Dom Wells – Onfolio for you!
In this episode of The Millionaire’s Lawyer, JP and Dom Wells discuss:
Dom Wells had created the e-commerce business named Human Proof Designs that was quite successful and ended up selling that to focus more on what he loved doing – Onfolio
With that transaction, there were a lot of very specific non-competes in place.
Onfolio focuses more on the service side of things; started out as an operator but as the demand rose they are now a buy/run service.
The minimum amount required to work with Dom Wells is 100K for the purchase of e-commerce in an asset purchase transaction.
Dom Wells and his team at Onfolio have a disqualification process to figure out which might be the best purchase for you, it is based on:
- Traffic to site
- Page ranked in google
- Monetization methods, especially if you only have one
- Reliance on Google ( by probably 90%)
E-Commerce businesses are generally valued at a multiple of its profits
Even though Dom lives in Taipei he is incorporated as a Delaware corporation due to tax savings and being exclusively online.
The business is worth more when you are able to eliminate yourself from the day to day operations and being the face; the buyer wants to know that the business can survive with you out of the picture.
Try to create more recurring profit, whether it is introducing more services like monthly plans to sell to your clientele.
Look at what other people are doing in terms of marketing/monetization in other industries, it may work for you as well!
From this episode of The Millionaires Lawyer with Dom Wells:
- Starting a business may take a while to take off, but once it does it can be quite profitable
- Flipper – the e-bay for websites
- Onfolio likes to focus on the service side of online business transactions.