Joe Palko is an E-commerce veteran of almost 20 years. He joins us this week to talk about his experience running an online store back in 1994, and the parallels that still hold true today. After selling two businesses in his career, Joe now works as the Chief Marketing Officer of 3D Cart where he provides a unique perspective to the team on what store owners actually need to be successful online.
- 04:00 – What was Joe’s first e-commerce business in 1994?
- 08:00 – Landscape of E-Commerce in the 2000s
- 11:30 – Fundamental truths of success in E-Commerce
- 13:00 – Selling a $12M business that was gradually losing profitability
- 15:30 – The power of a written letter
- 17:30 – Finding the right fit when looking for a buyer
- 21:00 – Calculating the true valuation for your business
- 25:00 – Will cataloging make a comeback in marketing?
- 28:00 – Why the worst-case situation is just all in your head
- 30:00 – Selling the second business to a publicly listed company
- 34:30 – Commonalities among successful store owners at 3D Cart
- 36:00 – Commonalities among store owners that fail
- 38:00 – Drop-shipping vs manufacturing
- 41:30 – Why you shouldn’t lose money just to get the sale
Mentions in the Episode:
- A Congruent Life with Andy Gray
- Foolish Adventure
- 3D Cart
- The Ferrett Store
- Solid Cactus
- Dr. Foster and Smith
Episode Length: 44:43
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