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Retirement part 2 of 2
 

Wondering of anything I may not have thought of in shutting down our 4 accts. 2 Can and 2 US.

I thought about selling through Flippa but that doesn't really look viable. Only getting a couple of $K for each isn't worth the time or aggravation.

I do know to report the CC's used as lost once I shut down.

All inventory will be sold off before shutting down.

Addresses are all PO boxes so safe there.

Shutdown will happen between July and Nov when everything is sold.

Any other suggestions or ideas would be appreciated.

Thanks

PhD :humble:

Re: Retirement part 2 of 2
 

When I saw your first post I did think about selling them, but I have to agree that if it's only for a few grand then I too wouldn't consider it.

I'd mothball them even if it meant paying some small statutory fees to keep them alive in the short term.

Give it some time, allow the dust to settle on your future plans and then re-think your companies and their 'value' to you going forward. Hey, in two years time you might have someone close to you whose looking for a career change who may appreciate them.

Re: Retirement part 2 of 2
 

I have no intentions on backtracking from retirement. We will have no debt and just over 100K a year after tax to enjoy the rest of our lives.

AZ has introduced too much BS over the last 3 years. The fun has died because of this.

At 62, it's time to enjoy the last 1/3 of my life. Have 30K of photo gear that will get great use moving forward.

I love it when a plan comes together.

Thanks
PhD

Re: Retirement part 2 of 2
 

I sent you a greeting in your DM inbox!

Re: Retirement part 2 of 2
 

How did you operate again, all Canada accounts setup in Canada shipping to Canada or worldwide?

Re: Retirement part 2 of 2
 

2 Cnd and 2 US accts, all FBA, all selling manufactured toys (now), purchased through distributors or direct from manufacturer. The direct route is slowly disappearing as manufacturers are setting up their own AZ accts.

Shipping to US FBA was done by myself. I load up our trailer and cross the boarder 45 minutes away and drop at UPS store (done just like a trucker but smaller).

All accts are registered Canadian business so taxes are in Canada only.

PhD

Re: Retirement part 2 of 2
 

Congrats Phd - enjoy the retirement and hope the closeout goes smoothly :thumb:

Re: Retirement part 2 of 2
 

You are completely right. Distributors are getting pissed, and a change in the near future is due.

One particular manufacturer changed it's Canadian distributor, but then started to sell to Costco also. Costco was selling the items at par or below the distributors selling price. It really messes up the market.

PhD

Re: Retirement part 2 of 2
 

amazon is dying for the small business , it is not only a problem with competition and distributors but also with amazon's unpredictable behavior of removing or gating items , gating categories etc

Re: Retirement part 2 of 2
 

@phd sir. Why not educate some of us that can still benefit from your business.

I recently moved to Canada, and looking for several opportunities. You're at retirement, some of us are just starting again. Dont let the business retire with you. .

Enjoy your retirement.

Re: Retirement part 2 of 2
 

better yet.. be a consultant. I'd be willing to pay for some wisdom.

Re: Retirement part 2 of 2
 

I need education as well - recent injury has forced me to find a new direction/method of income as well...

Re: Retirement part 2 of 2
 

PHD has given enough ,just follow his recipe and add CAPItal $$-
find the merchandise (in his case it is toys,your expertise may differ)
Buy wholesale at the right price and ship them to AMZN warehouse,both Canada and US.
You may want to go to a bank and get a loan to buy enough to stock both warehouses.
Someone deleted my post on Vancouver Chinatown,there are Chinese from China,Hong Kong and they could clue you in on how to get merchandise from Chinese factories at the right price.
Good luck.
PHD could share the name of the freighter which moved his stock to these warehouses?

Re: Retirement part 2 of 2
 

congrats PHD. $100k a year in retirement is the dream. I hope you enjoy it!

Re: Retirement part 2 of 2
 

Have always used Canadian distributors and manufacturers. Started in Home/Health care, added electronics, added toys in 2016.

Advice: always look for one more supplier, and treat your reps with respect they deserve. The reps are the ones that will help you build if you treat them right.

I have 2 distributors that get me the discounted opportunity buys list days before anyone else :)

Re: Retirement part 2 of 2
 

I will keep popping around to check out the posts.

PhD

Re: Retirement part 2 of 2
 

Years ago,big stores like WMT and SEARS are closing their superstores and all items are marked down 35-70%.
You know WMT prices are already lower than most of its competitors due to their buying power ,so
One company which exists online only as amzn THIRD PARTY seller,rented a Uhaul and get a $100k bank draft and sent 2 employees to shop till they drop dead -teeth whitener,shampoo,knives,cd,TV set,towels etc etc and come back and listed them on AMZN,their gross profit is 100%(before fees)
Another team consists of one guy with his brother in law plus mother in law who has a station wagon,they bought 50K worth of goods,their gross margin 100% before fees.
These days look around some stores are closing,99 cents only stores have closed,BIG lot was going to close ,but not anymore.
Chinese factories are known to give away merchandise as severance pay to their employees,there are guys who hang around outside the factories and they know what kind of odd lots they have and will let you know.
There is this guy who works for airline which flies to China,he would pick up all these remnants and ship them back to USA

Re: Retirement part 2 of 2
 

Interesting, until you need proof of authenticity. Then you get screwed and tattooed.

It sure isn't the good old days. Over the last 5 years, we had to find and reinvent our inventory.

PhD

Re: Retirement part 2 of 2
 

what can be more authentic than WMT merchandise?
Have you ever met a WMT purchasing agent?

Re: Retirement part 2 of 2
 

if you have clean accounts you can upgrade them to corporation and sell the corporation later , you may even keep partial control

Re: Retirement part 2 of 2
 

He is not interested in the rat race anymore.
He will retire on his income of $100K per year.