I Refused To Sell My Small Agency For $50k — Here’s Why.

0
17
I Refused To Sell My Small Agency For k — Here’s Why.
I Refused To Sell My Small Agency For k — Here’s Why.
Photo by Pixabay from Pexels

When you hit a moment in your work life and decide that you need a change, you might think of starting a new business or freelancing venture like a Youtube channel. At that moment, you get a rush of excitement and fear.

Every second spent working on this new venture feels like a moment in heaven. Then all the planning and arrows lead to one thing, money.

You need to finance this. Bank loans sound very scary because they’ll come after you if it doesn’t work out.

Investments sound safer but are very difficult to get at such a stage. This is usually where it stops for a lot of people.

I had a similar moment, yet I saw an option that wasn’t on the menu.

I’ve been a business consultant for over ten years. I started by writing business plans. Typically, over time I realized that I have limited time and capabilities when it came to helping several clients.

Hence, I wouldn’t be able to create ten plans in a week. In the freelancing world, you have to grow or die. It would’ve been impossible to sell a business plan for as much as $50k per plan.

Thereby, quantitative growth with a minor price increase over the years was the solution.

So I hired another writer and started training her. Five months later, I hired another and so on.

A year later, I realized I was working with a designer, a developer, five writers and a virtual assistant. Then it hit me; this is an unintentional agency.

So I did what was remaining to build an agency. I finalized branding and some legal aspects. Thus, Albusi was born. A business consultancy agency that has almost no running costs, and is purely commission-based. Then this became one of my income streams.

However, It requires time and experience to lead this team and help clients.

Time passed, and I entered that phase of wanting to create a new venture. So, I attempted writing on Medium to start a content creation career. I loved it and have been consistently doing so ever since then.

Yet, one has to remember that you either grow or die. So I wanted to give this content creation more room to expand. This led me to the conclusion that money could accelerate the process.

I’ve read a few articles here on Medium about how people are selling different ventures on Flippa (I was particularly fond of the articles by Jenn Leach on that matter.)

Of course, selling a blog is different from selling a consultancy agency. But I thought I’d give it a shot. So I paid a nominal listing fee and wrote all about my agency. There are a few things to consider.

  1. I’m only selling the brand. Hence, I could later create a new one and resume operations. The writers’ agreements are never exclusive.
  2. I’m a key player when it comes to getting clients for Albusi. That’s why I undervalued the listing.

One month later, I noticed good traffic flowing to the website and over ten potential buyers on Flippa (not bad for a small listing fee.)

I had several meetings and discussions explaining our work and what the buyer would be buying.

Then I received a $50k offer…

What I didn’t account for is how my mindset would alter the more I pitch this to others; How my vision would open up to the potential.

So I asked myself, “What if I perfect this further?”

I could’ve sold for a $50k amount and moved on. Yet what if I invest even more time to put myself entirely out of the equation.

A year from now, this agency could be fully independent. This could lead to a passive income stream. While it won’t be an instant $50k, it could equal this amount in a year or so.

However, I recalled that this money would prove helpful right now for the new venture, which resulted in hesitation.

I finally had a complete assessment and decided against selling the agency. There’s a famous illustration of a person digging to find a gold mine while giving up at the last moment. This is precisely how it felt.

I could very much still sell Albusi in the future. However, I also might keep investing in it and watch it prosper.

What I will not do is become the surrendered gold miner.

Person: ” But, what about content creation?”

Me: “It’s an inversely proportionate relation in terms of time invested in each. I intend to invest less time on my agency and more on content creation. Hence, growth is existent.

A business is like a plant. The more it grows, the more it’s valuable. Then, finally, it could reach a stage of producing fruit.

Some might sell when the plant is still a seed. Others would sell when it’s medium-sized.

There is no right or wrong in these situations.

If you believe you won’t grow your plant anymore, sell it before it dies. Then, others might take care of it and make it prosper. The only unwise thing to do is to sell your plant immediately before it grows to the next stage. Wait for the fruit.

I’m Al, a business consultant in Zurich, Switzerland. I believe in the power of delivering value to you, the reader. Follow me on various social media platforms if you’re interested in the value of my content.

Go to Publisher:

Entrepreneur's Handbook – Medium


Author: Al Anany