Why do you think more and more people are acquiring small businesses? That’s because they know starting a new business requires more time, effort, and money, and the success rate is relatively low. So, why go through all of these challenges when you can buy an existing and profitable online business?
Joining me in the episode is Michael who is a Buying Online Business graduate. He had the goal to replace his income as a property manager and build a portfolio of online businesses so he can have more time, freedom, and travel.
We have discussed things about his background of work and his decision to buy an online business. How much work did he do during the 2 months to get this great acquisition?
What is the price of the acquisition, how much it’s making and its multiple?
Michael also shared the things he liked about the business (which is us basically comparing good sites to buy versus bad sites not to buy). What did he learn during the process? And what are his goals of building out a portfolio of online businesses?
If you want to make your way in acquiring small businesses, tune in to this episode because Michael also shared his advice on what you should look out for when deciding to make an income online!
Get this podcast on your preferred platform:
03:27 Why Michael decided to buy an online business?
11:24 Business ventures to avoid
13:28 What is the business that Michael bought?
20:55 Hardships in buying businesses
23:31 Lessons Michael learned during business due diligence
32:18 Getting help from others
34:08 Michael’s goals
Courses & Training
Courses & Training
➥ Jaryd recommends buying an online business instead of starting from scratch.That’s because purchasing an existing online business, entrepreneurs can bypass the initial stages of building a brand and systems, developing a customer base, and establishing an online presence.
➥ During the process of buying an online business, Michael learned the value of not giving up and having patience and perseverance. Acquiring a site can come with challenges, but by staying patient and persevering, he overcame the obstacles and closed the deal.
➥ When buying a website, Michael emphasizes the importance of considering E.E.A.T. (Expertise, Experience, Authority, and Trust). Expertise refers to the knowledge and skills possessed by the website’s owner or team. Experience involves evaluating the website’s past performance and how it has navigated industry trends. Authority signifies the website’s reputation and influence within its niche, while trust relates to its credibility and ability to build customer loyalty. Assessing these factors is crucial for determining the website’s potential for success. By considering E.E.A.T., buyers can make informed decisions and ensure they acquire a website with a strong foundation for growth and sustainability.
About The Guest
Michael is a Buying Online Business graduate who had the goal to replace his income as a property manager and build a portfolio of online businesses so he can have more time freedom and travel.
15% growth from an acquisition in month one while changing nothing. That's called the profit on the purchase. Hi, I'm Jaryd Krause. I am the host of the Buying Online Businesses Podcast. And today I'm speaking with Michael, who is a Buying Online Businesses graduate. who had the goal of replacing his income as a property manager and building a portfolio of online businesses so he could have more time, freedom, and travel.
In this podcast, Michael and I talk about his background in work and why he decided to buy an online business. We also talk about how much work he did during those two months that allowed him to make this great acquisition. And wink-wink, nudge-nudge, it's not about how long it takes, it's how many inputs you put into that timeframe that you're actually doing the work in.
We also talk about the price of the acquisition, how much it's making, and its multiple. We talked about why he liked the business and why he bought it. And this is basically us two comparing good websites versus bad websites and highlighting what not to buy, what not to buy, and why not buy these other types of businesses. So there is really good clarity around what types of content sites to be buying and what to be looking out for.
He talks about risk minimization and de-risking the business completely. He also discusses what he learned during the process of doing due diligence. What he learned during the process of trying to make money online as a whole, from thinking and starting about doing a dropshipping site with a course that he bought to moving his way all the way up to now earning an online business that makes him three grand a month in net profit, We also talk about his goals of building out a portfolio of online businesses, and he does share his advice on what you, as a beginner, first-time purchaser, or frequent purchaser, should be looking out for when you're looking at making an income online.
Now, there's so much value in this episode, I'm sure you guys are absolutely going to love it, but we do talk about due diligence, and that's a disclaimer that I need to make. If you are going to buy a business, make sure you know how to do due diligence. If you don't know how to do DD, it's such a tongue twister there; make sure you go away and get my framework.
