This is episode 33. “Drinking from a fire-hose” – the enormity of a million dollar takeover.
It’s been a month since we last spoke to Matthew Yahes about his seven figure E-commerce business purchase and a lot has happened. The deals have been done, the keys have been handed over and Matthew has just started to get to grips with his new investments.
In this episode, Matthew talks about the importance of a supportive handover before getting into the real meaty issue; how he is dealing with the huge task he has taken on. It’s a major rush as well as a serious challenge for the buzzing entrepreneur.
- What the closing day on a 7 figure deal looks like from behind the scenes.
- Managing all the aspects of the handover.
- Benefits and challenges of running an E-commerce company.
More About This Episode
Just what is it like to take over the controls of a major E-commerce business? It’s now just under a month since Matthew Yahes did just that, making the biggest deal of his life in the process, and a lot is happening very fast. Fortunately, thanks to careful due diligence and a positive approach from everyone involved, Matthew has exactly the support that he needs.
It’s not always a cutthroat world
This brings us to the first big lesson of this month’s catch-up. The old cliches about business being a case of kill or be killed aren’t always true. Sometimes a little friendliness between buyer and seller goes much further than the old game of hardball. The ample support Matthew has received from his seller has proved much more valuable than the few dollars he could have knocked off his purchase price.
It’s not just about the buyer and the seller though. Along with the business, Matthew gained a team of new employees who he is gradually building mutual trust with. You can have all the business savvy in the world but if you can’t relate to your team, there are going to be problems. Fortunately he has been fine with this from the first time he met them over dinner. We find out how he managed this and how he benefits from it now.
Starting to Delegate and Outsource
Getting to grips with his place in the company and other people’s places around him has been one of the biggest parts of Matthew’s learning curve. Settling in with the team and knowing who to look to for what is just the start; negotiating with suppliers, arranging SEO audits and managing a hugely complicated advertising campaign are all things that need careful attention in a short space of time after takeover. Matthew takes us through all the niches of a new business that need to be filled and offers a few tips on surrounding yourself with people you can rely on.
Tips for taking over
From vendor management, to hiring, to advertising. Matthew has taken on a lot of new responsibilities and his lessons are yours. What is the best way to use a business platform operations manual? What should the financial plan look like? Should advertising or tech be a priority? These are all questions that Matthew has had to answer for himself. Thanks to his latest lesson though you won’t have to
The Pros and Cons of an E-commerce Company
Being a drop-ship company and not having any inventory to deal with seems like a flexible financing dream, and Matthew tells us that for the most part it is. He also takes us through the challenges of building a brand identity around other peoples’ products while competing with your own suppliers.
Big challenges, big rewards!
As Matthew says, “Go for it.” It may be “Like drinking from a fire hose.” The information may come at a hundred pages a minute and the challenges just as fast, but the achievements and opportunities that lay in wait make it all worthwhile. He tells us about the opportunities he sees in the future, the goals he has set for himself and how these things keep him motivated through fifteen hour days and long, tense meetings.
Goals and Opportunities
Matthew’s plans and visions for the future are becoming more and more clear all the time. He tells us just what these are and how he is 100% confident that they will happen with hard work and determination. In time he’ll be cutting the management of this company down to just a few hours per day and spend more time working on spinning off other businesses to reinforce his portfolio. Of course we’ll be there with him along the way to see how he is doing, hear about his successes and learn from his mistakes.
All in all it’s been a roller coaster few weeks that has seen Matthew move from ‘new kid on the block’ to the center of operations. Not an easy maneuver, but a necessary one. There has been a lot to take in and a lot to dish out, but with the help of the seller and the new team Matthew is determined to come out on top. Listen to this month’s story to find out how he got into this position and where he plans to go from here.
This is one man who is going far, and we intend to go all the way with him starting next month. In his words; “It’s a marathon, not a sprint. You need to put in the effort to succeed”. See you at the finish line.