October 06, 2020
Today I talk with Chris Shipferling, from Global Wired Advisors, a leading Digital Investment Bank focused on optimizing the business sale process. Years ago, selling an Amazon business was a far cry and wasn’t so easy for people to do, but now it’s much more common and Chris’s company makes the whole process a lot smoother. He recommends getting yourself a good bookkeeper and keeping track of your spending, as well as your tax returns in order to raise the value of your business. After financial organization, you need to ask yourself, what is the goal of your company? We discuss the importance of establishing your brand and having your goals set, so that your product doesn’t look like something you just pulled out 20 minutes before launch. We learn some new terms such as average order value, lifetime value, and consumer acquisition cost. Chris tells us it’s better to spend more on a higher quality firm because it can be the difference of millions of dollars in an acquisition.