It's what I've used. It's what a lot of my clients have used to go away and buy great businesses. It takes the guesswork out of buying a business, and it also de-risks you and helps you see risk, so you don't go away and buy a dud business. Let's dive in.
Do you have a website you might want to sell either now or in the future? We have a hungry list of cashed up and trained up buyers that want to buy your content website. If you have a site making over $300 per month and want to sell it, head to buyingonlinebusinesses.co/sellyourbusiness. Or email us at [email protected] because we'll likely have a buyer. The details are in the description.
Michael, welcome to the podcast.
Thanks for having me, Jaryd. It's good to be here.
Yeah. Well, it's great to have you here. Firstly, thank you for your time. I'm excited to chat about this acquisition of yours, and there's so much good stuff to share. But first, let's just start from the beginning. Why? Why did you get into wanting to buy an online business, I guess? What was your motivation? Everybody's a little bit different. Sometimes it's similar, but yeah, I'm curious.
Yeah. Well, I think it won't surprise anybody if I say that I wanted some passive income, which everybody is in this game for, really. So currently, what I do is work in real estate. I'm into property management. Real estate is sort of seen as passive; it can be passive, but where I am, it's not passive at all. So it's actual property management.
And so I was looking for an opportunity to diversify my business portfolio, really, to have something that I don't have to touch that can work for me and earn for me while I do my day to day. And so that was my real motivation, just some passive income, really. And also to, as I said, diversify my business portfolio.
Cool. Yeah. And so what is it that you want to get out of real estate? Property management? Is that your goal? What is your, I guess, maybe five or ten-year goal?
So a five, ten-year goal is possibly to retire if I can; I’m sure that's everybody's dream. But I want to work on my own terms, and I've already seen that by having this business. I haven't really touched it much for the last month, but as I'm speaking to you now, it's earned the most it's earned since its inception, and I haven't touched it so much.
And it's been a month since I've owned it. And so that's really what I'm looking for—passive income and working on my terms. And as I said, I think with real estate currently, my ambition is to buy, and the interest rates at the moment are just terrible. And so it didn't make sense from a business perspective or an investment perspective to purchase at the moment.
So I thought, How else can I have that passive income, use my savings, and do it in a sensible way? I'm sure we will talk about that aspect as well, in terms of due diligence and making sure that you buy a suitable and foolproof business. But those are sort of the reasons why I went into buying this business, really.
Cool, cool. I love it. And how did you even find out about it? Were you googling “make money online” sort of things? How did you come to the point where you said, "Oh, I get passive income,” and you wanted to make an income online? How did you make the decision between starting and buying, I guess, or knowing what sort of business to go with, or venture, or vehicle, I should say, to own a business?
Yeah. So that's a great question. So initially, I was searching online for ways to make money online, and I came across dropshipping. I went through a seven-hour course, and I found that this is pretty intensive. And if I want to have passive income, this is not the way to go. And so I kept on searching on YouTube for “buying online businesses,” and you came up and talked about content sites as a good business to have online. And so it really fits my goal to have passive income. So I really thought, Okay, this could be it.
I already ruled out starting a content site because, as I understand, there's a sandbox that you have to go through, and I didn't want to go through that. And I thought to myself, I've got the cash, so why don't I just invest in a business that is not only passive, but also a business that has already been established for quite some time? It's been established for about four years. So it was a no-brainer, really, for me.
Yeah. I'm really excited to get into the nitty gritty of the acquisition and everything else because it is a good deal. And I'm so happy to hear that it's made the most money it's ever made since its inception. And it's been around for four years, and you just bought it at a really, really good time.
Also, real estate management, property management—you guys are lifesavers. Thank you for your work. Thank you for the work you do. For myself, I love property. I own a couple of investment properties, and property is not super passive, but neither is business. They're both semi-passive.
But last week, I got the message, an email, “Oh, this thing's broken in the kitchen, and these things need fixing. What's the course of action?” And you guys went away. I typically pay a high price for a good manager, which I'm sure you are, to go away and handle it. So yeah, there are definitely things and decisions to be made when owning property as well as an online business. I think they both blend really well together. I think they're really good assets to feed off of each other.
