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This week, we talk with Empire Flippers Founder and CMO Justin Cooke about how to bounce back after a business fails, working with a remote team based all around the world, fetching the best price for your SaaS business & more!
About Justin Cooke:
Justin is the Founder and CMO of at Empire Flippers, host of the Empire Flippers podcast, and brand ambassador of the company. From content to paid traffic, he keeps the sales staff busy and the lead funnels full. He lives on the road with his wife and is regularly traveling through SE Asia, Europe, and the US. Would love to catch a beer (or two) the next time he’s in your city.
About Empire Flippers:
Empire Flippers is an INC 500 company and the #1 curated marketplace for buying and selling established and profitable online businesses.
Show Notes:
00:46 Starting your first business
03:30 As a company, how do you provide value to your employees? Is offering high commissions sustainable?
06:30 Losing a business isn’t the end of the world, there’s no shame in taking a job while you regroup
09:20 Outsourcing labor in the days before Upwork etc
11:25 Getting the mojo back: starting a second business after the first one failed
13:30 Discovering a market for listing online businesses
14:55 Collaborative team sales vs. individual sales – sharing sales commissions across the whole team
16:00 How do you incentivize your team to act in the best interest of your company?
18:35 Using equity and open strategy meetings to encourage all employees to work towards your company’s long-term success
28:45 How to effectively implement sales goals: top down vs. bottom up approach
32:20 Forecasting problems of the future to discover a new market niche
34:00 Know what kind of entrepreneur you are and build a team with complementary skill sets and interests
36:00 Challenges of working with a remote team based across the globe
40:55 The value of community – sharing successes and failures with trusted business peers
48:55 Making decisions on data vs. on gut
52:10 Taking over an established business with an established team
53:30 Differences between a founder-led business vs. a private equity-led business
59:45 When to sell a SaaS business, why, and how
