Our guest for today is Justin Gilchrist, a founding partner and growth hacker at Centurica, an agency dedicated to help entrepreneurs and companies purchase internet businesses by giving them intelligent advice, lead generation, and buy side consulting and valuations.
Highlights from this episode
• What is an internet company and how Justin got involved in buying and selling businesses online for other people and for himself.
• The fundamental differences of an offline business vs. an online business.
• How to determine which websites to acquire based on the level you want to go in at and how much you want to spend, and where to find the opportunities to purchase these sites.
• Why they have retained their usual specializations and haven’t ventured into the acquisition of mobile apps.
• Using the multiples method to value an online, web-based company and the typical range or average multiples that you should be looking out for to get an established, stable asset.
• How to get started in internet business and your options for which ones to get into depending on the type of effort you want to put into it.
• Recommended resources to guide a beginner in starting an online business and some common mistakes and misconceptions people have about starting one.
• Finding a business which you are passionate about and enjoying entrepreneurship to build a better business.
Quotes from Justin in this episode
“A lot of the information you need is available free of charge, you just need to search and know where to look.”
“Eighty percent of the knowledge that you need to get started with things is knowledge that you already have. You just need to combine it with technical add-ons and the confirmation that what you know or your gut instinct is actually right.”
“Overall, just use your common sense when looking at opportunities. Outside of that, everything else, I can guarantee, you’ll figure out.”