How Two Simple Products Led to Half a Million Dollars
Like many Internet entrepreneurs, Andri Sadlak was drawn to the profession primarily for three reasons: lifestyle, location independence, and financial freedom.
An immigrant from Ukraine, Andri established roots in Canada and Mexico, but it was his love for travel that propelled him into his first business venture as an entrepreneur.
Andri put a lot of thought into his business before taking the plunge. Though he has a degree in architecture and a passion for real estate investing and photography, what ultimately won out as the focus for Andri’s venture was travel products.
He meshed together his love of travel with a successful FBA business and an exit he couldn’t believe met his farthest reaching goals.
If at First, You Don’t Succeed…
Before launching his first product, Andri wisely created a community. In fact, he built a community of travelers before his first SKU was in production. By having a community of like-minded individuals, it’s a much easier sell to introduce a product. Andri had a chance to get to know his target market and build trust before asking for a dime.
Andri capitalized on two products in the travel and home décor niche, specifically travel maps and poster hanger frames. Recognizing that most travel enthusiasts love to visually document their journeys with their GoPros and smartphones, Andri created a stylish and fun way for people to showcase their global adventures in a more tangible way.
Despite careful planning, Andri encountered obstacles during his first year of business. Due to a quality issue, he lost all 5,000 units of his first production run. At the time, this was his only product, and this loss put him in a tough bind.
Everything Andri had made had to be recalled and destroyed. This set him back five months and $55k.
Try, Try Again.
Less disciplined entrepreneurs might have given up at the first sign of trouble. Not Andri.
He chalked this problem up to a learning lesson, and he got to work recouping his losses and getting the capital he needed to continue building his dream. Ultimately, he made a brave sacrifice. He sold his home and used the proceeds to purchase new inventory.
Reflecting on this struggle, Andri said, “Those hiccups taught me a lot about how to operate this business and what could go wrong.” It also opened his eyes to the risks inherent in an e-commerce business, but also the potential to recover and scale.
He did take some time to reset. He knew that when it was time to start over, he wanted to feel more confident and more in control.
Three years later, he was ready to sell his profitable business.
The Importance of Goal Setting Before Exiting the Business
People start businesses for different reasons, and not everyone wants to sell. Andri, however, knew that at some point, he’d like to cash out and start the process again.
Andri had a goal in mind, an exit point, if you will. “About a year ago, I wrote down in my notepad that I wanted to sell this business for $500k.”
Knowing that you want to sell your business and actually being able to sell it are two entirely different things, but Andri knew where to go when the time was right. He shares, “I first discovered Empire Flippers through a friend of mine who had just sold his business. He showed me the entire process, and I liked it.”
Andri recognized that for many e-commerce business owners, the mark of success is a profitable exit. “Now that I’ve gone through the entire circle, starting from nothing and building this business and exiting, I understand the entire process.”
Still, Andri’s journey wasn’t over. He still had to find a buyer.
Andri credited our philosophy and practice of vetting businesses as a pillar of his success. “What Empire Flippers did that I really appreciated was preliminary calls and consultations to set your business up for success.” He continues, “They asked me the right questions. I was able to position my business in the best light. They gave me suggestions about what to take care of in this process to make sure there will be more people interested, more bids, and more interviews to end up with the highest possible amount for the business.”
Don’t Be Afraid to Think Big
Putting your business up for sale can be a nail-biting experience. It’s natural to wonder if anyone will be interested in your business, and how potential buyers will feel about the asking price.
Because Andri had set a firm goal of what he envisioned as his selling goal, the pressure was even more intense. What if a buyer wasn’t willing to pay his asking price?
With a note of pride, Andri says, “It was nice to see how many interested parties were able to pay the number I was hoping for.” As an afterthought, he adds, “I could have made a bigger goal, I guess!”
Where is Andri Now?
With a successful sale under his belt, Andri has decided that he can do a great service to other entrepreneurs by sharing what he learned from his experience. He has opened the kimono, so to speak, and now teaches others what he did to get to where he is today. He gives people advice about how to start and exit a business, and he is bringing people along on his journey as he begins a brand-new venture.
Andri now has several consulting clients, a thriving mastermind group, and a growing YouTube channel. These outlets serve as a valuable resource for aspiring entrepreneurs, and they give Andri a platform to share his knowledge with others.
“I found Empire Flippers to be the best for executing on my exit strategy, and I’ll definitely come back when I have another business for sale.”
We have no doubt that Andri will have a new multi-million-dollar business soon, and we can’t wait to see what it is.
If you have a business to sell, and you’d like to earn top dollar for it, contact Empire Flippers for a free discovery call. You can also use our complimentary valuation tool to get an estimate of what your business is currently worth.