Quote:
Originally Posted by Paul
1) How much did you sell your business for? We all want to know  Even a ballpark figure
2) Have you invested any money into Bitcoin? I've noticed you ask a few questions about it on GFY
3) Are you getting bored with being retired? Has money bought you happiness? i.e. having the total financial freedom to do whatever you want
4) Where you see the internet heading in the next 5 years?
i.e. Name 3 industries you'd focus your time and money if you where going to start a new business online today
5) What's your best piece of advice for expanding a business with new staff, especially if you're the type of personality that's a control freak who has trouble trusting other people to perform key tasks.
6) What are the 3 key things you've learnt in business from working in the adult industry? |
1. More than I would have ever thought possible when I started
2. Haven't invested in bitcoin. I'm very risk averse and don't understand Bitcoin enough to jump in. I came really close when it was hoovering around $400 per coin.
3. I'm not bored yet. Money hasn't bought me happiness. This is going to sound cheesy but the truth is my happiness comes strictly from my family. My little boys smiling, hugging or beating the crap out of me is all i need. I could be working a night shift somewhere and still be happy. Money has made life much more luxurious. I'll be honest I often feel out of place because a lot of the people I meet have always had money and they are pretty shitty people. They treat people without money like lesser people. Where I tend to get along with those people better. Ie at the gym the trainers are my type of people and I enjoy hanging out with them and the clientele all seem like douche bags to me. To be fair to the clientele as I meet them many are lovely people but the few bad ones are really bad and ruin the image for the others.
4. That's a great question. The internet is really starting to pick up speed. Things are moving faster and faster than ever. I know tech wise Wearable tech is just scratching the surface. Mobile is a no brainer. Everything seems to be heading towards everything being easily done at your fingers tips (mobile). What's my heart rate? Done. How well did i sleep last night? Done. I just had the last of the eggs and need some for tomorrow. Fear not my fridge has already ordered them for me and they'll be here tonight. That is where I see things heading.
5. You just described myself. Our growth was delayed years because of that trait of mine. But at the same time we avoided any major problems because of this as well. I started searching for a real right hand man 5 years before I actually hired one. In fact I was interviewing for that position the entire 5 years until I met him.
The best advice i can offer is read ReWork by Jason Fried. It tackles this subject.
Second to that start slow and hire one at a time and hire only where you really really need the help. When you have that person work with them until you both can't handle any more and really really need help again. I think that will keep things under control and at a pace that you are comfortable with.
6. Damn you have some great hard hitting thought provoking questions. Here are some key things I learned.
- Accountants and lawyers may seem expensive and a waste of money but I assure you if you find the right ones they are worth every last penny. The last 3 years of our operation including the sale I really saw this first hand. Good advice is so valuable and sometimes very expensive. We once spent over $5k in lawyer fees on a deal that fell apart and to be honest it was a blessing. Don't bend on your stance in a deal just to get the deal done. Sometimes small points in a legal document can be so important to the overall deal.
- Money management should be your top priority. You are a business and the goal of any business is to make a profit and avoid debt. If you do not manage your books properly it doesn't matter how great a product/site/idea you have poor money management will put you out of business.
- There is enough money to go around for everyone. You don't have to worry about Webmaster X stealing your business. You stand to gain for more by working together than you do not working together. Don't be afraid. If you are afraid someone else has a better product that try to improve yours but don't think that by not doing business with them it will help you get ahead. Working together is the only way that will get you ahead imo
- Business environment/landscape can change quickly. If you draw a hard line in the sand early you could be left on the outside looking in. In mainstream look at the companies that embraced social media vs those that didn't. In adult look at companies that worked with tubes and those that didn't. Those who didn't clearly are at a disadvantage to those that did.