Before the successes came, this is the company where I tested the waters of buying web equities.
I was on a search for a way to compliment my job income as my family is a growing one and salary never grows as fast as the expenses. This is a condition in life and not a function of any particular job or industry.
I joined Portfolio Sharks and got start on an educational journey that got me started buying businesses, more precisely web equities.
So my goal is simple and clear; I am building a portfolio of companies that will contribute income that I need for my family. It has to be income, because net worth cannot buy anything nor pay the bills.
Lets get to the very first deal; https://mnmlstwatchco.com is a fashion accessory web business that caters to that group that does not buy into the bling bling and just wants to have a simple stylist watch accessory.
I can tell time on a cellphone as many people do, but a watch is an accessory not just a time piece that says something else.
Lets go and perform due diligence. The team looked at the earnings over a period of time, checked the quality of the product, looked over the social media management, and where the future could be.
An offer was negotiated and the JV took ownership.
The Caveat as to why I have take some time to put this story together is because we got lucky in the following sense. A very short 45 days after we took ownership, an interested party contacted us and offered 25% more than what we had purchased the company for. The decision was taken in a group to cash out.
This is an uncommon transaction and if this is your first deal, you have to presume you got lucky and not actually believe this is the norm.
The benefits of working through this joint venture is we are able to leverage the team strengths, and negotiate a great deal, perform proper due diligence on a web equity and and leverage the network and resell the business.
There are two types of luck, Good Luck and Bad Luck and I have learned that I am also not endowed with some superior or inside knowledge and I need help. Investing in team that I trust is working for me.
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