150 | The Fatal Error When Selling Your Business | with Thomas Smale

Thomas Smale is the Founder and CEO of FE International. He is a serial business entrepreneur and M&A expert, having built the industry-leading firm in the $1-100M global technology sector.  With experience dating back to the early 2000s, Smale offers invaluable technical, diligence and negotiation advice to early-stage and seasoned business owners alike, which has resulted in over 1,000 successful exits.  Smale can be regularly found speaking at industry events where he enjoys meeting like-minded entrepreneurs and investors.  Alongside his duties at FE International, Smale is a sought-after author and keynote presenter for leading industry events worldwide.  He has been interviewed on top podcasts and blogs on a variety of topics, including business strategy, buying and selling businesses, negotiation tactics and more.  He writes a business column regularly on entrepreneurship, growth, and business management for Entrepenur.com and is a Young Entrepreneurs’ Council member.  In This Conversation We Discuss: [00:00] Intro[01:19] Thomas’ backstory[04:54] Reasons to buy or sell websites[06:25] 3 main buyer groups for websites[08:15] 3 types of websites that FE Intl buys [12:30] Setting up for selling your business[15:31] What makes FE Intl different[17:15] Sponsor: Electric Eye electriceye.io[17:35] Sponsor: Mesa apps.shopify.com/mesa[18:19] Sponsor: Gorgias gorgias.grsm.io/honest[19:46] Sponsor: Rewind rewind.io/honest[20:18] Sponsor: Klaviyo klaviyo.com/honest[21:06] Best practices for selling your website[22:23] Don’t sell your business when it’s declining[23:44] It’s easier to sell businesses now[25:30] Write down your processes[25:58] Consider an evergreen business industry[28:56] Does FE Intl help buyers?[29:55] Be careful in choosing advice[31:40] Should you raise money?[32:20] Consider your future early on[33:59] Where to find Thomas and FE International Resources:Connect with Thomas @ThomasSmale linkedin.com/in/thomassmaleSell your online business with a Professional M&A Advisor you can trust feinternational.comGet a free valuation of your website feinternational.com/sell-your-websiteScale your business with electriceye.ioDownload Mesa at the Shopify App Store apps.shopify.com/mesaLevel up your customer support gorgias.grsm.io/honestRespond to any of Rewind’s welcome emails and mention HONEST ECOMMERCE to get 1 month free rewind.io/honestGet started with a free account at klaviyo.com/honest If you’re enjoying the show, we’d love it if you left Honest Ecommerce a review on Apple Podcasts. It makes a huge impact on the success of the podcast, and we love reading every one of your reviews!