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Amazon Owes You Money
Eytan Wiener is the CEO of GETIDA, a global leader in FBA auditing and reimbursement. He is also a Strategic Advisory Board Member for Retailbound, a Partner at TradePort, and a Founding Board Member of the Prosper Show, the largest continuing education conference in the US for established Amazon sellers.
Before this, Eytan was the COO and Co-founder of Quantum Networks and the General Manager and EVP of Advantage Solutions. He graduated from Yeshiva University with a degree in biology and psychology/marketing.
Here’s a glimpse of what you’ll learn:
- [03:36] Eytan Wiener talks about creating a reimbursement software for Amazon sellers
- [08:27] The value of discovering 1%-2% discrepancies for a multimillion-dollar business
- [11:53] Eytan details GETIDA’s process for seeking reimbursements from Amazon
- [16:03] How Eytan and his team work with aggregators
- [20:11] Why no company is too big or too small to utilize GETIDA’s platform
- [27:23] Eytan evaluates the ins and outs of dispersed inventory for different categories on Amazon
In this episode…
As an Amazon seller, how can you earn reimbursements for missing items? Is there a way to turn around lost profits to achieve a more successful exit?
Buying and selling an Amazon business comes down to prioritizing maximum profitability. Many businesses and investors are looking to purchase a brand that they can scale up, and they want assurance that their products and funds are properly accounted for. Eytan Wiener understands the importance of keeping track of data points in your business. From bank statements to inventory management, it all matters when approaching Amazon for reconciliation on dispersed inventory. As Eytan says, identifying these discrepancies and seeking reimbursements from Amazon is the key to making your business more valuable and achieving a greater exit.
In this episode of the Quiet Light Podcast, Joe Valley sits down with Eytan Wiener, the CEO of GETIDA, to discuss how seeking reimbursements from Amazon can boost the value of your business. Together, they discuss the big picture of revenue growth, the importance of identifying discrepancies on Amazon, and how to turn a negative into a positive to scale and exit your business. Stay tuned.
Resources Mentioned in this episode
- Eytan Wiener on LinkedIn
- Eytan Wiener’s email: [email protected]
- Quiet Light
- Quiet Light on YouTube
- Joe Valley
- Mark Daoust
- Quiet Light Podcast email: [email protected]
- The EXITpreneur’s Playbook: How to Sell Your Online Business for Top Dollar by Reverse Engineering Your Pathway to Success by Joe Valley
- Special $400 Offer for Quiet Light followers
Sponsor for this episode…
This episode is brought to you by Quiet Light, a brokerage firm that wants to help you successfully sell your online business.
There is no wrong reason for selling your business. However, there is a right time and a right way. The team of leading entrepreneurs at Quiet Light wants to help you discover the right time and strategy for selling your business. By providing trustworthy advice, effective strategies, and honest valuations, your Quiet Light advisor isn’t your every-day broker—they’re your partner and friend through every phase of the exit planning process.
If you’re new to the prospect of buying and selling, Quiet Light is here to support you. Their plethora of top-notch resources will provide everything you need to know about when and how to buy or sell an online business. Quiet Light offers high-quality videos, articles, podcasts, and guides to help you make the best decision for your online business.
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Hi, folks, it’s the Quiet Light Podcast where we share relentlessly honest insights, actionable tips, and entrepreneurial stories that will help founders identify and reach their goals.
Joe Valley 0:29
Hey folks, Joe Valley here at the Quiet Light Podcast. Thanks for joining us again for another session of great learning. today’s podcast is brought to you by the EXITpreneurs Playbook written for you to help change your economic future and for you and hopefully many generations of your family someday, pick it up at amazon.com or go to exitpreneur.io. Today’s guest is an exitpreneur himself. He is the co-founder of the PROSPER Show, launched or had another Amazon business while launching that investing in that sold that as well. And now he’s the CEO of a firm that helps Amazon sellers recover money from Amazon grow their businesses make them more valuable and have a great at greater exits as well. And that company is GETIDA His name is Eytan Wiener. Welcome to the Quiet Light Podcast, Eytan, how are you?
