Jason Yelowitz on Why Saying NO is Important in Business?
On Episode 165 of The No Limits Selling Podcast, we have Jason Yelowitz, a Reno, NV-based serial entrepreneur who has founded seven companies in the internet and real estate verticals.
As an advisor for Quiet Light, he has sold online businesses including FBA, e-commerce, SaaS, content websites, etc. for the past 11 years, and has generated tens of millions of dollars of completed M&A. He enjoys travel, time with his family, and chatting about business with entrepreneurs. He volunteers for Jr. Achievement to teach financial literacy to kids, and is the author of The Bathrobe Millionaire.
[EDITOR’S NOTE: This podcast is sponsored by No Limits Selling. It is a fun, fast-paced podcast that delivers hard-fought business advice that you can implement today to improve your sales and performance]
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Introduction and Overview
The podcast begins with an introduction of Jason Yelowitz, a representative from Quiet Light Brokerage, a company that specializes in selling internet businesses. The host, Umar Hameed, asks Jason to explain what his company does. Jason explains that they assist entrepreneurs who run internet businesses and are looking to exit their businesses. They help value the business, figure out potential buyers, and facilitate the sale.
The Process of Selling an Internet Business
Jason shares an example of a business sale he facilitated. He mentions a seller who had been in contact with him for several years, inquiring about the worth of his business. Over the years, the value of the business kept increasing. The business was a subscription-based service where teachers were buying a subscription to some online content that the seller had created. Jason's job was to figure out the metrics of the business, including its sustainability and potential growth. He then put together a business summary and financials, which were sent out to a list of potential buyers.
After receiving a couple of hundred leads, he started talking to the buyers to figure out their seriousness, qualifications, and financial capabilities. The seller and the potential buyers then had a chat, usually over Zoom, and they received a handful of offers. After due diligence, the deal was closed within four to eight weeks.
The Importance of Authenticity
Jason emphasizes the importance of authenticity in the process of selling a business. Whether it's through email, phone calls, or Zoom meetings, being authentic and showing genuine care and understanding of the client's needs is crucial. He mentions that he has only met a few clients in person out of dozens of deals, indicating that face-to-face interaction is not always necessary in today's global economy.
Jason also discusses how he manages the expectations of business owners who may have unrealistic expectations about the value of their business. He explains that he provides an honest assessment of what he believes the market will value the business at, based on his experience and understanding of the market. If the owner's expectations are too high, he advises them not to sell. Often, reality sets in over time, and the owner may return with a different attitude and more realistic expectations.
In this podcast, Jason Yelowitz from Quiet Light Brokerage provides valuable insights into the process of selling Internet businesses. He explains how his company assists entrepreneurs who are considering exiting their businesses by valuing the business, identifying potential buyers, and facilitating the sale. Through a detailed example, Jason illustrates the process, emphasizing the importance of authenticity in all interactions and the need to manage sellers' expectations realistically.
He also highlights the adaptability of the process in today's global economy, where face-to-face interactions are not always necessary. The podcast serves as a comprehensive guide for anyone interested in understanding the dynamics of selling an Internet business.
Questions & Answers
What is Quiet Light Brokerage?
Quiet Light Brokerage is a company that specializes in selling internet businesses. Jason Yelowitz, an Online Business M&A Advisor, is one of the key members of the team.
What is the process of selling a business with Quiet Light Brokerage?
The process involves understanding the metrics of the business, including its past performance and future potential. The business summary and financials are put together and then shared with a list of potential buyers. Serious and qualified buyers are then engaged in further discussions, leading to offers and eventually a deal.
How does Jason Yelowitz approach selling businesses?
Jason Yelowitz emphasizes the importance of authenticity and plain English in his approach. He believes in expressing the strengths and potential risks of a business honestly to potential buyers. His approach is consultative, aiming to match the right buyer with the right business.
What is the role of authenticity in selling businesses?
Authenticity is crucial in selling businesses. It helps in building trust with potential buyers and ensures that the communication is clear and straightforward. Authenticity also helps in setting realistic expectations for both the seller and the buyer.
What is the importance of saying 'no' in the business selling process?
The ability to say 'no' is an important aspect of the business selling process. It helps in filtering out businesses that are difficult to sell or do not match the expertise of the broker. This approach saves time and ensures that efforts are focused on viable leads.
How does Quiet Light Brokerage handle the valuation of businesses?
Quiet Light Brokerage takes a realistic approach to business valuation. They communicate their valuation to the seller and if the seller's expectations are too high, they advise them to keep the business until the market conditions align with their expectations.
What is the role of email in the business selling process?
Email is an important tool in the business selling process. It is used to communicate with potential buyers and to share business summaries and financials. The key is to make the emails authentic and personalized, avoiding spammy or salesy content.
How does Quiet Light Brokerage handle face-to-face meetings in the current global economy?
In the current global economy, face-to-face meetings are not always practical. Quiet Light Brokerage uses tools like Zoom for meetings with clients and potential buyers. The key is to be authentic and attentive during these virtual meetings.
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