Yeah. So I'm always going to be in real estate. Long term, I think it's great. It's great to park some money in there. At some point, if I decide to sell, if I decide to accrue the profits from this business, and if I'm thinking of where to put them, real estate is a good place to go. So, yeah, I'm definitely going to have one foot in there, as I've got this business running as well.
Let's come back to dropshipping as well. You mentioned dropshipping. It's a very interesting one. I started out trying to run a dropshipping business and set it all up. I didn't know what digital marketing was. I sold hardly any products. And it was a fair bit of work, to be honest, without even selling too many products.
And then I bought another business that was a dropshipping business, and that was a lot of logistics and a lot of work, and it wasn't as passive. And I think it was the second business that I bought. It wasn't as passive as I had hoped or liked, especially compared to blogs and content sites.
And so it's funny how people in the online space mention passive income, and you can achieve passive income by starting your own business, like dropshipping and all these other ventures. But the reality of it is so much different than what they're selling you, right?
I find that just energetically, people find me; they come to me when they've tried everything else, and they're like, “I'm done.” And then they go, “This route is actually going to work. I'm going to buy something that's already working, like, how can it not work when you're buying something you can see that's already working?”
So out of association with being in the right space, people come to me when they’ve exhausted all their other options for trying to make money online. Dropshipping is one venture. Were there any other adventures that you saw that were pretty attractive that you might have lent yourself to and were glad that you didn't?
So I did think about going to membership sites. I suppose I didn't go into it because I just didn't see enough of it to do due diligence on it. I saw more content sites, and that was fine as well, because it just meant that there was a larger pool of content sites to pick from. And so that was great from a business investment point of view.
I also thought about doing SaaS, which, I suppose, can have that membership element to it as well. But I listened to so many podcasts. And as I understand, it can be hit or miss. And I found that I needed some technical abilities to at least understand the software or the code or have somebody understand it in order to go into it—someone who I could trust.
And I suppose I wasn't comfortable enough to have that as my first online investment given that part of running a business would be having someone else be a key part of it as well. And a lot of the success of it rides on how well they do, how well they know the code, and all that kind of stuff.
And so I think what ruled out SaaS, for me, was content sites instead, or rather, in terms of what I picked, going into something that I can easily understand. It seemed to me that the learning curve was less steep than SaaS. So I'd ruled out SaaS and dropshipping. It was between membership and content sites, but I suppose I just saw more content sites. And so I had a bigger pool to do due diligence on. And so that's why I went with that.
Yeah, cool. All right. I guess now let's just bring up the acquisition, and then we'll talk about all the things around it on your journey from jumping into BOB and the community and everything you did. What is the business? How much do you buy it for? How much is it making? What was the multiple? Are you able to share anything about the industry it's in, I guess? Probably not. You don't have to share the niche or anything, but yeah, share as much as you are willing to share.
Without sharing the domain name too.
Like I was ever going to do that. I suppose this information would help a lot of people out there who are on the fence, so I'm very comfortable sharing as much as I can. So it's in the hobby industry. So I bought it for $80,000, and it's made $2,600 over the last 12 months.
Average monthly income?
Average monthly income, yeah. So, as I mentioned to you before, the traffic today has been the highest it's ever been. I'm going to find out tomorrow how much I got today, which I'm very much looking forward to. But I say that at the moment, at least for the last month since I've had the site, it's getting about 70% more traffic compared to the same month in the previous year. And so, as I said, the monthly income is about $2,600 at the moment.
But this month, for instance, it's going to be higher than 3,000 if things go the way that they're going. And if they continue to go the way they're going, then the income is going to be much higher than that $2,600. So I'm looking at at least $3,000 going forward as an average per month.
And one thing I will add as well is that I bought it for 80,000, but actually there was a bidder that bid 82,000. But the seller didn't go for that person because they wanted to put down a low deposit and then pay it off over two years.
Two years? Good luck.
So I told the seller that I was just going to pay in cash. He was like, “Yeah. Even if it's 80,000, if it's 2,000 less, I'm happy to go with you.” So yeah, I was pretty happy with that, and I saved a bit of money as well. So that was great.