Eytan Wiener 1:20
Thanks, Joe. I’m great. I’m so happy to be here.
Joe Valley 1:23
I feel so loud and boisterous and you’re chill right now.
Eytan Wiener 1:27
I need a little tired today. But I could get loud if you want no.
Joe Valley 1:32
No need for that. Folks. We met Eytan and I met years ago when you were flying into Charlotte, I think right. And I picked you up at the airport, we sort of lunch in a box downtown somewhere in Charlotte that you brought. And we hung out for a while and talked about your business.
Eytan Wiener 1:48
Yeah. And actually you Joe gave me some pretty good guidance then. And this is before all these exits and Amazon businesses selling it was kind of early for that. In addition to the fact that we weren’t really private label, which is the fad now. Yeah. And actually, Joe, you actually told me to go more of like an investment banking route, which is also interesting, because I, I took your advice. And that was that was really great. That was helpful. It was challenging in its own right. But you were very direct with me, which I appreciated. And I mentioned that to you last week. So that’s right. Yeah, you know,
Joe Valley 2:21
at that time, it was kind of necessary at that time, I don’t think we’d closed anything over $5 million. And now we’re doing and I don’t want to I don’t want people listening to think that we don’t do 250 500,000 million dollar deals. We love those all day long. But we’re also doing deals that are, you know, 15 to 25 million Walker, again, I think I mentioned last podcast working on something that’s, you know, into the nine figure range. So we are we are growing up in the industry. And we are essentially an investment banking firm for online businesses only. And we’re growing with clients like yourself that are going as well. So we’re having a blast, and you’re having a blast now as well. That gets you to how did you get involved in what do you guys do?
Eytan Wiener 3:08
Yeah, thank you. Yeah, I think last time we spoke, I think I think the largest deal you said was like seven or 8 million. So it’s kudos to you guys for getting to a different level. But also the industry is so robust that I guess it’s possible, I’m sure if people read your book to learn or how to get to those heights. So yeah, so So again, thank you for that, then let’s reconnect now. Um, I guess just briefly, I’m not going to go into the whole background. But just more on the GETIDA side. When I had my own business Quantum the one that I sold Amazon business, I developed a tool in house in like 2011 for finding discrepancies and reimbursements and data at Amazon was kind of lacking in. And it worked pretty well. It’s kind of like, taped together some spreadsheets and little programming. Often we’ve made the mistake of trying to become, I’m sure you’ve talked about in your book trying to become something you’re not not seeing it staying in our lane. So I had a lot of different flirtations or detours of building software building service. And you know, we’ll talk about that later. But one of them was building this reimbursement software, which is really good. I had no inclination or even thought to really sell to the market. The the person who I hired to create it actually made a product out of it, which is an interesting other story, which will be for another time, but he was like, first to market and he did really well because no one else had it. So I like to say I created that idea. Obviously, it’s a little more relevant and obvious now than it was not. But I did not use that tool afterwards because actually wasn’t so great. And there were some others that I’ve tried, and there are there still are some others weren’t so impactful, and we had a slow low margin business. So we’re working on like 678, maybe 10% margins blended. It was actually lower than that until we pivoted our model, but maybe I’ll get to later. So if I can get one or 2% back from Amazon, that’s, that’s 20% of my margin Case in point. When I sold my company 16, and a half percent of the bottom line margin was from reimbursements to the bottom line. So if you’re getting money back from Amazon, that you didn’t know about, it doesn’t hit anywhere in the p&l, it just goes right to the bottom of just newfound money like finding a treasure chest. now. I’ll get to that in a moment. But long story short, I’ve met the computer guys at PROSPER, which is the show that I that I helped found, which you mentioned in 2018, just kind of going around to the vendors and saying hello to everyone, because I was initially the one who brought on guys, I remember Mark, your partner was there the first prosper, talking about selling a business and I was like, What the hell? Like that’s not a thing. Right? You can’t sell an Amazon business, but he was arguing that you could. And he’s probably one of the first ones to do it. So it’s pretty cool. Yeah, where you guys are at now, side point. However, guys like Mark and guys, like, you know, just the initial software players made about 30 vendors. So again, in 2018, it was by like 80. So I met these guys actually lived in my backyard and jersey, I didn’t really know them. And that’s a really unique approach, which I’ll get to about auditing. And I use them for Quantum as discussed, it had a much better job on many levels, which I’ll get to and that impacted myself, I referred them a lot of business, everyone was happy, it was kind of a win win. And then when the pandemic began, I was working for this public company that acquired Quantum and in their offices. They’re nice enough to host me because I really can work from home those very hard for me on several levels, so I got closer with them. And I decided to, you know, invest and become the CEO and pick it to the next level. And that’s the semi short story of how I got here.
