E571: Why I Sold Icewraps - Part 2

Today's episode is part 2 of last week's podcast, where Mike goes into the details of Icewraps' sale, how he built up profitability from being in a loss at the start of the year, and the mindset he had during negotiations.  Today's episode is sponsored by Autron. Maximize your ROI with Autron’s real-time algorithmic bidding, optimizing every ad dollar for smarter spending and higher returns. Start optimizing today and get 30% off for 3 months! It's been nearly 10 years since I first bought IceWraps.  After a long journey of facing Amazon's sudden fee increases, COVID and logistical challenges, I felt that it was time for me to take some chips off the table and finally sell off the last ecommerce business that I'm holding.  It's time for me to get some breathing room back, and move on to another project.  Takeaways Raising prices and cutting unnecessary costs helped turn the business from a loss to being profitable. Transitioning to AWD reduced storage costs significantly. When you have the mindset of being done and over a business, you might be willing to do all it takes to sell. However, it's important to maintain a two-way street and make sure you don't accept terms that seem unfair.  Timestamps 00:00 - The Journey of Selling Ice Wraps 03:07 - Challenges Faced During the Sale 05:56 - Turning the Business Around 09:13 - Cost-Cutting Strategies 12:08 - The Sale Process and Negotiations 15:02 - Finalizing the Sale and Transition 17:55 - Reflections on the Sale 20:59 - Lessons Learned and Future Outlook As always, if you have any questions or anything that you need help with, reach out to us at [email protected] if you're interested.  Don’t forget to leave us a review on iTunes if you enjoy our content. If you have any questions, send us an email at [email protected]. We'd love to help you in any way we can.  Thanks for listening! Until next time, happy selling!