Saved money and made more money than what you're expecting to make, buying it at a 2,600 average monthly net profit.
It's about a 31x multiple, by the way.
Yeah, 31. So I remember when you submitted this, and if everybody is listening in the community, in our BOB community, I review due diligence, and we release one a month where I go through with you and do due diligence. And typically, what I do is steer people away from buying these businesses, and that's my job. And I remember mentioning that to you, Michael. Typically, I get the end of the deal, and I stack up all the risks, work out why it's not the best thing to buy, and help you guys see that.
And this one, I was a bit flabbergasted, a bit “Whoa, hang on a second. This is still available for sale. It's at this price range of 31 multiples.” At the time of recording, this time last year, it would have sold for like a 42 to 45 multiple, especially since the traffic was increasing on the up. It had been for the last four years. And a lot of the other signs were really good. I just went through the due diligence again. Not with you, but just before this call, I went and had a look at the due diligence again and thought, Wow, this is something that you should be very proud of. It was a very, very good deal.
I have to say that I didn't just stumble upon it. I mean, I think I sent you about how many DDs—I forgot. I sent you so many DDs.
I was going to ask you.
So I've been looking for about two months, every day. I mean, I think I might've seen over 100 sites and done at least ten due diligence checks.
Or submitted at least ten and then looked at probably 100 or more. Which is prolific and a lot in a two-month time span. So I take my hat off to you. It's funny because the title of the podcast could be $0 to $3,000 a month in two months’ time. But the people don't understand that it wasn't the time that you spent doing the work; it wasn't the timeframe of two months that allowed you to do it. It was how much work you condensed into that two-month timeframe.
For example, for someone to look at 100 sites, it might take seven to ten months. Or if you submit ten businesses for us to review, people might be able to do one of those every two weeks. So it might take people 20 weeks to be able to get to that point. So I mentioned that because it's important for people to understand that time is not the measurement of success. It's inputs.
Yeah, I completely agree. Because it is quite a sizable investment. And if I'm going to do it, then I better do it right. And there were times when I was like, “Oh gosh, do I have to fill out this whole document?” And it is a huge document. I have to say, Jaryd, you didn't make it easy on us.
Oh, I do make it easy on you, guys. How are you doing without the document? There is a lot of information in there.
It's been such a lifesaver. However painstaking it was to fill out that document for each site, I thought this could be the one. I thought you had to go through that, and you have to do as much as you can because there are so many sites out there. And as I said, buying a good site is certainly going to be more expensive than starting one. So you want to make sure that you're making a good decision. So as painstaking as it was, I was very glad to go through it.
I'm glad that you did too. And other than just filling out the due diligence or looking at all the businesses, what was probably the hardest part, from starting the community to now owning the business? What do you think was the most challenging thing that you should make people aware of before they embark on this journey?
I suppose having the time and the patience is important because there are a lot of sites out there and you have to sift through a lot of crap, and you've got to have that patience to go through it. And there are going to be times when you find a deal where you think this is absolutely the best one.
And I remember sending you one from Empire Flippers. And the seller accepted the offer that I made. And then, in 24 hours, someone bid 10% more than what the seller had agreed to. And they got the site. And I was put down. I was really down for about a week. I didn't do anything.
But then I thought, I've got to be realistic, and I can't just give up. I have to accept that it's going to take some time. So I carried on. And having that patience was very important in that sense because I could have just given up and said, “Oh, this doesn't work. And people are always going to outbid me if the site's good.” But I mean, the site that I ended up buying was good, and it was there. But I got it first. Well, someone outbid me, but I was able to get it, but I had to be patient, and it took time.
But you've just got to make sure that you carry on doing the right things that you teach as well, Jaryd. And make sure that you're comfortable with your own set of requirements that come out of the Due Diligence Framework. And yeah, I would say those are the two key things. If you do that, you're going to be fine, no matter how long it takes. Just don't give up and just carry on; keep doing the right thing, and you're going to get a good site.
