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 Customer Six Figure Success Story

We want to dispel a fallacy about running online enterprises.

Most people assume that if you own an online business, you must be a natural-born businessperson who must spend a lot of time each day in front of a computer. The opposite is true, and Danail Donchev is a perfect illustration of what is possible with a little forethought.

Danail owns Fortune Lords, a digital marketing agency that helps companies get more traffic to their sites by using SEO (search engine optimization). While Danail runs Fortune Lords full-time, he also works on independent passion projects, including buying and selling websites.

Danail started his web business 15 years ago. Despite his interest in deejaying and electronic music, he discovered a consistent stream of real estate clients in the UK who required assistance with their SEO. His clientele gradually grew, and he started working on SEO full-time.

Danail observed that as his agency expanded, he had more time to pursue additional business endeavors. His words of wisdom: "If you have processes that are efficient, you can scale up and work on numerous projects [at once]. As an alternative to employing locally, you can use subcontractors or a remote staff.

A Family Business

Even his wife and a few other members of his family have been hired. Danail's wife supported him during his most recent Empire Flippers deal and helped with the business's social media. "I'm attempting to recruit as many family members as I can into our organization." He adds with a chuckle that he has "trust difficulties" with outside employees.

There are advantages and disadvantages to working with your life partner, but Danail is quick to point out that there are much more advantages than disadvantages. It's difficult to establish the boundary between business and personal, he does warn. The duo works remotely and on the road. "Because we share a workspace, it might be difficult to define when your workday ends and the

Danail is appreciative of the lifestyle that owning his own firm provides him, though. It allows you the flexibility to work when and how you want. This is especially true for Danail and his wife, who travel extensively throughout the year. "My wife and I like to travel a lot," he continues, "so, for instance, we can spend two months in Greece every year, and I can work a few hours every day."

He cites location independence and not having a daily commute as his favorite benefits of operating an online business. "My bedroom is right next to my office."

Knowing When to Sell

Although there isn't a set right or wrong moment to sell a firm, finding the sweet spot where you can receive the most money without going out of business too soon can be a difficult task. Danail formerly operated a company for a year before selling it. We came to the conclusion that we weren't patient enough and that it would probably be best for us to sell the company.

Before deciding to sell, Danail used our valuation tool to understand what his business was worth. “I checked the price of the website every few weeks, so it was a good benchmark to know what price you could get. You get a rough idea of what you can expect. It’s an awesome tool.”

But he still had some misgivings. We weren't absolutely certain that we were up for sale. The company made money. It was encouraging and may perhaps increase by two, three, or more.

Danail's passion for adventure eventually prevailed. "I feel the urge to discuss any new endeavor regularly." He claims that because his wife is a full-time employee of the company, "I can talk about online businesses and potential all the time."

Danail adds: "I was a little over-optimistic about how long the deal would take. The bigger the worth of your business, the longer it could take to sell. If you're selling a business worth more than six figures, you should be ready for the sale to take two to three months to complete.

Danail is happy he found a partner who helped him achieve top money for his business, despite occasionally feeling frustrated. "With Empire Flippers, you feel like you have people who have your back," he claims. You therefore feel confident that someone is making an effort to close the sale on your behalf.

Are you wondering how much your business is worth? Give our free valuation tool a spin! Interested in buying a business you can call your own? Take a look at our curated marketplace.

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