EFP 211: 6 Signs Your Buyer Is BS

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!

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!

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.

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.  

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!

2023 was a whirlwind year for Amazon FBA industry as the ripple effects of the 2020-2021 bubble bursting were felt by sellers and consumers alike.Perhaps the largest of these ripple effects was the demise of the Amazon FBA aggregators whose rampant spending and operational shortcomings finally caught up with them.  In this week’s episode, Amazon expert Mina Elias is back to help us unpack the rollercoaster of changes, surprises, and hurdles faced by Amazon FBA sellers throughout 2023. Mina provides a snapshot of the current state of the Amazon FBA industry before walking us through the chain of events that led to the downfall of industry giants like the aggregators.Then, Mina puts his Amazon advertising knowledge on display, revealing the top advertising and brand-building strategies of 2023, as well as tips on how to stand out in the crowded Amazon marketplace as a new seller.Mina also reveals some juicy information about how Amazon is making gathering customer data that much easier for sellers. This episode is jam-packed with all the information you need to elevate your FBA business in 2024! Topics Discussed in This Episode: A quick overview of Mina’s entrepreneurial journey (02:24) A look into Mina’s recent first-ever business exit (03:35) A snapshot of the FBA industry today vs the 202-2021 bubble (05:51) What caused the demise of the FBA aggregators (12:14) Clever new advertising strategies Mina has spotted in the last year (25:00) Gathering customer data as an FBA seller (31:21) How to stand out in the crowded Amazon marketplace as a new seller (36:59) Mina’s predictions on the future of the FBA industry (45:00) Mentions: Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Trivium Group Sit back, grab a coffee, and learn how to ramp up your Amazon FBA business in 2024!

We are back with a brand new episode! __________________________________________ Nothing is certain except death and taxes.As a business owner, taxes are a double whammy—they affect both your personal and business life. Imagine working hard to build a business that’s set to change your life when you sell it, only to watch taxes eat away at your profits. Thankfully, there are savvy tricks entrepreneurs can use to shrink taxes and pump up profits when selling their businesses. That’s where Crystal Stranger comes in. Crystal is the Partner & COO of Cleer Tax, a company that helps US businesses and entrepreneurs navigate their taxes.  In this episode, Crystal joins us to discuss the various strategies entrepreneurs can use to reduce the amount of tax incurred when building and selling their online business.  She unpacks the most common types of taxes that businesses encounter and how to structure your business to cut down on the taxes you have to pay. Crystal also exposes the big tax blunders many business owners make—like skipping tax filings or setting up shop in high-tax states. According to Crystal, “A big mistake I see entrepreneurs make is using state addresses for vanity reasons, like having a California or New York address to make their business look established or cool. Some entrepreneurs also sign up for mailing addresses without specifying the location. Putting these addresses on your website, invoices or communications can create large tax liabilities in those states.” We also dissect the differences between an asset sale and a stock sale, with Crystal explaining how a stock sale can save non-US business owners massive amounts of money! You might not dodge taxes completely, but armed with the insights from this episode, you can certainly trim your tax bill and safeguard your hard-earned profits! Topics Discussed in This Episode: Crystal’s background and how she ended up helping entrepreneurs with tax (02:23) The most common types of taxes that businesses encounter (06:08) The differences between LLC and C corp (09:45) Structuring your exit as an eCommerce business owner (12:23) How the Nexus tax system works for sales tax (19:26) The common tax mistakes entrepreneurs make when selling their business (31:09) Stock sale vs asset purchase (36:14) The best way to use the proceeds of your sale to grow another business (45:49) How tax applies to Holdco businesses (51:14) How sellers can make their business more attractive from a tax perspective (54:46) Mentions: Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter  Cleer Tax Sit back, grab a coffee, and learn how to reduce your tax liability and maximize your profits!

How do you integrate your business into consumers’ lives and have your products playing on their minds, even when they’re not online? Today’s guest believes Pinterest is the key to deepening customer engagement. In this episode, we talk to Kate Ahl, the founder of Simple Pin Media, a marketing agency that creates personalized Pinterest marketing strategies for online businesses. Kate also created the Simple Pin Podcast, a popular Pinterest-focused podcast that boasts over a million downloads. Kate has a unique take on Pinterest, believing that it doesn’t fit in with the likes of Instagram and Facebook. She has often stated: “Pinterest is very much like Google. It is not a social media platform, it is a search and discovery network.” In this interview, Kate elaborates on this concept and explains how patience is a virtue when marketing on this unique platform – which can pay off handsomely. We also dig into what makes Pinterest users tick and how entrepreneurs can leverage Pinterest to grow their traffic and boost their brand awareness.  Kate walks us through how the pinning platform has changed over the years and the new trends that are shaping the Pinterest landscape. Taking these factors into account, Kate discusses the biggest challenges businesses face when using Pinterest and how to go about setting up a successful Pinterest marketing strategy for years to come. If you feel like your Pinterest marketing is lacking that extra oomph, you don’t want to miss out on this episode! Topics Discussed in this episode: How Kate got started on Pinterest and the birth of Simple Pin Media (02:04) Why Pinterest is a search and discovery network, not a social media platform (07:52) How Pinterest can supplement your SEO to bring in floods of traffic to your site (09:19) How the Pinterest ecosystem has evolved over the years (14:18) What it takes to be successful and the trends driving Pinterest today (17:27) The Pinterest Verified Merchant Program and buying intent on Pinterest (21:58) Is Pinterest the right platform for Amazon sellers? (29:03) The steps to starting a successful Pinterest marketing strategy (35:46) Kate’s biggest success story growing client’s businesses through Pinterest (44:12) The biggest challenges that businesses encounter when using Pinterest (47:03) How Kate built her Simple Pin Media team by training women in her community (51:25) What Kate’s podcast has shown her about the power of the Pinterest community (54:18) Mentions: Empire Flippers Podcast Empire Flippers Marketplace Simple Pin Media Canva Sit back, grab a coffee, and learn how to create a Pinterest marketing strategy that will shine a spotlight on your business!