Yeah, I love it. What were some of the interesting things that you learned when you were looking at other businesses and doing due diligence? Like some risks that you saw that you're like, “Well, that's definitely not something I want to take on.” Or other things you're like, “Oh, I didn't realize that I'd find something like that during due diligence.” What was your education like as a whole through doing DD?
So for me, I found a lot of sites that were just cookie cutter sort of very –
Built-to-sell basic happy sites.
Exactly, exactly. And there were so many of them. There wasn't any love on those sites. There wasn't any author; you could just tell that some of the content was written very poorly, and there was just lots of rubbish out there. So what I found in terms of my education in buying and looking for a good site, one of them, which was really crucial, was that it has to have really good EEAT, which for those that don't know, is expertise, experience, authority, and trust, which is why this is such a big deal by Google in terms of ranking sites and penalizing sites. And yeah, it's got to do with how much experience and trust the site shows.
And so I found that a lot of the sites that were being penalized by Google, that were having these steep drops in traffic and revenue, didn't have any EEAT. They were very affiliate-heavy, and you could tell that they were only there to refer people to whatever products would make them the most commission, as opposed to the one that would be the best product for the person they were reviewing the products for to buy.
So stuff like that. Let's say there's lots of content that people just put out there that is just written for search engines. They're not written for human beings to actually read and get any value out of it. So I kept on seeing a lot of these sites pop up, and I said, “Clearly, I could see that it was quite clear that Google was penalizing these sites, and there was a pattern there.”
So once I saw that, looking at the Due Diligence Framework as well, which emphasizes looking out for these things as well, I thought, I have to get a site that's got the EEAT. If it's affiliate heavy, it has to have a really good EEAT. The content has to be great, and it has to be written for humans as well as the search engines. Making sure that you have a site that's SEO-optimized so that you don't have to rewrite a lot of the articles but also gives a lot of value to the people that are reading is so valuable, and I think they're certainly going to inform how I run the site going forward.
Yeah, definitely. You're buying something by doing that and weeding out all the ones that are not good and non-valuable. You've bought a far better platform to build upon. It's funny and interesting that when everybody says, “I want to buy a content website”, a lot of it is focused on how the site's performing and stuff like that and how it's performing in the environment based on its competitors and Google.
But at the end of the day, a content website is a blog, and that's what we call it, it's content. And the most important thing on it is the content, and all the metrics are byproducts of how valuable the content is. And a lot of people are, I wouldn't say happy, but will invest in a blog that doesn't have the best content, knowing that the metrics are looking good and that they can go away and update some content or create new content. Whereas if you buy something that's a good platform with great content from the start, the byproduct is that the data, the metrics, and all the things that you track are going to be good.
So yeah. I'm stoked that you bought a good platform that actually has good content because there are so many blogs out there that people have built to sell. And I can spot them a mile away. You can now spot them a mile away, but beginners can't, right? I don't know if you saw this as well, but typically the first business people send to us to review are trash. Did you find that when you first started looking at businesses, you saw how you changed the caliber of the businesses you started looking at?
Absolutely. I thought the first one that I sent was great. I thought this was the best thing. I have to buy this. I actually considered making an offer before I sent it to you.
I said I considered putting in an offer before I sent it to you.
Oh, never do that.
And I remember that I was very excited, and I opened this email from Jaryd, “This is trash. This is horrible.” I was like, “Oh my God.” I was like, “This doesn't make any sense, but it's great. But that's one thing that I love about you as well. You're very upfront and you don't beat around the bush, and you just tell it as it is because that really helped me a lot. Because if it wasn't for that, I would have just bought the lemon.
But yeah, so to just add to what you were saying, absolutely, I think the first five DDs that I submitted were not good at all. Now that I'm looking back, at the time I thought they were great. But I mean, I know that you always talk about that every business has risks, but can you turn those risks into opportunities? And even if you can't, can you put things in place that would make sure that those risks don't become so large that they actually make it a bad investment?
One of the things that was really important to me later on, when I was looking at businesses, was ensuring that they were as efficient as possible. There are some things that you can't completely diversify. For instance, on content sites, lots of the traffic is going to come from Google. But there are lots of other ways that you can make sure that it's diversified, for example. And even if there's Google traffic, you've got lots of Google traffic.
