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#037 Inside Buying & Selling Internet Businesses with Thomas Smale, Founder/CEO of FE International

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May 3, 2022

01:29:18

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INSIGHT

Buyer and Seller Personas

Buyers typically fall into three categories: individuals, strategics, and funds.
Sellers come from diverse backgrounds, ranging from stay-at-home parents to MBAs.

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ADVICE

Investing Approach

Prioritize hiring good managers to run acquired businesses for hands-off ownership.
Focus on investing in areas of expertise where you can oversee managers effectively.

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ADVICE

Auditing Seller Claims

Be cautious with seller claims about low time commitment; it's often misrepresented.
FE International uses indirect questioning to assess actual seller involvement.

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I've Gotten a Little Bit of a Self-Educated Hobby From Reading Prospectuses

05:57 • 2min

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What Is a Business Like That?

08:17 • 2min

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How Do You Get Paid Retainers for Your Business?

10:36 • 3min

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Is There a Sense of Repeat Business?

13:08 • 2min

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Is This a Boot Strap Business?

15:07 • 4min

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How to Build a Sustain Ord Business

How Did You Come to Start This Business?

23:34 • 4min

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Business Brokers in the Us

Is There a Buyer or a Seller?

30:40 • 5min

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Are You in the Catbird Seat?

35:37 • 3min

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Is Fi International Doing 20 or 500 a Year?

38:50 • 4min

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How Much Time Are You Spending?

42:34 • 3min

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How Many Hours Did You Spend on Your Business on an Average Week?

45:22 • 2min

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The Difference Between Buying a Business and Managing a Business

47:00 • 2min

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How Do You Make Money on a Deal?

48:33 • 5min

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Is It Interesting Trade-Off on Capital Preservation?

53:20 • 2min

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The Difference Between an Audited and Guaranteed Prospectus

55:09 • 5min

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Buying a Business for the First Time Buyer

01:00:31 • 2min

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Is There a Treasure Trove of Data Inside Eff International?

01:02:40 • 3min

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Do You Think the Valuation of a Business Is Realistic?

01:06:03 • 2min

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Do You Know What the Average Business Is?

01:08:11 • 2min

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How to Value a Small Business

01:10:38 • 4min

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Is There a Way to Get a Free Estimate for a Business?

01:14:20 • 3min

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Are Private Exits a Good Idea?

01:16:52 • 4min

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How Much Work Is Required to Hand Over the Keys?

01:20:25 • 3min

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How Much Do You Know About Your Buyer Success?

01:23:04 • 3min

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I Learned a Ton From Andrew Finn

01:25:53 • 3min

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The sponsor for this week’s episode is Founders Podcast.

David Senra, the host of Founders Podcast, is a biography-reading machine. If you don’t have time to spend 40 hours reading the full-length biography of some gilded-age entrepreneur, listening to David’s high-quality recap is the next best thing.

The Founders Podcast is a paid podcast that costs $99/year or $299 for lifetime access. Subscribing gives you access to more than 200 episodes including the back catalog with episodes about Anthony Bourdain, Arnold Schwarzenegger, Elon Musk, and many more.

Visit founderspodcast.com to subscribe or listen to sample episodes.

Links:

FE International

FE International Whitepapers

Join our Fund at Rolling.Fun

Support our sponsor: founderspodcast.com

Other Episode You’ll Like:

Andrew Finn: WaitButWhy and G64 C-Founder on How to Acquire a Free Company

Codie Sanchez: Drug Cartels, Vanguard, And Goldman Sachs

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