The Bean Ninjas Podcast takes listeners behind the scenes and deep inside the company. Discover insights on how they're growing a global bookkeeping, accounting, virtual CFO, and tax service for 7 and 8-figure eCommerce businesses looking to scale. The podcast will help founders of eCommerce businesses to grow their businesses and find freedom.
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The Bean Ninjas Podcast takes listeners behind the scenes and deep inside the company. Discover insights on how they're growing a global bookkeeping, accounting, virtual CFO, and tax service for 7 and 8-figure eCommerce businesses looking to scale. The podcast will help founders of eCommerce businesses to grow their businesses and find freedom.
116. Exiting Strong: Tips to Preparing Bulletproof Business Financials for a Successful Exit ft. Mark Botha
The Bean Ninjas Podcast
32 minutes 10 seconds
2 years ago
116. Exiting Strong: Tips to Preparing Bulletproof Business Financials for a Successful Exit ft. Mark Botha
Wayne Richard interviews guest Mark Botha, a successful seven-figure Amazon store owner and entrepreneur. They discuss the importance of proper financial preparation for a successful business exit, Mark's journey as an entrepreneur, and his latest venture into software and services.
Along the way, they share valuable insights and tips for listeners looking to scale their e-commerce businesses.
[02:26] Experience with previous accounting providers and why he chose Bean Ninjas
[03:39] Mark on taking chances - how he transitioned from chiropractic to e-commerce
[7:18] Three considerations before jumping from e-commerce into software
[12:24] Mark’s tip and tools for a successful business exit - importance of building bulletproof financials
[15:59] Building Seller view - the importance of having a cost per unit that represents the true number
[22:15] Lessons on product or marketplace expenses
[25:36] Tips on where to look for hidden margins
As a seasoned entrepreneur with over a decade of experience in the e-commerce industry, Mark Botha has a proven track record of building successful businesses and developing innovative solutions. He began his career as a chiropractor but quickly found his passion in e-commerce and digital nomad living. In 2013, Mark made a bold move by launching his first Amazon business with the goal of living on an island paradise. Despite facing unforeseen costs and fees, he was relentless in his pursuit of profitability, diving into spreadsheets and tracking every metric imaginable to make his ecommerce brands successful and profitable.
After selling multiple e-commerce brands, Mark co-founded SellerVue, a comprehensive cost-tracking solution designed to empower e-commerce entrepreneurs to accurately track costs and maximize profits.
This podcast episode is brought to you by sponsor A2X: automated e-commerce accounting.
Top 3 takeaways:
Proper financial preparation is crucial for a successful exit of a business.
Quick and efficient communication with accounting providers is essential in avoiding tedious back-and-forth questioning.
Taking a chance on a new business venture can lead to great success, even if it involves stepping out of one's comfort zone.
References and links mentioned
Sellervue - https://www.sellervue.com/
Download our free Xero or Quickbooks e-commerce toolkit: https://beanninjas.com/toolkits
The Bean Ninjas Podcast
The Bean Ninjas Podcast takes listeners behind the scenes and deep inside the company. Discover insights on how they're growing a global bookkeeping, accounting, virtual CFO, and tax service for 7 and 8-figure eCommerce businesses looking to scale. The podcast will help founders of eCommerce businesses to grow their businesses and find freedom.