Joe Valley 6:48
Gotcha. So in a nutshell, GETIDA helps Amazon sellers, Amazon buyers that are now Amazon sellers, people that just bought businesses recover money that is rightfully theirs to begin with on is it products or shipments that Amazon just lost and didn’t find and you just never got paid for it. Yeah, give me the nutshell there.
Eytan Wiener 7:12
Yeah, good question. So we find a one to 3% discrepancy between like reality and what the data shows. Now, that’s not bad. That’s actually pretty good if Amazon’s 97 to 98% accurate on billions of transactions or who knows how many. But it’s just human nature, to your point to to lose items in a physical warehouse, or to have a data glitch, etc. So to sum it up, the large lion’s share of reimbursements are around inventory, and loss. So if you think about the cycle of inventory, shipping to Amazon fulfillment, FBA over ships under ships damages, then within the warehouse, damages lost or destroyed. That as as most people know, Amazon trend ships, the items so that they’re local for Prime delivery. So a lot gets lost then, then to the customer, there’s issues and back from the customer issues returns, and then from FBA, back to you as removal. So those are five journeys, right. So imagine the loss, thank you. As I said, it’s really not so bad. There, they do a pretty amazing job globally. But if there’s one to 2%, or 3%, it kind of behooves you to try to get it. It may not be that much money. But if you’re I mean, it’s it’s free money, let’s just be if somebody if somebody is doing a
Joe Valley 8:28
million dollars in revenue, can you quantify what that means? So one to 2%,
Eytan Wiener 8:32
one to 3%. So it’s 10 to 30, grand. Amazon will usually credit the one that top 1% on their own, they’ll reconcile so that usually I like to say is like 2%, up for grabs.
Joe Valley 8:44
So somebody is doing a million in revenue. Yeah, typically, you can find 2% in monies that are due back from them from Amazon.
Eytan Wiener 8:54
But I don’t like to say typically, because there’s a lot of variables and this clients do certain things on their own. But
Joe Valley 8:58
yeah, well, this everybody, everybody, this is me asking questions. Yeah. Taking this with a grain of salt. Don’t Don’t call Eytan and say, You told Joe get me to Yeah, every business is different. They know. Yeah. But you know, in.
Eytan Wiener 9:12
So I’d say one to 2%. Let’s say 10 to 20 grand. That’s money in the bank right there. $100 million seller, and we have some of those. That’s one to 2 million. We got a seller back over $4 million last year, quite large seller. Yeah. And as I was alluding to before, some sellers do some of this process on their own inbound reconciliation, whatnot. But we just focus on this. We’re not an agency. We don’t do anything else. We just do this. And we have brought in almost 10 billion in aggregate FBA revenue. And we have 1000s of clients. So we just focus on data, which means that I guess we could we could do it at a much higher level. And whatever discrepancies I may see on your account, I could do some r&d and say, Hey, like what about this? What about that and applied to the whole book of business, which is really cool. It’s almost like a community in that regard.
Joe Valley 10:02
What is it called? You know, when we when we listed as for sale where we’re grilling the seller politely professionally and asking a lot of questions we want to know, we ask every question to potential buyer wants to know the answer to. Right. What do I ask them? When I want to know if they’re using this service? Like GETIDA or, you know, and the question is, you know, do you, you know, continually seek Amazon refunds for goods and services? What is the question?
