is the power of entrepreneurship through acquisition.  Mike Swigunski, a skilled entrepreneur and globe-trotting author, discovered this for himself while building his portfolio of profitable online businesses. In this episode, he walks us through one of his most profitable acquisitions, a SaaS business that he grew to 4x in revenue in just a year. Mike walks us through the acquisition from start to finish, from uncovering the business’s rare potential to the creative deal structure he negotiated and seizing low-hanging fruits for post-acquisition growth. Mike also shares his expert insights into the online business industry, including the lucrative gap in the market he spotted when it comes to acquisitions. According to Mike, “The 500K - 750K range of online businesses seems to be like no man's land. It’s often too big for solopreneurs, and too small for portfolio buyers. It’s a sweet spot that can offer buyers a bit of strategic leverage to negotiate a good deal. Sellers are often more motivated and more open to seller financing and creative deal structures.” Mike’s firsthand experience and expert knowledge offer a roadmap to successfully acquiring and scaling online businesses. Don’t miss a minute of this insightful episode! Topics Discussed in This Episode:  Mike shares his background and his entrepreneurial journey (02:17) A look at of one Mike’s most successful acquisitions - a $500K SaaS business (07:47) The creative deal structure that Mike negotiated (13:57) The dynamics of buying a business in partnership with another entrepreneur (16:36) Finding the right developer to work on a new SaaS acquisition (18:22) Mike's unique due diligence process for this acquisition (24:42) How Mike 4x’d his revenue by capitalizing on low-hanging fruit post-acquisition (26:59) Mike's growth strategies and future goals for his SaaS acquisition (37:57) An overview of Mike’s business portfolio (45:52) Mike’s productivity tips for digital entrepreneurs (51:06)  Mentions:  Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Mike’s site (with links to his socials) Copy Sharks Fast Food Spaghetti blog post  Rize productivity app Trello  Sit back, grab a coffee, and get the inside scoop on how to source and scale a SaaS acquisition!

Growing a SaaS Acquisition to 4X Revenue in One Year with Mike Swigunski [The Opportunity Ep.154]

Two of the fastest ways to grow your business are to increase your customer base and improve your offering to attract higher-value customers. What if I told you there was a way to expand your customer base exponentially and enhance your offering in one clever move? That is what Josh Springer does through the power of acquisitions. Josh is the Head of Corporate Development at Hawke Media, a powerhouse marketing agency.Josh specializes in acquiring other agencies and merging them into Hawke’s existing ecosystem. This not only enhances Hawke's services but also brings in a ready-made customer base overnight. Now they have a more powerful team and a larger pool of clients.  In this episode, Josh joins us to explain his approach to acquisitions, from sourcing potential targets to sealing the deal. He explains the different types of deal structures he negotiates, his growth strategies post-acquisition, and the key to smoothly merging a new agency into Hawke Media’s framework.One of the key areas that Josh prioritizes is employee retention. According to Josh,  “The value behind an agency is the people that it comes with. If you start cutting people, you start losing clients, you start messing with culture, then all of a sudden you're left with a shell that doesn't really resemble what you were trying to buy in the first place.”  If you're hungry for rapid business expansion, this episode lays out the blueprint for scaling up through strategic bolt-on acquisitions. Don’t miss it! Topics Discussed in This Episode:  Josh’s background and how he ended up working in M&A; (02:26) Assessing the right time to acquire a new agency as a growth play (05:10) The key to employee retention during an acquisition (08:15) How Josh integrates acquisitions into Hawke Media’s existing structure (10:46) How Josh sources his acquisitions (14:36) The profit margins agencies should aim for at different valuation levels (23:36) The quick growth levers that Josh has learned to pull on his agency acquisitions (25:48) The types of deals Josh negotiates and structures  (30:03) How Josh measures the success of his acquisitions (38:38) The lessons Josh has learned from all of the acquisitions he has overseen (42:55)  Mentions:  Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Hawke Media Josh’s LinkedIn  Sit back, grab a coffee, and learn how to scale your business through mergers and bolt-on acquisitions!

Mastering Mergers: Driving Growth through Agency Acquisitions With Josh Springer [The Opportunity Ep.153]

