“E-Commerce is a much harder business than is purported in marketing.” Today, we’re joined by DTC legend Fan Bi all the way from Australia! With over 15 years of e-commerce experience under his belt, Fan’s peeling back the industry's glossy exterior to expose why the majority of today’s business owners stay poor. Fan dives deep into the operational challenges that frequently lead to financial strain for e-com businesses of all sorts. He offers a ton of practical advice aimed at helping entrepreneurs navigate the harsh realities of our field while maintaining profitability for the long-term! As we shift the focus to the low-bid market, Fan demystifies misconceptions surrounding enterprise value and business exits. Many small business owners erroneously chase revenue multiples, not realizing that true value lies in cash flow and sustainable models, often determined by a multiple of EBIT. Finally, Fan discusses the dangers of personal guaranteed debt and the importance of aligning ambition with a realistic outlook on the day-to-day when running a business! Key Topics: (03:58) Buying DTC Brands in “Special Situations”(06:31) Why Most E-Commerce Business Owners Stay Poor(11:36) The Value of Operators in Leadership Roles(16:51) Striking the Right Balance Between Operations and Marketing(22:36) Fan’s M&A Predictions for Q1 2025(26:52) Treating E-Commerce Like a Small Business(31:37) The Superpower That All Successful E-Commerce Operators Possess Thank you to our sponsors ⁠⁠⁠⁠AfterSell⁠⁠⁠⁠  ⁠⁠⁠⁠Parker⁠⁠⁠⁠ ⁠⁠⁠⁠Rivo⁠⁠⁠ ⁠⁠⁠⁠Postscript⁠⁠⁠ Follow Richie (⁠⁠⁠⁠X⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠) and Joe (⁠⁠⁠⁠X⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠) for more e-commerce insights and to join the conversation.