Business
Joe Magnotti is the CEO of Empire Flippers, an Inc. 5000 company and the #1 curated marketplace for buying and selling established, profitable online businesses. Joe has a background in engineering and spent the 90’s at a startup in San Francisco before moving onto the mortgage business. Now Joe spends the majority of his time in Manila, Philippines. In this episode, we will discuss the 2020 trends for buying and selling online businesses. Expect to hear predictions of where this industry is headed including ways to navigate businesses during the COVID-19 crises. Whether you are buying a business and want to grow it, or you want to sell your business for maximum value, you’ll discover insight to help achieve that goal. Where we are: Johnny FD – Sri Lanka / IG @johnnyfdk Sam Marks – North Carolina / IG @imsammarks Joe Magnotti – Manila, Philippines Sponsor: Support Invest Like a Boss: Join our Patreon Sponsor: Automation Finance Discussed: Empire Flippers State of Industry - Trends Report ILAB 10 – Empire Flipper’s CEO: Investing in profitable, cash flow websites Recommended: ArtofFX – Start with just a $10,000 account (reduced from $25,000) Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) Betterment – Get up to 1 year managed free Wealthfront – Get your first $15,000 managed free PeerStreet – Get a 1% yield bump on your first loan *Johnny FD and Sam use all of the above services personally. Time Stamps: 02:09 - Discussing business and personal goals during the quarantine 10:23 - The silver lining to the COVID-19 pandemic 18:46 - The upside to a remote office structured company 21:38 - “For me, I love it, I’d never want to go back to an office if I can avoid it” - Joe Magnotti 25:44 - Economy insight & current digital trend in the Philippines 28:51 - What is an Inc 5000 company? 29:58 - What is Empire Flippers and how does it work? 37:19 - 2019-2020 Trends for buying and selling online businesses 40:46 - Amazon FBA business tools and techniques 42:21 - “If you have a physical product business and you’re not on Amazon, you’re doing yourself a disservice” - Joe Magnotti 44:43 - Selling distressed assets along the economic COVID-19 cycle 55:02 - How the international supply chain is affecting businesses 58:17 - The easiest online business to buy and manage 1:06:05 - Should you buy an Amazon-based business? 1:10:13 - Analyzing 2019 trends for buying & selling online businesses 1:17:46 - Appreciating our podcast listeners! If you enjoyed this episode, do us a favor and share it! Also if you haven't already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.