We’re excited to introduce you to the always interesting and insightful Nathan Hirsch. We hope you’ll enjoy our conversation with Nathan below.
Nathan, thanks for joining us, excited to have you contributing your stories and insights. Let’s kick things off with your mission – what is it and what’s the story behind why it’s your mission?
At EcomBalance and AccountsBalance, we’re on a mission to help 1,000+ entrepreneurs better understand their financials.
As an entrepreneur for the past 10 years, I’ve seen the ups and downs of having bad and great financials.
With bad financials, I struggled to optimize profits and I didn’t know how my company was performing each month.
With great financials, I optimized profits, built an amazing team, and exited in 2019.
Nathan, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?
My name is Nathan Hirsch. I’ve been an Entrepreneur for the past 10+ years.
My first business was selling products on Amazon from 2009 to 2015. We built the business to 7 figures per year in revenue and learned a TON about hiring virtual assistants and freelancers from sites like Upwork.
My second business, FreeUp, was a freelance marketplace for eCommerce business owners. We scaled the company to 8 figures in yearly revenue and exited in 2019.
Today, I run three companies, EcomBalance, AccountsBalance, and Outsource School.
What’s a lesson you had to unlearn and what’s the backstory?
Trying to do everything myself.
Hustle only gets you so far in business.
It can get you to 5 figures and 6 figures per year, but you eventually need to learn to hire and rely on others.
When I learned to do that and stop relying on hustle, everything changed.
My companies were able to scale to 7 and 8 figures.
And I had an exit in 2019 that changed my life.
Can you talk to us about your experience with selling businesses?
I had the privilege of selling my business, FreeUp, in 2019 to one of our clients.
Selling the business was a crazy 6 month experience going through an initial Letter of Intent, agreeing to official Terms for the sale of the business, going through Due Diligence, and finally wrapping it all up with our lawyers and accountants.
It was unlike anything I had experienced before and I’m super grateful that I was able to go through it with my business partner.
The most important thing for us when selling the business was keeping our 45+ person team in tact so that they could continue to grow the business. We were able to find a buyer that was as committed to team culture as we were and it worked out perfectly.
Biggest lesson learned was to have our bookkeeping and accounting organized for the business from Day 1. When we were going through Due Diligence, we really needed our bookkeeping to be perfect so that the buyers could see what was going on in the business. If we didn’t have that, the sale may not have gone through.
Contact Info:
- Website: https://ecombalance.com, https://accountsbalance.com, https://outsourceschool.com
- Instagram: https://www.instagram.com/realnatehirsch/?hl=en
- Facebook: https://www.facebook.com/nathan.hirsch/
- Linkedin: https://www.linkedin.com/in/nathanhirsch/