I’m an entrepreneur with a company that was on Shark Tank.
I helped my gf (now fiance) start a business two years ago and it has grown a lot.
Current stats Nov 2022 - Oct 2022…
- $132k rev the last 12 months
- $75k in profit in the last 12 months
- $7k in revenue last month (no advertising)
- $4k in profit last month (no advertising)
It’s a party card game with a strong trademarked brand, great social following, auto-fulfillment via Amazon, ample growth opportunities, and I only spend about 2 hours a week on it.
The problem is that she’s not passionate about this idea and we have since moved on to another idea. Now, I have not been able to run my main Shark Tank company and focus on growing this at the same time. But I hate to see a business with so much potential go to waste.
I don’t know what to do! I never sold a business before.
Any advice?
Consider selling 75% of it and doing an earn out with upside. This way if it becomes significant you’re still in for a bit. And you get to pull cash out now.
I know some people who would look at this thing.