I found that I could build an email list. I can start looking at getting traffic on Pinterest and other stuff that I'm now focusing on now that I've got the business as the next steps for me to take the business to the next level. So I've actually started. I've signed up with an email marketing company to start putting email forms on the site.
So, yeah, those are things that, as I said, when I started out, I wasn't thinking about. I was just thinking, Oh, the traffic is going up; it looks fine. Yeah, let's just get it. But then there are so many layers that you have to go through. Just because it's doing well now doesn't mean it's set up the right way to do well tomorrow.
Yeah. Good on you. Good on you for going away and purchasing something with help. There is somebody—I forget the person's name; I think it might be Rob—who joined the community and had mentioned he'd bought two businesses and got completely taken advantage of. And he's finally joined, decided to get some help, and we're going to get him a great business to flip the script on his previous experiences.
Because if you don't have guidance from somebody, I know I'm praising myself and singing my own song and all that sort of stuff, but even if people just don't use me, I don't care. All I care about is people going away and finding somebody they can speak to who has experience in the space. They can point out things that are going to be non-beneficial or too risky for that person to take on. I don't care who you use, as long as you get help and don't get taken advantage of, right?
Yeah, I completely agree. So, I mean, one of the things that made me decide whether to go with your course or another course was whether you had any skin in the game. So I remember, and I think I've seen probably all of your podcasts. I've gone through all of them. And it was quite clear to me that you did know what you were talking about. But also, it was quite clear that you've got nothing to gain by me buying a bad site.
You've got nothing to gain from that. It was quite clear that, the way that things are set up, you're on my side. And it's part of why you were able to be so brutal with my early DDs, which was very beneficial. So it was quite clear to me that you just wanted the best for me in terms of the investment that I could make and also that you had skin in the game. So those two things were all I needed to decide that, okay, I'd go with you and sign up for the Mastermind and all that sort of stuff.
Yeah, cool. Awesome. Love it. Well, what does it look like for you from here? Now that you've bought something, you've just opened the door to this new reality, I guess, of “Hang on a second. I went from trying to work out how I can make money online to now I own a business and I'm making three grand a month in net profit.” Where do you go from here in this space? What's your goal? What do you want to do in the next two, three, five, or ten years with online businesses?
So my intention is to build this current site for about a year and then assess my options from there. My intention is to keep acquiring. I would like to acquire one business a year and just keep building a portfolio. I might get into the area of flipping sites later on down the line. I think I will always have online businesses in some sort of portfolio going forward, whether I flip some or not, because I think online is the future.
And so, yeah, those are my plans. But from now until about a year, I think I'll just focus on this site because I would like to have experience running a successful site and have that on my CV, as it were. And perhaps I will go down the route of some sort of financing. I use cash for this, but I suppose some sort of financing or taking a loan—a bigger loan—and getting a bigger online business. I suppose that whoever's lending you cash is going to look at your experience running a business yourself. And so that's a route that I could go through. But obviously, with that, I have to have the experience of running a successful site.
So there are lots of options for me going forward in the online space. But it's definitely going to be in the online space. I'm going to have a foot in the online space for some time. And then I'm also going to have, as I said, a foot in the real estate business and the other stuff I'm doing offline as well.
So do you invest in real estate, or are you going to invest in real estate? What's your journey with that?
So I'm going to invest probably when the interest rates are much better at the moment. Crazy, as you say. So yeah, I was just waiting for the right time, and I'm always going to have a foot in there as well. So sort of just keeping a foot in both really.
I like it. I like it a lot. I'm personally going to invest in real estate shortly again. We settled on a real estate deal at the start of the year, and at the time of recording, we were probably two to three months away from buying another deal.
The interest rates have gone up here in Australia, and they might do another one or two rate hikes, which I'm okay with. The more they go up, the cheaper the deals will get for me. And I'll probably buy at a higher interest rate. And then, as it comes down, allow the growth of those property markets to increase as more people can start to get loans again. And that'll increase the property price.