Eytan Wiener 10:30
You know, it’s a good point because some people kind of do or don’t realize they do or don’t but I say, Are you doing any FDA auditing, so that could be with a provider, or that could be in house. Again, many people do it in house. And I also encourage that, like my point, my goal is not to profit from people’s ineptitude, but it’s the profit from what you probably wouldn’t have found on your own. If you really tried hard, as you know, you outsource to film and you outsource returns, because that’s not what you’re good at. I’m sure you talk about that in your book. So if you don’t, if you’re not good, or there’s no reason you should be good at this. It’s sophisticated. And, you know, let an expert do it. And having said that, our pricing model, not not to sell anybody here, but just for transparency is that we only charge a percentage of what we recover. There’s no long term agreements. And if we get zero charges, zero, we get more, it’s just the gain share, and it’s money you would have not had. So that’s why it’s kind of a no brainer, intuitive.
Joe Valley 11:25
I just, let’s go with this scenario of I just bought an Amazon business, we just closed the transaction, Jason yellow, which was the broker and boom, I’m now running a business that does 3 million in revenue on an annual basis and hopefully growing rapidly. If I want to get some, and the previous owner didn’t do any auditing. So there’s a pretty good chance that I’ve got instant equity in the business because they didn’t do auditing, I’m going to hire GETIDA, and you’re going to find some money for me? How long does it take for you to find the money? And how is it How is it recovered? And then giving data
Eytan Wiener 11:59
to me? Oh, great, great question. So we actually do a lot of work with our partner with like, you know, brokers, like your company or aggregators, like the clients that you deal with these days, in that if you’re looking at a business, to your point, maybe there’s these hidden funds because the person didn’t audit or they didn’t audit with us, so to speak, even even if they did we there’s always additive value. So the answer is, we can go back 18 months, most cases, Amazon allows 18 month look back some nine months and some 90 days, but the large the lion’s share is 18 months. So not only that, we find your let’s say that run rate on an ongoing basis, because we audit daily in real time. And we integrate, which we’ll talk about, but if there’s a look back, so there’s like this upfront, like influx of cash, and then there’s the ongoing assurance that will hopefully get you back that one to 2%. With meaning to be more specific, you buy the account, you we connect the account, we have an app store, we have a user where that was on service provider network, it’s very tight and secure. And we go after the money that was hopefully will not expire, because again, there’s every day other funds expire. The way you get paid is that Amazon credits your payout. So your pay looks higher because you got retroactive credits, so you don’t. So you have the money before I even think about charging. I only charge the following month once you already have the money in your bank, which is great. It’s just pretty pretty a win win proposition.
Joe Valley 13:30
So everybody knows that Chuck makes fun of me for saying math and logic. I think I said 19 times in the works. I don’t know how he counted it and control finding in Kindle or not, but it is accurate because I have the PDF version. And then I just, I somebody mentioned it to me the other day, and I discovered Okay, I really actually did say math and logic 19 times, so I’m going to do some math and logic on you. So as a seller have an Amazon business, if they’re doing 3 million in revenue, and you’re getting one to 2% back. If they don’t do any Amazon auditing, let’s just go with 1% for simple math, that’s $30,000 that could be recovered if they do 3 million a year in revenue. And you can do you know, this is a potential $30,000 if the business sells that, let’s call it simple math again, a four time multiple that’s $120,000 that is not hitting the bottom line if I’m fully understanding this that correct? perfectly correct, no one’s our $30,000 that’s not hitting the bottom line. And the business is selling for four times that’s $120,000 off the list price of the business. Now I’ve got a son that goes to State College here in North Carolina, that would pay for his tuition for four years plus, you know, a year of grad school. I just I love to put it in, in those perspectives.
Eytan Wiener 14:50
We’re gonna try to work on our on our recovery rates, you could send them to maybe a private school, but schools in North Carolina when you say no, no, they’re all good. Come on now, I’m just
Joe Valley 15:01
alluding to this in the country.
Eytan Wiener 15:03
I guess it was a bad joke. I’m alluding to the fact that we’re actually Well, it is one to 2%. It varies by client and country and process. Because we have a very large team and programmatic process. And it’s not just spreadsheets, we’re actually improving our recovery rate. So I hope to make it to the high 1.7 or 8%. Yeah, and then your future can no guarantee. But yes, but your your example was, was accurate. And I see it every day, and it’s impactful for a lot of money.
