Chris Yates owned and operated a digital marketing agency, chained to his desk day after day managing employees and client demands. After a call came in from an old employer looking to partner with Chris for his “next thing” after selling his own company, Chris’s life changed and the one he envisioned for himself started to emerge.
If you listen, you will learn:
- The process of buying an online company
- The risks and opportunities of buying an online company
- How online companies are valued
- How online businesses are different from traditional business
- The 8 different types of online businesses
- Criteria (sniff-tests) to decide to buy or not to buy an online business
- Where to turn for analysis and advice on this process
The Perfect Partnership
Chris and his old employer, David, had differing skill sets that made for a perfect partnership. They had an idea to find online companies, acquire them, and take over their operations. These companies had to be the perfect balance of risk and opportunity to make the deal worth it. Within the first year of their partnership, Chris and David bought 10+ businesses and had triple digit annualized return on their money overall. This “work” and life was way more fun.
Tips and Tricks
From Chris’s perspective, the biggest myth or misconception that most people have is that “websites are different than real businesses.” You must treat an online business the same way you would treat a traditional business.
Chris talks to us about the process of buying an online business, the due diligence that goes into the process, his personal recommended “sniff tests,” and other tips and tricks on how to figure out what to buy or where to even start looking.
Entrepreneur Life Can Be Lonely
Even though Chris started doing something he really enjoyed and was extremely good at, he was used to being around a company of people. He was not working in an office setting anymore where he could build relationships and friendships or even just have someone to bounce ideas off daily. He started to feel lonely and wanted to share his ideas, successes, and failures with people that would understand.
Chris created a now annual event that brings together people who share experiences and knowledge on investing and buying online companies. His online businesses pay the bills but his passion is now this event that grows every year.
Don’t Be Overwhelmed
Chris leaves us with the comment that even if someone is looking to get into the business of buying online businesses, you don’t have to do it alone. Not only can you attend events such as the one Chris describes in our interview, but there are also lots of people that can help you with the technical aspects of the deal.
Online business can be intimidating. He encourages entrepreneurs of all ages to explore this type of industry and don’t be afraid to bring in some help.
There may be some (or a lot) of risk but also an extreme amount of opportunity online. Anyone can make it their passion just like Chris has done and there are communities of people to share in the experience.
Contact Information and Bio for Chris:
Chris Yates is an entrepreneur who actively acquires and manages websites. In addition to buying and selling internet businesses, he also educates and coaches others to safely make money buying and selling websites. He is considered a website monetization expert and can take an internet business from an idea to generating solid revenue quickly. He has the ability to spot undervalued assets in websites and make improvements to transform them into top performers.
Chris currently co-owns some of the top companies in the industry including:
- RhodiumWeekend.com – The annual live event for website buyers, owners, and online business portfolio creators.
- Centurica.com – The top provider of due diligence services for online acquisitions in the $50,000 to $5 Million dollar range.
- BuyingAndSellingWebsites.com – The oldest provider of educational training for online business buyers.
- VisionGroupManagement.com – The parent company providing digital asset management services for online investors.