So I'm purely investing for capital growth and parking money. And then what I like about property is that money is parked, and you get capital growth. Then, if I want to get back into online business, I can take some of the profits from that investment. If it's net passive income, I can take that and put some profits back into another acquisition.
Or I can actually go away and take equity out, which I know in the US is called a HELOC (home equity line of credit). I know that you can do that in England as well, where you can sort of take money from the growth of a property and reinvest it.
And I think it's a really good infinite loop of wealth of taking equity from one asset class, physical property, and putting it into digital property, and then allowing that digital property you purchased to earn, say, three grand a month. Say you hold that for a year; that's 36 grand a year. You could go away and use that towards another deposit, right?
Yeah, absolutely. I completely agree. I mean, real estate is a long game. As one man famously said, “God isn't making any more land; the price is always going to go up in the long term.” So it's the end game. And real estate is definitely worth having a foot in, and I'm always going to do that. I completely agree with everything you said there.
Cool, cool. So what advice would you share with somebody who is saying, “Hey, Michael, I want to try and make some money online? What advice would you give to them?
I would say get some education. Be willing to learn. I would say go to somebody that you can trust, vet them, look at their background, and look at their profile. Do they know what they're talking about, and are they doing what they're talking about? And also, you have to be patient. With everything, there's a learning curve, and it's going to take time. But as that time goes on, you've got to stay the course.
And however busy you are, you're going to find time here and there to at least invest in that education for your own good, so that you can make sure that you make the right decision. You do want to make the right decision, and you need to find someone with whom it's in their best interest to make sure that happens. And that's what I will say is the most important thing you should look out for if you're going to get into the online space.
I love it. I couldn't have said it better myself. I just wrote an email this morning, and I think the start of the email says: Who do people thank in their success speeches most? And say, for example, somebody who's receiving a trophy for winning an Olympic gold medal has an interview afterwards. Or say somebody who has just won an Oscar or some movie award or whatever it is. That's their acceptance speech or their success speech. Who do they thank most? Their family for support and their team.
And my question in that email was: If you've got a goal, get a team, and get the best team in the world that you can for that particular goal. Because without it, you're running around like a headless joke.
Yeah. I couldn't say it better. Completely agree. I mean, there's another saying that you are the sum of the five closest people around you, right? And so if you do have a goal, surround yourself with people who are growing in that direction and have some knowledge in that direction.
I'm sorry to cut you off. Did you go to any of the group calls?
I think I watched them on replay.
Oh no, we don't do replays. Yeah.
Oh, sorry. On Facebook Live, you came to one of those?
On the replay, yeah? Cool, cool. But yeah, in the community, I thought maybe you had gone to the group calls, the networking calls that we do.
I probably should have.
You still can. Yeah. Well, Michael, congrats on what you've done. Exceptional feat in two months. I know you did a lot of work in those two months. So it wasn't just the two months that it took you; it was the work that you put into it. So well done. And yeah, I look forward to hearing how you go in a year and maybe helping you with the next acquisition if you want. Otherwise, yeah, I wish you all the best.
Absolutely. Absolutely. If you have me, I'm in your network forever. You don't have to worry about that. Yeah, for sure. And I'm grateful for your support. Thank you, Jaryd.
You're so welcome. Congrats.
All right, everybody is listening. Thank you for listening. If you know somebody who is thinking about “how do I get started in this online space and earn some passive income?” share this podcast episode with them. Yeah. A lot of it was praising this service that we have in the BOB community and all that sort of stuff.
But a lot of the lessons can be used for other vehicles as well. If that person does want to go away and earn an income from other vehicles, things like getting a team, vetting the person that you're going to work with, making sure you can trust them, and making sure they know what they're talking about—there are so many great knowledge bombs that you shared, Michael. I really appreciate having you on, and thanks to everybody listening.
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Jaryd Krause is a serial entrepreneur who helps people buy online businesses so they can spend more time doing what they love with who they love. He’s helped people buy and scale sites all the way up to 8 figures – from eCommerce to content websites. He spends his time surfing and traveling, and his biggest goals are around making a real tangible impact on people’s lives.
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