Joe Valley 15:29
It’s impactful for for sellers and for buyers. If you just bought an Amazon business in the last, you know, 12 months, you better hurry up,
Eytan Wiener 15:36
correct? It’s Yeah, It’s time. It’s time sensitive, and it’s urgent. And the fallacy is people think like, Oh, it’s annoying, like, I don’t know, like, I have to ask my ops guy, it takes five minutes to sign up to connect, if you want, we can do a free audit. So we just show you what’s there. It’s like, you want the money? You don’t want the money? Like, yeah, that’s fine. No pressure, you want to do it on your own. You want us to add value, like there’s no pressure, but there is exploration. You mentioned,
Joe Valley 16:03
you mentioned the aggregators. So you know, we know that they’re very well educated, raised a ton of dough, hundreds of millions, in some case, billions. If we combine all of them, many, many billions. They are they using services like yours after they buy a business?
Eytan Wiener 16:22
Yeah, absolutely. I’m proud to say we work with some of the largest if not the largest. And it serves a bunch of purposes. So as we said, a lot of them use it as an audit. So let’s say I’m going to buy Joe’s books. And I know there’s 200 grand sitting there, I could I can add another 100 200 grand to my deal, because I know I’m going to recover it. So it’s kind of instant psychological or practical leverage for them. Number one, number two,
Joe Valley 16:49
hold on, they do that in due diligence, are getting the audit,
Eytan Wiener 16:53
getting them to do it, I don’t think since they’re, as you know, very large and kind of scattered because of all the growth, it’s hard to streamline. It’s also hard to get admin access to an account if you’re doing diligence, right? Because it’s kind of like a little dicey topic. But yes, I’ve done it successfully were produced results where they use those numbers to negotiate. I why why is that beneficial for them
Joe Valley 17:15
to negotiate if they’re willing? I mean, you’re under a letter of intent at this point. And they discover that there’s, you know, $50,000, to be recovered, just sitting there, the seller doesn’t know that.
Eytan Wiener 17:27
No, no, I don’t, I don’t think I understood or maybe I wasn’t clear. I wasn’t clear. I’m not. So
Joe Valley 17:33
I didn’t go to state school and
Eytan Wiener 17:36
I went to state school is great. It’s leveraged for the buyer. So even though the buyer is gonna, let’s say, offer a million dollar offer, they could constantly offer 1.1, because they know the 100 grand is there. So it sounds great. But between you and me, it’s latent in the balance sheet, don’t try to explain it on the balance sheet, it’s in the bank, because we’ll certainly get it in our estimates are conservative. So it’s a kind of negotiating leverage, where I know that you have a hidden gem that you don’t even know about. And they use that in the audit in the process. Because again, it could be 10, it could be 100, it could be a million dollars. And that’s a lot of flex. And it’s very easy for us to do. So it’s a no brainer. They have they don’t do it enough, in my opinion. But the second way we work with aggregators is even more intuitive is once they acquire the business will audit it ongoing. So we have some aggregators that have 80 plus accounts, are able to link it to one back end portal. And we have because it’s very interesting, who you work with, they’re getting because they’re growing quickly. And they’re a bit all over the place. Exciting kind of good way. But it’s still a challenge. So as you know, so the onboarding team RAM, Andrew can log in and see everything that’s going on there streamlined documents, most of what we do is very passive, but sometimes you request documents or bills of lading or invoices, because Amazon needs that. Most of it, set it and forget it. So as long as I set it up properly, which usually they do, it just works for them while they do their thing. So those are the two ways you work with aggregators, usually both. And it’s great, because just value somebody that don’t have time to do and don’t have the expertise to do. And, you know, same value proposition just at a larger scale.
Joe Valley 19:17
I wouldn’t say just by you. I mean, I mean, it saved themselves. I mean, they gain the expertise, they buy you and they also get a, a sort of a built in potential acquisition model because they could, you know, get to know maybe, maybe,
Eytan Wiener 19:32
maybe that’s an angle for now, not thinking about it, but I don’t know, I guess it’s possible we work we work really close with a bunch and I think they’re pleased and happy because again, it’s a win win for them. Once regards, but found money.
