Why Every Ecommerce Entrepreneur Should Aim to be an EXITpreneur

The following is adapted from The EXITPreneur’s Playbook by Joe Valley.

Being an entrepreneur is about giving yourself the freedom to live the life you want. Jeremy, a client of mine, is a perfect example. Jeremy started in the corporate world, but he found that it didn’t give him the kind of life he wanted. He and his wife, a teacher, had a young child, and they began talking about what they could do to change his career trajectory.

With her premium benefits and steady income as their anchor, they decided to launch an ecommerce business. Jeremy left his six-figure salary to be a stay-at-home dad while operating the business, with the ultimate goal of selling the business once it was ready. About twelve months in, he reached out to me with his goals, and we reverse-engineered a path to achieve them.

After two years of utter freedom, spending quality time with his wife and son, and driving the business forward until it became attractive to buyers, Jeremy was ready to list his business. On account of his foresight (outsourcing his books, keeping his numbers in order, and creating an attractive asset) his million-dollar ecommerce business sale was closed within 45 days.

Doing the math, Jeremy left his stressful six-figure job and replaced it with earnings of half a million a year, complete freedom, lower tax rates, and solid experience that allows him to do it all again when he’s ready.

Jeremy’s story isn’t one of those “results not typical” stories you read about. From my own business startups, acquisitions, and exits to the hundreds I’ve facilitated over the years, one thing remains true: in most cases, more than 50 percent of all the money you’ll ever make from your business comes on the day you sell it.

In fact, if your business is less than 36 months old and growing rapidly, the percentage is much higher. And for an EXITpreneur? Well, the next incredible exit is just around the corner.

Become an EXITpreneur

What is an EXITpreneur, you ask? The simple answer is an entrepreneur with knowledge and a plan.

An EXITpreneur understands their business’s real dollar value is likely in the exit. They also know who they are in life and business, and won’t make the mistake of letting a business outgrow them, trapping them in something they don’t enjoy. They’ll sell first, and then move on to their next adventure.

In other words, they have a plan to capture the financial worth and fruits of their labor. They have a plan to live the lifestyle of their choosing. The EXITpreneur understands that no one really owns a business forever. They have a plan in advance of the inevitable finale, so they can make the most of the transition for the good of both parties.

You don’t like planning? Welcome to the club. Not many entrepreneurs eagerly await this work, so think of it as fruitful training instead.

You Can Achieve a Successful Ecommerce Exit

If you want to compete in a triathlon, run a marathon, or even just take on a 5K, you have to train. A successful ecommerce exit is not simply a matter of wanting it — it’s a matter of training and making everyday choices that prepare you for the big day.

Here’s the hard truth: if your business doesn’t wither away first, eventually someone else is going to take the reins. You’ll pass it on to your kids, competitors will swoop in, or you’ll get so burned out that you’ll have to make something happen fast, but it won’t be ideal.

If you haven’t planned for an exit that hands off a great business to a great buyer for a great price, an inevitable end is going to find you anyway, and it will catch you off guard.

Far better, then, to be like Jeremy. Early on, assimilate the selling process as an integral component of your vision and business plan. If you can do that, nothing will be able to stop your own incredible exit.

For more advice on how to become an EXITpreneur, you can find The EXITPreneur’s Playbook on Amazon.

Joe Valley is a serial entrepreneur, EXITpreneur, advisor, and partner at Quiet Light, one of the leading online-focused M&A firms in the world. He has built, bought, and sold over a half dozen companies of his own, and has helped thousands of online entrepreneurs achieve their goals. Joe holds a business degree from Northeastern University, is a ​Certified Mergers and Acquisitions Professional, and is a frequent guest expert in mastermind groups, on podcasts, and at events for online entrepreneurs throughout the world. He lives in North Carolina with his wife and two children. Learn more about Joe at EXITpreneur.io.