About 2 months after I had acquired the AskTheDoctor.com domain name I was offered a $1.5 million cash buyout from a pharmaceutical company here in Canada. I could have easily sold it and just walked away with my partner with about half each in our pocket. It would have been completely tax free as well because once in your life you are allowed to sell a minimum 2 year old incorporated company for approximately 750k without being taxed on it.
I remember being at my business partners daughters birthday party and one of the other guests at the party came up and started talking to me. He started the conversation saying we had made a very bad move not selling the website and that opportunity may never come again. My response to him was simple, why would I sell it for such a peanut amount of money?
I definitely am in no rush to sell the website and really want to test myself to see how far it can go. I remember while talking to him I thought of the movie The Social Network and this great quote “A million dollars is not cool, a billion dollars is.” That quote really inspired me to think bigger. The only thing stopping any of us entrepreneurs from becoming billionaires is just believing that we can and actually doing the work to get there. It’s just a frame of mind.
I look at the guy who founded Victoria Secret and sold it for a few million dollars. The company is now worth over a billion dollars. Poor guy lost all his money and went into depression and jumped off a bridge in San Francisco. All I am trying to say is if your business has potential, just don’t give up on it and sell it to someone. Really spend the time and effort growing it into something very big.
Remember people with jobs can even become millionaires by trading their time for dollars, but you will never come close to becoming a billionaire that way so don’t ever cop out too soon!