Building a successful business is a dream for many entrepreneurs. Turning around and selling the same business for 7-figures is another feat altogether. It's also a goal Ryan focuses on time and time again. And Jared Springer made the 7-figure exit dream his reality.
A Pattern of Perpetual Boredom
Entrepreneurs don't choose the lifestyle because it's easy. Instead, they want something that pushes them to the max. Something that tests their mind. Something that keeps them on their toes. Jared, true to this stereotype, found himself always seeking his next challenge.
This mindset followed Jared everywhere he went. Even as an employee, he would give his all for two years and become the top dog. But boredom would take over.
I've learned everything I want to learn, and it's not a challenge anymore.Jared Springer
Jared found himself in a never-ending pattern of getting hired, doing great, and leaving for something different.
From Crippled to 7-Figures
An unforeseeable change of events was about to put Jared on an entrepreneurial track. After waking up from back surgery basically paralyzed, Jared found himself unemployable. Unable to stand, sit, or lift, his only option was to work from home.
While many people in his situation would just go on disability, Jared wasn't about to let this be the end of his story. Instead, he decided to venture into e-commerce. But knowing Jared's history of getting bored, it didn't surprise anyone when he decided to sell after just 3-4 years of building his business.
Once I realized my heart wasn't in it anymore, I knew it was time to sell and move onto something else.Jared Springer
And he sold it for well over 7-figures.
Three Is the Magic Number for Jared Springer
When Jared made up his mind to sell, he assumed the process would take about six months. But his timeline was a bit ambitious. From hiring a broker to closing with a buyer, the entire selling process took about a year.
Looking back, screening multiple brokers was one of the best decisions Jared ever made. He started his search on Google. There are a ton of brokerages out there, but only a few specialized in e-commerce businesses. Jared interviewed a handful and settled on the one who seemed the most knowledgeable. It also helped that their personalities meshed well.
Finding a buyer for a business is nothing like selling a home. The pool is a lot smaller. Jared also didn't want to sell his company to just anyone. Lots of buyers didn't have any e-commerce experience. But running an e-commerce business is a different world than owning a physical business. He hoped to find someone with the knowledge and background to take the reins and run with it.
Finances also played a significant role in finding a suitable buyer. Jared didn't want to waste any time, so his broker recommended getting all prospective buyers pre-approved. Vetting potential buyers even before they submitted a letter of intent would ensure the right one would be able to close without any unforeseen financial hiccups.
Two buyers almost made it to close, but the deal fell through both times. They either wanted to change the terms or just got cold feet. After losing the second buyer, Jared even contemplated keeping the business. However, his broker encouraged him to stick it out.
A third buyer came along, and this time, everything went through without a hitch. He sold for 7-figures with a 3x multiple.
What Big Assets You Have!
When Jared began building his business, he did so intending to sell someday. He was in the Brand Builder Bootcamp and implemented much of what he learned. The "12 Months to $1 Million" video also gave him ideas on building a sellable asset. Even before he decided it was time to sell, the idea was always in the back of his mind.
Knowing my personality type, I knew I wasn't going to do this the rest of my life. I needed to build it up, make it profitable, and then sell the asset.Jared Springer
Jared believes his business garnered so much interest because it came with a package of assets. The buyer walked away with not only a successful Amazon store, but they also got a website, email list, and social media following. The business had about 80k followers on Facebook and another 80k on the email list.
Another vital asset Jared offered his buyer was employees—four, to be exact. They were all virtual assistants who could work from anywhere, and by that time, Jared's only role was managing them. Too many e-commerce store owners are the sole employee. The business is essentially nonexistent without them. Creating a company that can function without you is paramount.
Jared negotiated with the buyer that he would stay on for 1-2 months to help with the transition. To make things even easier, he wrote an operations manual for the company. He even recorded 20 hours of video and screen shares to walk the new owner through every step of the business. In the end, this "blueprint" meant the buyer didn't need to call Jared for much of anything.
Preparing for Your Big Exit
All buyers are different, but the more you can offer, the better. Diversification is likely to draw more interest. Sure, some just want a basic Amazon business since the platform is universally understood. But diversifying with a social media following or email list creates more worth. The more customer data you can offer an e-commerce buyer, the more valuable your business becomes.
Having your books in pristine order is also a must. Most buyers will come with an SBA loan in hand, and they'll scrutinize your accounting records with a magnifying glass. Jared's broker also suggested he get the business SBA pre-approved for the asking price. A good broker is worth their cut—they'll get that money back with a better sale. You'll avoid a few headaches in the process, too.
Adjusting to Life After Exiting
Life after exiting was a massive transition for Jared. He compares it to raising a kid for five years and then just deciding to sell them. "You put a lot of energy, blood, sweat, and tears into this business. When you sell it, it's like getting rid of your baby, and then you don't know what to do with yourself."
After selling, he took his family on a month-long vacation—his first vacation ever as an adult. But it was difficult for him not to work. Jared grieved the "loss" of his business, but he also didn't have any regrets. It was time to move on, so he's glad he went through the process.
Jared's family benefitted the most from his exit—and not just on a financial level. Instead of being a workaholic, he now has time to spend with his wife and two sons. Once focused on a to-do list, Jared is now present both mentally and physically. Dad is no longer grumpy—he's a totally different person.
Jared also experienced an existential crisis. It's the reason he wrote his book, I'll Be Happy When. He had everything he wanted—he thought he would be on top of the world. And he was for a bit.
It's an amazing moment when you see all those zeroes in your bank account and realize that you're free. But once you have all that freedom, it gives you a lot of time to think.Jared Springer
Jared realized he wasn't completely happy—he always put everything off to the next thing. Selling his business wasn't the endpoint of his life. It took about a year to figure out what he wanted to do next. He now mentors fellow entrepreneurs on their own journeys.
Today, Jared works about 4-6 hours a day, Monday-Thursday promoting his book and doing podcast interviews. He also schedules meetings with clients who need help with their mindset or business. Work doesn't feel like work anymore—he genuinely enjoys doing it.
Planning Your Own Exit?
Exiting was a long journey, but Jared learned so much about himself along the way. He wants to remind other entrepreneurs to stick with it no matter what. His own e-commerce business struggled during the first year before hitting a turning point. You can't try it for three months and decide it won't work. Instead, you need to give it a solid year. If you hit a brick wall, get creative. Try another angle, new ads, or a different platform—innovation is the name of the game.
Are you looking for some more entrepreneurial inspiration? Grab a copy of I'll Be Happy When.
Also important: Surround yourself with other entrepreneurs who are building million-dollar businesses they can sell. That's what members of The One Percent are doing, and we're on a mission to make a million millionaires. Will you be next? Join us inside The One Percent here.