Ep 440: Buying a Business on a Marketplace With Blake Hutchison, Flippa

Send us a textFlippa is an online marketplace where buyers and sellers meet. They have a global community of about 3 million users and continue to pick up a large number of buyers every day.In this episode, Jordan West interviews the CEO of Flippa, Blake Hutchison. He shares how they started their journey, how it’s going, and why people are choosing Flippa.Listen and learn in this episode!Key takeaways from this episode:Product market fit in a marketplace is the point at which you have enough supply to satisfy enough demand and that demand is seeing the supply as well-priced and adequate for their acquisition needs.Flippa focuses on a one-line strategy which is all about matching high-quality business owners to acquisition-fit buyers and bringing them together efficiently.Flippa adds layers of verification to users and watches their activities and behaviors to figure out high-quality buyers.Someone who declines consistently is unlikely to be a sellable asset on Flippa.You can sell something as small as $5,000 and as big as $50 million. The biggest deal they did last year was 35 million.Every single person in the company has one defined KPI to assess them against something very simple that they understand. Recommended Tool: Evernote https://evernote.com/Recommended Podcast: Your Pathway to a Successful Business Exit with Blake Hutchisonhttps://podcasts.apple.com/ph/podcast/your-pathway-to-a-successful-business-exit-with/id564001633?i=1000508310426Today’s GuestBlake Hutchison is the CEO of Flippa, a marketplace to buy and sell online businesses. They have a global community of about 3 million users.Connect and learn more about Blake Hutchison and Flippa here: Website: https://flippa.com/LinkedIn: https://www.linkedin.com/in/blakehutchison/This episode’s sponsor is KnoCommerce - the first survey platform built for eCommerce brands. Gain insight on everything from marketing attribution to purchase motivation, while leveraging your customer data for enhanced personalization.Get 50% off the first 3 months with a 14-day free trial. If you’re advertising on TikTok you can also get up to 5k in credit with TT (pays for over a year).Start here: https://try.knocommerce.com/Get 5 Offers for 2 Products (10 in total) along with 10 highly engaging tried and true creatives, 30 captivating headlines, descriptions, and ad texts sent to you for only $99. Go to https://www.upgrowthcommerce.com/offer and order now - this offer is only available for a limited time.Get the latest strategies, tips and case studies sent to you weekly by signing up for the free Secrets to Scaling Newsletter. Also, get first access to our Founder-Only Slack channel, our CMO Dashboard to plan out your marketing efforts and so. much. more.‘Join the Beta:https://www.secrets.upgrowthcommerce.com/