6 months after purchasing a web-based business, this buyer continues to look for opportunities to actively learn about, test, and grow his investment. Thanks to a very helpful seller, the transition went smooth and the business has been a relative success with more room to grow.
When did you purchase this business?
I purchased this online business in October 2014.
What was your motivating factor in doing so?
With four children in a homeschooling family and a working wife, I really needed to find a business that afforded me the opportunity to stay home. I wanted something with a proven history of earnings. Moreover, I wanted a business that I felt I could grow into a larger entity.
How do you feel AcquisitionStation.com treated you as a buyer overall?
I felt very comfortable working with Ryan. In working with other brokers in my purchases of other businesses, I often felt like a fish on a hook. But Ryan allowed me to move at my own pace. When I did have some questions about what I perceived to be declining revenue, I received direct answers. He did not hesitate in arranging teleconferences so I could speak directly with the seller. Again, the most memorable aspect of this transaction was that I did not feel pushed. I was not told that other prospective buyers are making offers. I revile those tactics. I was allowed to proceed at my own pace.
How do you feel the transition and after-sale training was handled? Was the help adequate enough for you to feel comfortable with running the business on your own?
The transition was seamless beyond my expectations. The seller met me numerous times as I slowly learned the business. Our relationship became so amicable that he eventually agreed to stay on the staff on a part-time basis. His expertise is invaluable. This could not have worked out any better.
6 months in, how has the business performed so far up to expectations? What are your honest feelings up to this point about your purchase?
My only concern at this point is that revenue is not quite where I had hoped it would be. I was aware that business was on a slow decline before my purchase, so this is not entirely unexpected. I do believe we can reverse this trend with a minor advertising campaign. But it is noteworthy to mention to prospective buyers that businesses are generally sold when owners believe they are past their peak. In my case, the seller had another more lucrative profession that rendered this business expendable. I was fortunate that this seller is of exemplary character and stood by all his promises to effectively train me.
What would you recommend to other web-based business buyers that you wish you had known prior to purchasing?
In retrospect, I was fortunate to have purchased from a seller who was honest and kept all his promises. But I remain with the belief that purchasing any business is a high-risk endeavor. Had the seller of the business I purchased not followed through with a comprehensive training, I could have been in trouble. After my purchase, I was utterly dependent on him and that was not a good feeling. But I had grown very comfortable in speaking with him prior to the purchase and that compelled me to move forward. Ryan’s encouragement of direct communication between buyer and seller was so helpful to the process. Many brokers fear such open lines of communication. But when buying an enterprise where there is no brick and mortar to physically examine, having an open discourse with the seller is of paramount importance.