338: One Million Dollar Payday: Buy, Grow, Combine, and Sell E-Commerce Businesses with Murray Priestley
Murray Priestley from 1MPayDay is an expert you need to listen to if you want to build online wealth fast. Murray buys and sells Amazon FBA e-commerce businesses. Instead of doing it the hard way (waiting years for a business to build up) he buys one with existing momentum, soups it up, combines similar businesses together and then sells that bundle of a business for a huge payday. Listen in as he explains his business model as well as how you can model his success.
Quotes:
“The issue between good ideas and getting them done is execution—and that's where most people are just not equipped. That's where the opportunity lies.” – Murray Priestley
“When you find something that's worth it, you want to grab it and do something—because it takes 90 days to make a significant difference in what that business is doing.” – Murray Priestley
“Most people get stuck in their business. Take time to tell yourself the truth—if it's not going that well, then it's not going that well.” – Murray Priestley
Takeaways:
06:51 Buying undervalued e-commerce businesses with untapped potential can be a smart investment strategy.
09:29 Improving basic marketing elements like upsells and email lists can quickly double a business's revenue.
16:00 Selling businesses to strategic institutional buyers can significantly increase the sale price compared to selling to individual investors.
19:48 Not every product in a business portfolio will be successful, but a few strong performers can offset the underperforming ones.
24:11 Taking an outsider's perspective on your own business can reveal hidden opportunities for growth and improvement.
Podcast: Play in new window | Download (Duration: 26:50 — 24.6MB) | Embed
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Filed in: Archive 2: 2017 • Interview • Podcast
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