Joe Valley 19:47
I didn’t talk about it in the book because it just didn’t come to mind. That’s that’s some of the stuff that people should do.
Eytan Wiener 19:53
We may or we may have to do a revision or a second part too. Yeah,
Joe Valley 19:58
yeah, exactly. Sponsored by GETIDA. There you go. Yeah, I’m
Eytan Wiener 20:01
happy to sponsor and write the chapter.
Joe Valley 20:03
I don’t think I’m reading the book though. It was painful. And yeah. Okay, when you’re ready, just give me a call. There you go. There you go. So what is the average aggregators aside? What is the average, you know, seller that you work with typically?
Eytan Wiener 20:21
average size? Yeah, I’m just I’m thinking, we have a lot of very large clients like 10, and an eight and nine figure clients, sorry, which kind of skews the average hire to around one to 2 million. But I’m proud to say that we’re an equal opportunity auditor. So whether you’re doing 100 or 100 million, we, we, we have the software and the scalability service do the same, okay. And it’s it’s agnostic in that the claims and the value and expiration date are anonymous. So if you have a claim for 100 grand, that’s gonna expire tomorrow. And you’re a $200,000 seller, it doesn’t matter the way we queue it up. And it’s kind of sophisticated. Well, we’ll treat it all accordingly. And that’s the scale that I’m trying to build meaning, again, there are other services and primitive in different ways. But we have a pretty serious development team here of around 20 people. And in Jersey, we have a service team overseas. So I call it a solution software and service. So the software finds all the problems and the challenges and discrepancies in the algorithm. And then we actually have a service team of mostly ex Amazon case managers in the Philippines, India and others that actually submit the case, because as you know, Amazon doesn’t like robotics, they don’t like spam. They don’t like bad data. Yeah. So we’re very careful on the language on the process on the follow up to make sure we get you every penny that we can, because that’s our, you know, fiscal responsibility. And you know, I have that covered for you. So we’re constantly kind of going deeper with with that in the whole process. But having said that, just go back to your question. Doesn’t matter how large you are. Since it’s software, and a bit of service, which is harder on the scale side? We’ll cover you. There’s no there’s no one too big or too small.
Joe Valley 22:04
Yeah, the service average is Amazon. But every like as a seller, or you know, somebody that built the business and is eventually going to exit it or somebody that just bought it. I’m a seller. There’s, there’s not a lot of time involved. For me, right? I mean, it sounds like I’m filling out a form and giving you access and you’re off and on. It
Eytan Wiener 22:24
takes it takes five minutes to sign up. If there’s discrepancies with inbound, which are, which are often are you just delineate a specific email to your ops or finance or bookkeeper? If they’re organizing to give us documents or invoices that Amazon often asks for? You’ll see a lot more recovery. If not, you’ll still see recovery, but it won’t be as much described as
Joe Valley 22:45
invoices within gonna explain that to me.
Eytan Wiener 22:48
Yeah. So you shipped to Amazon ship. 100 units? Yeah, they say they got 90, you shipped 100. Yeah, it’s kind of he said, she said, so there’s a weight component where you could show the tracking number which they have? What if you don’t use their carrier? So they ask for your invoice? How do they know you’ve bought it, as you know, there’s a lot of fraudulent people in the space that say they shipped 100, shipped 20 on purpose just to make money, and then and then pump and dump it disappear. So it’s very sensitive the data and we don’t just make documents and make stuff up. It’s a whole process of what the challenge we have is scaling for 1000s of clients and billions of documents interface. So we’re actually building into this portal, a way where you can upload it where it’s more streamlined right now it’s more email based, or one off base. But really, most of the money, as I said, is in the journey of the unit. There’s a lot I can do a lot without any of your input. But whatever needs your input. It’s always the case, right? That’s actually the most expensive case. And it’s delicate, but we’re, we’re progressing, there.