The customer is always right. If this is true, then understanding consumer’s opinions and preferences is the secret sauce to success. But how do you ask the right questions to the right people in order to gather this feedback?That’s where John Li comes in. John and his co-founder Justin were scratching their heads over this very question while trying to get feedback for their own business. Being savvy software developers, they created PickFu – a market research and consumer feedback platform that allows businesses to gather in-depth feedback from real people in minutes. In this episode, John joins us to discuss how conducting meaningful consumer feedback can drastically improve your business. He explains that it is never too early to start communicating with your audience.  Gathering feedback can help you pre-validate your products before they’ve even launched by testing logos, packaging, mottos, etc. This can be the difference between a lukewarm introduction to the market, and a rocket-fueled burst onto the scene.  In fact, John helped a business 10x their profits by doing just this. But collecting feedback isn’t all you should be doing. According to John,  “It's so important to connect with and listen to your audience. Run surveys, bounce ideas, have conversations, etc. But it’s also important to do market research. There might be a whole different set of people that you aren’t targeting that could open up an entirely new area of the market for you. So it's important to get feedback from both sides.”  Of course, there's an art to asking for feedback. John explains which types of questions you should ask, the different types of experiments you can conduct, and the ideal audience size for collecting usable feedback. You don’t have to fly blind. This episode will light the way and teach you how to use feedback to fuel your business growth. Topics Discussed in This Episode:  John’s background and the origins of PickFu (02:20) The importance of market research and collecting consumer feedback (06:03) How often should you be doing market research? (10:31) The different types of consumer research experiments you can run on PickFu (15:54) How to encourage feedback and gather the best feedback from consumers (18:05) The most common myths about consumer feedback (25:28) The ideal audience size for meaningful consumer feedback (27:34) Managing negative feedback from consumers (30:23) How consumer feedback can save a business from failure (35:18) John’s goals for PickFu moving forward (37:44)  Mentions:  Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  PickFu  Sit back, grab a coffee, and learn how to gather consumer feedback that will elevate your business to new heights.

Opinions, Options, and Outcomes: Using Customer Feedback to Fuel Growth with John Li [The Opportunity Ep.152]

Buying an existing online business is great in theory, but what is the experience actually like in reality?In this week's episode, we chat with Landon Greenhalgh, an entrepreneur who recently took the plunge and acquired his first eCommerce business.Landon walks us through his eCommerce journey so far, from tracking down the ideal business and doing his due diligence to identifying and pouncing on post-acquisition growth opportunities.  Landon sheds light on common pitfalls that often catch first-time buyers off guard, such as fixating on the 'perfect' opportunity or overlooking the value of existing employees. According to Landon,  “You can make or break an acquisition by how you treat the [existing] employees. If you come in with a ‘my way or the highway’ type mentality, it can ruin a lot of what made that company great. Humility, and recognizing that the employees probably know way more about the company than you do, is a very important aspect of an acquisition.”  The journey from acquiring an existing business to turning it into a thriving brand isn't just for the Bransons and Musks of the world. As Landon's story shows, everyday people like him – and like you – can achieve remarkable success in the online business arena by simply purchasing a scalable business.  Topics Discussed in This Episode:  Landon shares his background and entrepreneurial journey (01:42) Why Landon decided to purchase an existing eCommerce business (03:09) Landon’s due diligence tips for first-time buyers (09:29)  Alerting existing employees about the acquisition (15:37) How Landon has capitalized on growth opportunities in his acquisition (19:39) Landon explains how his high-ticket business model works (22:32) The top strategies that have helped Landon grow his brand (24:15) Time management and avoiding burning out (30:18) Landon’s supply chain and forecasting demand (32:15) Landon’s take on the future of eCommerce (36:28)  Mentions:  Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Landon’s LinkedIn page  Sit back, grab a coffee, and learn what it takes to buy and scale an existing eCommerce business.  

Behind the Buy Button: Buying and growing an eCommerce business with Landon Greenhalgh [The Opportunity Ep.151]

Unlocking success on Facebook goes beyond the simple act of launching an ad campaign and hoping for sales to flood in. It’s an art. A magic that only a few Facebook advertising wizards know how to truly unlock.Vincent Nguyen is one of those wizards. As the founder of Growth Ninja, Vincent manages a solo-run, multi-six-figure Facebook ads agency. He works his magic on a carefully selected group of clients, having breathed life back into three seemingly doomed multi-million dollar ad campaigns in just the past few months alone. In this episode, Vincent joins us to reveal the secrets to crafting Facebook ads that can catapult your business to new heights. He shares some interesting case studies from his client, busts common advertising myths, and breaks down the anatomy of a successful Facebook advertising campaign. He also explains the rookie mistakes that many people make when setting up their campaigns. According to Vincent, “Step one when setting up your Facebook ads is to set up some sort of attribution system because Facebook ads reporting is not very accurate. If you can't trust your data, then you shouldn't spend money at all. That's just throwing money away and you're going to scale things that shouldn't be scaled.” If transforming your Facebook ads from average to utterly ad-dictive is your goal, then every moment of this episode is a must-listen!  Topics Discussed in This Episode:  Vincent's background and how he grew his own Facebook Ad agency (01:56) How Vincent successfully revived and scaled a million-dollar ad campaign (07:17)  The anatomy of a high-converting sales page (13:55) Why Vincent is selective about his clients as a solopreneur (17:32) Vincent’s go-to formula for ad campaign success (29:30) Adding the right images, copy, and create elements to ad campaigns (35:38) Common Facebook Ad myths that people still fall for (45:11) Vincent’s winning bidding strategies (56:01) Why this metric is the most important measurement of your success  (57:42) Vincent’s predictions for the future of Facebook advertising (1:05:33)  Mentions:  Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Growth Ninja  Sit back, grab a coffee, and learn how to create Facebook ads that actually convert!

EFP 174: Avoiding First Time Buyer Pitfalls

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