What To Do After Selling a Business: Insights from Tomer David's Experience

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

As an e-commerce brand owner, the journey of building and selling a business can be both challenging and rewarding. Tomer David, renowned for his Sourcing Monster YouTube channel, has successfully built and sold a 7-figure business on Amazon. Now, you've reached a significant milestone—you've sold your business! But what comes next? In this guide, we'll explore Tomer's experience and valuable insights to help you plan for life after selling your business and navigate your way towards new opportunities for growth. [00:00:00] The podcast welcomes Tema David, who has built and sold a seven-figure business on Amazon and is now back in the game. [00:00:34] Tema David had a plan to sell his business and had already prepared for it before getting an offer from an aggregator. [00:01:51] He planned for the day after the sale, considering different scenarios and possibilities. [00:03:02] Tema opened another brand as a contingency plan to reduce risk in case something went wrong with the sale. [00:04:16] He planned to invest in real estate and sought tax advice to maximize his savings. [00:06:26] After the sale, Tema got involved in content creation, particularly YouTube channels for kids and animals. [00:07:30] Tema suggests that people should ask themselves what they want their lifestyle to look like and align their plans accordingly. [00:09:23] He believes that people struggle because they lack discipline and focus on easy tasks rather than sticking to the process. [00:13:30] Tema emphasizes the importance of not judging results too early and giving the process enough time to succeed. [00:16:11] He offers a service to review Amazon product listings and provide recommendations for optimization. [00:17:45] Optimizing product listings is crucial for improving conversion rates and increasing sales. [00:18:20] The podcast concludes with gratitude for the inspiring conversation and encouragement to take action. 1. Planning for the Future: Tomer David's journey began with a vision and a plan. He always knew that one day he would sell his business. When an attractive offer from an aggregator came his way, he took it seriously. This experience taught him the importance of having a contingency plan—what to do if you sell and what to do if you don't. Planning ahead instills confidence and reduces stress during the selling process. 2. Exploring New Ventures: After selling his business, Tomer loved the lifestyle and flexibility that e-commerce offered. However, he didn't rest on his laurels; instead, he opened another brand a year before selling the first one. This was a way to diversify and mitigate risks. Exploring new ventures like real estate, NFTs, and cryptocurrencies became Tomer's priority. It's crucial to ask yourself what kind of lifestyle you desire, what your financial goals are, and where your industry will be in the future. 3. The Power of Discipline: Many entrepreneurs struggle after selling their businesses due to lack of discipline. Tomer emphasizes that taking the harder path—staying organized and disciplined—will make life easier in the long run. It's easy to get overwhelmed, but focusing on what needs to be done and having a clear plan can alleviate stress and lead to success in new ventures. 4. Setting and Achieving Goals: Tomer's initial Amazon goal was to achieve $10K in profit per month to replace his current career. He had a detailed plan and dedicated long hours to work on his business. He stresses that success doesn't always happen overnight and that sticking to the process, even in the face of failures, is essential. By sticking to his plan, he achieved his goal within a year, even though the first six months were challenging. 5. Embracing Failure and Learning: Tomer has experienced failures before, but he never let them discourage him. He highlights that failure is a part of the process, and it's crucial not to let setbacks dent your confidence.