In order to be successful, eCommerce sellers need to have the ability to be flexible and pivot to meet new trends head-on.  In this episode, Kasey Luck explains how Shopify merchants can take advantage of the hype surrounding NFTs by minting and selling them through their Shopify stores. Kasey is the founder of Luck & Co, an agency that specializes in increasing eCommerce conversion and retention rates through SMS and email marketing. She also has a YouTube channel, where she teaches valuable industry advice, helping eCommerce sellers to boost their sales.  Kasey walks us through the various use-cases for NFTs in eCommerce, the risks and rewards of branching out into NFTs, and how the crossover between eCommerce and blockchain will affect the industry in the coming years.  We also discuss what drew Kasey to the eCommerce industry, and her passion for email and SMS marketing. She explains the power that these marketing channels can provide to business owners, and reveals the most common marketing mistakes she sees sellers make. According to Kasey, “When you start a new brand, the first thing that you should be thinking about and setting up is your traffic. If you don’t have traffic, you don’t have anything else. It’s too soon to be focusing on things like email and SMS marketing if you don’t have any idea how you’re going to drive traffic to your site.” If you’re ready to step into the future of eCommerce and learn more about NFTs and the metaverse, then this is a conversation you don’t want to miss out on! Topics Discussed in This Episode: Kasey walks us through her entrepreneurial journey so far (03:28) Why Kasey decided to start her own marketing agency (06:30) Why working in the eCommerce industry really resonates with Kasey (09:26) The common marketing mistakes that trip eCommerce sellers up (13:36) Kasey explains what exactly an NFT is(18:51) How NFTs are crossing over into the eCommerce world (23:45) The fundamentals Shopify owners should have in place before launching NFTs (29:15) The biggest risks associated with selling NFTs on Shopify (32:01) The advantages available to sellers who get into the NFT game early on (33:37) The changes Kasey predicts in the eCommerce industry over the next few years (34:39) Mentions: Empire Flippers Podcast Empire Flippers Marketplace Luck & Co ReallyGoodEmails.com Mailed.com Mailcharts.com Sit back, grab a coffee, and learn how to take your eCommerce business to the next level by minting and selling  NFTs through your Shopify store.

In today’s world, almost everyone uses email. But many entrepreneurs still underestimate the power of email marketing and its ability to establish a meaningful connection with your customers.  This week’s guest is Greg Zakowicz, a veteran email marketer and the Sr. eCommerce Expert at Omnisend, an eCommerce marketing automation platform. With 15 years of experience under his belt, Greg has witnessed firsthand the transformative power that email marketing can have on eCommerce businesses. According to Greg,  “If you sell something online, you should probably be sending marketing emails. Otherwise, you’re leaving money on the table.” In this episode, Greg discusses how email has evolved over time and how to set up a successful, automated email marketing strategy. He explains how to use email marketing in each step of the buyer journey and how it can plug the holes that social media marketing can’t fill.  He also walks us through how to breathe life back into a dormant email list and some of the common email marketing pitfalls that trip up eCommerce business owners.  If your list of email subscribers is simply gathering dust, you don’t want to miss out on Greg’s valuable insights! Topics Discussed in this episode: How Greg got his start in the world of email marketing (01:16) How email marketing has evolved over time and why it remains relevant (06:49) Why email marketing is an essential tool for e-commerce businesses (14:39) The foundations of setting up a successful email marketing strategy (21:16) How to revitalize a dormant email list and reestablish a meaningful connection with existing subscribers (27:14) The common email marketing pain points that entrepreneurs encounter (34:21) What email marketing success looks like, and who is getting it right (40:58) How SMS can work hand-in-hand with email marketing (45:20) Pro tips for utilizing automations in your email marketing (51:38) Insight into any upcoming email and SMS automation trends (56:52) Mentions: Empire Flippers Podcast Empire Flippers Marketplace Onmisend Sit back, grab a coffee, and learn how to leverage the power of email marketing!