From Food Stamps To A Seven-figure Exit
While Michael Pedone survived off of food stamps as a kid, he dreamed of living a lifestyle where money wasn’t scarce. Fast-forward a few decades, and Pedone sold his first company for $1.2MM (about 3X pre-tax profit).
eTrafficJams was born out of wanting to help his wife’s small business increase their Search Engine Optimization (SEO) rankings. When that proved extremely successful, Pedone focused on helping other small and medium-sized businesses by using a pay-for-performance model and creating a highly profitable recurring revenue stream.
The business caught the eye of a Swedish company who wanted a toe-hold in the SEO market, and the deal closed in 90 days with a handshake. Pedone could finally call himself a millionaire.
In this episode, you’ll learn:
- The dangers of taking stock vs. cash for your business
- How buyers use recurring revenue (or lack thereof) to adjust their offer
- When an exit is a ‘deal with the devil’