The eCommerce company had a strong valuation and was priced competitively compared to other stores in the market. After spending 9 months interviewing businesses for sale, Christopher Wick, founder of SYE, purchased this ecommerce store.
SYE had a lesser offer than competing investors for the same store, but the seller still chose SYE. What helped close the deal?
“He did not take my offer because it was the most money. He took my offer because he had begun to know me throughout our discovery process. We had spent some time understanding relationships, credibility, and my experience,” says Wick.
After closing the deal, Wick also paid the former owner for three months to train him and his team on what it took to keep his business running. To this day, Wick and the former owner keep in touch and keep each other up to date with the latest happenings in their respective industries. This is a perfect example of the respect and focus on creating win-win deals that permeates SYE culture.
The business had a large following on social media social media following and a 30,000+ customer email list. Wick understood that these two unconventional assets were lucrative. Wick also impressed the former owner with his focus on keeping current employees and seeing the owner's vision for his business to fruition.
Rather than having one social media channel, the business managed multiple Facebook and Instagram pages for each of the niches the store served. There were pages about puppies, prayers, and even unicorns. Each of those pages featured products that catered to the specific target audience.
From the first contact with the seller to the closing of the deal, the entire process took less than two weeks. SYE prides itself on being quick to close. Deals happen in a three phase process. In the first phase, there is a focus on getting to know the business owner. The second phase is all about learning the business financials. At the final phase, an offer is presented.