Greg Elfrink - How To Create And Sell Your Own Media Empire


So when you're when you're seeing someone 'biocyte. I'm kind of curious because he's probably pointed to the seller. Sometimes it's a more of an advance or sorry. The buyer felt like an fbi site because they see the opportunity. Someone did all the hard work of creating the website finding the products. Maybe figuring out what's working what's selling what's not like. What are some things that you're seeing sellers do with a website that on empire flippers. Like are there certain things that they're looking for. Is it like that. where they're like. Oh they did all the work for me. I'm gonna pay for that because they can saved me years of work in heartache to figure all this out like can you know prep yourself for that in a way as a seller. Yeah you're asking. What can i do to help. A buyer seed at their web site. Is that shortcut. Yeah that in the motivations of a buyer yes so they can kind of sync up in the right spot and you know get the valuation yet. This is a very good question. Because i i always Both buyers and sellers so if you ask a seller like why are you selling your business like almost one hundred percent. The fans like i want money vic big vol but that's usually not the real answer right there. That's the superficial answer. Then you dig deeper. They're like oh. I want to do other projects and like okay. Let's dig deeper. You peeling back the onion a bit. eventually filed like. Well i want to focus on other projects. Take less than my time. Because i'm moving to this new house and selling this Business allows me to make this down baby in the house for my new family. And now you're getting to the emotional reason right. So whenever a talk to buyers and sellers say dig deep find out who the buyer seller is copywriting. One we all do like everyone listening to this podcast of the market price familiar with copywriting right but for some reason when you go to buy or sell busy like take the copywriting Just like throw it in the trash like. I don't need that anymore. Businesses success but like the buyer seller. Is your customer right like that is your customer. You need to think about their own motivation. So when it comes through selling thinking about a buyer we recommend Or at least i recommend the seller jagger our buyer persona content. So there's about six of them and they all very different motivations for example a newbie norm. If you've you know you're seller dealing with someone who is a newbie norm. Someone's brand new to the space like that doesn't necessarily mean they don't have business document or money they're just new to online business acquisition. They're probably going not have as much confidence. And so you're going to have to hold their hand a little bit more and that's okay For the seller. Payoff like yes. You might have to hold their hand a little bit more but when you give them a quality business you might have. Effectively changed their entire trajectory of their life in a positive way. Because like maybe knows just starting out and that's always going to be the biggest pool buyers talking to because there's always more people coming in right versus say like a investor yvonne who that would be more of your brand aggregate or someone who's raised millions of dollars to acquire businesses. Obviously their motivations going to be a lot different. And if you're a seller like say you're a amazon. Fda entrepreneurs does example works really well with And you have a one product business. So one hundred percent revenue comes from a single ecommerce product on amazon. Most buyers don't like that look at that and they're like darris seems soup. Exactly right like whoa. Because it's a two hundred thousand dollars of single skew like But an investor ivan. Not risky at all to them. They don't care. They'll buy one product businesses all day long because they raise millions of dollars. A your five hundred thousand dollar eight hundred thousand dollar. Even three million dollar one product business one hundred k. to them as long as it meets their other strict criteria cousin to them is not as risky. Because of all acquisitions are doing right. So this is these are important things to know as a seller going into who am i dealing with For things you can do before you ever sell is ask yourself like would i buy this business like just be honest with yourself would i like. Does this seem like a good deal. Why why does it seem like good deal. You start interrogating yourself. And if you're really honest with yourself There will probably be some answers. The actually seems like not a good deal away. Now i know. How do i fix it. Like how do i make this a good deal for myself right so you always like sellers are obsessed with evaluation for obvious reasons. There's a second. Part of selling a business called attractiveness so some sellers they'll be like Like say you're running this huge media site this You know michigan. Thirty thousand dollars a month affiliates. I and you have this bad ass team writers. Va's as all this all these systems and processes set up in the first thing the so as things like andrei increase my valuation by firing. My old team get rid of that expense. That's valuation boost right. But then the buyer cousin sees all the work that has to be done to maintain this business. He sees you working seventy hours a week. He's just going to discount. You're like hey. I'm going to eat iot. I'm going to hire a team. So i need this for a lower price because the net profit is going to be lower right so you almost get like no benefit for doing that. I always tell sellers like yes valuations imporant that think about. How can i make this business attractive as well. Now right now would you. Would you recommend people go and start a site from scratchers now. A good time to go. Try to find like a site that needs a little bit of love by the site. Flip it and make your multiple. Like what sort of path are you kind of recommending people. Go down if they want to get into this world. Yes so if you're just starting out. I probably wouldn't recommend buying I think it's good to get your feet wet with building. That is a long game. So you don't you don't need to build something until it's profitable. You should be building something to where you're comfortable with the system. So that's the important thing i always like. If you wanna go fast always recommend buying something and if you have some skills. I think it's really good to buy something. That doesn't look great on the outside or even on the inside right like you want to buy other people's problems it's very similar to real estate investing right like if you if i buy a house. That only has like cosmetic issues and smells terrible. No one wants to go in it right. I basically get the smell of discount by the south thirty thousand dollars. I painted to cover smell or whatever and now it's worse as sixty eighty thousand dollars. I just built all this equity for very little right so you. When you're buying it online business you want to look at it in the same way especially once you have skills now if your brand new buying online business. I probably wouldn't recommend buying too many problems because he probably don't have solve them if you're brand new to buy dot go like get this amazing deal because there's a site with us google penalty that's been banned from all its affiliate programs. Like you know you don't want to hunt for like the deal. You're almost always going to be better off buying a high quality business for fair value. Like that's always going to be better at least until you get some skills then you can look at doing this like discount. I call it by business. A discount right. You're looking for these problem of businesses problems like But that's what i recommend. So you wanna go fast. Buying is one hundred percent way faster than building because you already have all the data and you can do all this. Low hanging fruit stuff like cro on page optimization new content taking advantage of the high domain rating on the website. Right all of. You can't do your first starting out site ray like if you put The split testing software. Vw show up on your your ten page affiliates. I was one visitor. Burma like you're not going to change. You know you don't have a lot to work with yet. so

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