In a 2021 interview, Paul Miller spoke with Co-Founder of Ecom Brokers Ben Leonard about his exit from his first e-commerce brand, Beast Gear. During their discussion, Ben talked about his experience utilizing a broker during the sale process, and how he discovered a need that was going unfulfilled. That is, in providing a bespoke, sophisticated brokerage that advocates for sellers. This is the foundation of his new business, Ecom Brokers.
Ben Leonard’s Exit Experience
Ben identified a gap in the eCommerce brokerage world during his own exit. During this time, he couldn’t find a broker who had eCommerce, mergers & acquisitions, and accounting all under one roof. Instead, brokers provided excellent connections with M & M&A lawyers and had a good handle on basic accounting, but mainly looked at the broad-strokes. This type of brokering almost caused Ben to leave money on the table during his exit.
Fortunately, Ben worked with his former accountant and now Co-Founder, Allison Walker. Allison used her decades of experience in accounting and mergers and acquisitions to find an error that would have undervalued his brand by 30% if he had left the valuation to his broker.
This mistake corrected, Ben could accomplish his amazing exit from brand ownership – with a consulting deal on the side that locked in his potential to reach the earn-out goals set during the sale.
Ben’s Brokerage Philosophy
Allison and Ben founded Ecom Brokers after his exit, which meant that Ben no longer had his finger on the pulse of the ever-changing world of Amazon. While he had made an amazing exit and had discovered what it takes to do so, he wanted to be able to put himself in his client’s shoes. Put another way; he wanted to ensure he understood what it takes to make an exit right now – not constantly reference his own 2019 exit.
So, he and his friend Mark partnered to build a new brand. This allows him to stay in his clients’ shoes, bringing real-time e-commerce experience to Ecom Brokers.
But Ben’s contribution is only part of the partnership. His co-founder, Allison, brings the vital accountancy and M&A experience to the table.
Together, they provide a tailored broker experience. This means that they also only take on a certain number of clients at a time, but those clients get in-depth experience that isn’t possible to obtain with larger brokerage firms.
The Key to a Successful Exit
At the end of the interview, Paul asked Ben what the key to his successful exit was. Ben shared that education has been key to his journey through brand building, scaling, selling, and now brokering. Not only did he have some key book recommendations (shared below) but he is constantly working to get educated in the spaces that are most important to his clients.
Additionally, Ben shares that education and in-depth knowledge with others. You can find free resources provided by Ecom Brokers on their website. And, if you are ready to exit your brand, get in touch with Ecom Brokers through the site or by contacting Ben directly. Tell him you found Ecom Brokers on Amazing Exits for 10% off your fees.
If you aren’t quite ready to approach a broker like Ben, but you’d like to reverse engineer your way to an amazing exit – get in touch! Schedule a call and tell us about your business. We are ready to help you find your way to an amazing exit.
Ben’s Recommended Books:
How to Reverse Engineer an Ecommerce Exit
How Can I Make My Amazon FBA Business More Valuable to Buyers
How to Kep Your Deal from Falling Apart
EBITDA and Common Add Backs for Amazon FBA Businesses
The Maths Behind Acquisitions
How to “Buy then Build” in the World of Amazon FBA Aggregators