Joe Valley 23:46
One of the drawbacks, if any, to using a service like this
Eytan Wiener 23:51
is I don’t see any drawbacks in a totally unbiased way. Again, if you you should be on top of your operation. So you should be I’m sure you mentioned your book, you should be on top of your numbers and your logistics and your your your costs and your cogs. You should have a team check inbound shipments and do all these things. Now, it gets a little deep. When you check inbound, you look at the Amazon discrepancy tool and you say okay, I should have two three like it’s there’s a checkbox that’s like basic 101 some sellers don’t even do that, which is a problem. But we can help them there if they don’t. But I doubt there’s anyone nor should there be someone who does a role for and calculates everything I shipped to Amazon, everything that’s sold everything that was returned, equals this. So we’re doing that every day. And then we say, Hey, you know, Joe has three books here and four books here. seven books here may not be much on on a certain level, but additively it’s 40 items that were lost. And you just show Amazon the data. I mean, easier said than done. That’s what our technology does pay Amazon, there’s 40 units, they’re not accounted for, based on our calculation with your reports, please credit me for grants. And if the date is right, they will and they’ll find Back, don’t get me wrong. What’s interesting for you and your listeners to know is that you turn a double negative into a double positive. So you lose the inventory in some cases, and you lose the profit, right? You don’t just lose the cogs, you lose the profit. Right? One nice thing that Amazon does is they credit you both. So they say, okay, Joe, we found the book, and we’re crediting you a sale as if you sold it for 2499. Because we’re the marketplace. So it’s our responsibility to resurrect with a sell would have been, which is actually pretty nice. And in a world where Amazon is very critique, that’s actually a fair, very fair gesture. So that’s why I tell people you’re, you’re actually turning into a double positive. So you don’t really care about the cogs you lost that find you. Um, um, we’re trying to help you recreate a sale. That’s pretty cool. That is, it’s a little deep, but but that’s how it works.
Joe Valley 25:50
Did they take the platform fee out of it as well? No, they must, because they give you the profit potential profit that you wouldn’t.
Eytan Wiener 25:55
Yeah, so good question. So I thought about it with my partner. Amazon actually makes money on that, because when they recreate the sale, they take their their commission, right, right versus not have. So if you think about it, obviously, we’re, quote unquote, taking money that that’s rightfully owed, which is a separate discussion as to how Amazon feels about it. But we’re also allowing them to the book, the revenue, or the commission, which is interesting.
Joe Valley 26:17
What do they do with all the lost product? Because it’s there in a warehouse somewhere? Do they just have like a book burning day?
Eytan Wiener 26:22
Yeah, it’s interesting. You say that, because specifically for lost warehouse, Amazon lets you go 18 months, and sometimes there’s, there’s no limits to cases. So they’re like thesis or financial models? Like, eventually they’re going to find it? Yeah. So unless you kind of call them out on it. They don’t want they automatically credit you other things that are mistaken, which can go into the last, they don’t automatically credit you unless you bring it up. Because they’re like working financial model, which is a separate topic is we’re gonna we’re gonna account for it. Maybe it’s here, maybe it’s there. And often they do. And then they reverse three reverse credits, which which does happen. Yeah, but I don’t know, I read interesting stories about, like donations or, or I don’t know about burning, but they’ll sell and warehouse deals, they say, hey, it’s not accounted for, and they just listed on their own channel or, or they they write it off. It’s kind of a separate topic of returns and disposed inventory, but they hope they’ll find it. And often they do. It just could be his tree or whatever.
Joe Valley 27:20
Yeah, yeah. It’s, it’s, there’s, there’s a lot to it. Yeah. Is it? Pretty much category agnostic? You know, do they tend to lose, you know, more pet supply products or small unit products versus big ones? And does it make a difference for you in any way, shape? Or form?
