How An Accidental Entrepreneur Sold His Business For Seven Figures

  • 📰 Forbes
  • ⏱ Reading Time:
  • 59 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 53%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Here's how an accidental entrepreneur sold his business for seven figures:

Physical therapist Steve Sudell, 37, became an accidental inventor when he found himself hunting for an effective at-home surgical neck traction device for patients at his physical therapy practice in Venice, Ca. He lived with neck pain from his college football career and knew how much it could affect patients’ quality of life.

One day, after he emerged from a workout with neck pain, he decided to address the gap in the marketplace himself. He set to work building a rough prototype of his own traction device from materials he had at hand. He created a sling-like device that hangs from a doorknob or railing and found that even in its rudimentary form, it gave him relief in 10 minutes.

That was in early 2016. Working on the idea with an industrial designer for a year a half, Sudell brought his product, the, to market in October 2017 while still running his physical therapy practice. He built the Neck Hammock business to $5-7 million in annual revenue and from a one-person operation with two contractors to a ten-employee business.

In January 2021, Sudell found that his hard work paid off. He was able to sell the business to private buyers for a seven-figure amount, amidst investors’ ongoing frenzy to buy online businesses. “I knew there were a lot of buyers in the market for e-commerce businesses,” he says. “I had eight offers the first day.”While selling the business was easy, building it while running a busy physical therapy practice took real determinatoin.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BHP Considers Sale of $15 Billion-Valued Petroleum BusinessBHP Group said it is considering selling its petroleum business—reducing its fossil-fuel exposure as pressure from investors and governments for resources companies to cut emissions grows
Source: WSJ - 🏆 98. / 63 Read more »

Profit Is Business: How Will You Make Your Business More Profitable?You can have the best idea for a business and be making sales in the millions, but if you are not managing your money well and generating a profit from your business consistently, then it will die.
Source: ForbesWomen - 🏆 477. / 51 Read more »