Eytan Wiener 27:36
It’s a really good question. And that’s kind of kind of why I, we give a range, you know, maybe I’ll get one client back half a point. Or maybe I’ll get a client back. 2.5%. So if you’re doing small, you know, lotions, there’s crazy quantity, maybe there’s not as much volume or revenue. But there’s so many more rooms for error, just like you know, if I throw you a ball a million times or 100, right, you probably have larger error on the million. So therefore, for larger clients and revenue, size and quantity and transactions, we find back you find more just the nature of probability. But to your point, yes, small items, small items, certain types of categories that are just kind of awkward to receive, we see a lot of issues with, but more specifically, I just want to touch on this. Our goal is not to like, you know, want the mistakes. Our goal is to help you be an efficient seller, look at our portal and see what’s happening. So you can actually take actions Hey, how come like when I shipped this lotion, they’re losing like 70% of it, grant that we make a claim? And often the answer is, you’ve been very sloppily, or your Chinese warehouse is really doing a bad job. And they’re Miss labeling, and they’re Miss whatever. So the goal is to look at the data and get better. Even with that it’s never perfect, but that’s where we come in. But you it behooves you to look at what’s going on. Why, why do I have any returns on this item? When the reviews are great? Oh, maybe maybe you shipped it wrong. Maybe your warehouse is cutting corners. That’s the point of visibility. Understanding,
Joe Valley 29:11
yeah, it’s amazing how many details go into actually being profitable. And how many people get so caught up in just trying to keep the wheels on the bus that they don’t pay attention to Little things like this that could you know, definitely allow them to hire somebody else. So that odd to do the little things so that they can focus on big picture and revenue growth. It’s good stuff, it’s good stuff. Yep. Any any last things that you want to share with people, buyer sellers about the business and things that they can look at and do on their own or anything
Eytan Wiener 29:42
else? I think we’ve covered most of it. But you know, as we stated several times, it’s kind of a no brainer. And you know, is Yeah, everyone should should look on and try to do whatever reconciliation on their own understand from your team or your VA whatever what is going on there. We also have a free tool. So if you want to log in GETIDA.com, you could you could see what’s going on, you can get a free audit, no cost, okay? And see what the potential is. And then you could decide on your own if you want to pursue it, but at least you could understand the magnitude or the significance and the detail of what’s happening. And let’s, you know, we’re happy to help if you’d like, and if not, that’s cool, too. But yeah, that’s, that’s it. Excellent.
Joe Valley 30:27
So GETIDA folks is spelled G-E-T-I-D-A.com. So getida.com Eytan if I can do anything for you, if you need any help. Any questions anybody can introduce to you know where to find me? How do people find you other than the website?
Eytan Wiener 30:46
Should they just, you could email me Yeah, you can email me it’s [email protected] or you can reach me on LinkedIn or social media or I’m always happy to help not just by the way for them to sell. You know, since I’ve sold some companies and I’ve been around the space and prosper, I’m I like to help people as much as they can. So if anyone wants to reach out to me, I’m very responsive, or at least I tried to be. And I believe in helping giving back, you know, similar to Joe, and I like I like it, and I enjoy it. And feel free to reach out and
Joe Valley 31:19
happy to speak to anybody. You’ve been around a bit. So it’s a good connection for anybody to make in the in the Amazon space. Awesome. It’s great, great catching up with the great chat and coming on the podcast. Appreciate it. Thanks for having folks. Thanks for joining us again, that was Eytan Wiener from GETIDA from that will help you get reimbursement monies back from Amazon, it is kind of a no brainer to go ahead and and sign up for it’s five minutes sign up. It just makes sense. Especially, you know, if you’re if you’ve got a business, it’s growing rapidly, and you’re losing inventory, that little one to 2% can make a dramatic difference. And if you’re a buyer, if you just bought a business, I would definitely get that done or if you are under contract and buying a business, have it done right afterwards. That’s what these aggregators are doing that are rolling up these FBA businesses. And again, if you have not picked up a copy of the EXITpreneurs Playbook, it is written for you, it The goal is to help make a difference in your life, in terms of your economic and financial freedom. So pick up a copy of it at Amazon and give us a happy review. Let us know how you enjoyed it and what a difference it made for you. We’ll talk to you next week.
today’s podcast was produced by Rise25 and the Quiet Light content team. If you have a suggestion for a future podcast subject or guest, email us at [email protected] Be sure to follow us on YouTube, Facebook, LinkedIn, Twitter and Instagram and subscribe to the show wherever you get your podcasts. Thanks for listening. We’ll see you next week.