Would You like a feature Interview?
All Interviews are 100% FREE of Charge
Michael Morgan, now 25-year-old owner iconic watch company, sold his first Rolex Submariner when he was just 13 years old. This was a sale that primarily stemmed from boredom. “When you’re 12 or 13 years old, you usually get bored with things pretty quickly,” Morgan says. entrepreneur. “So within six months [of buying it]I was thinking of selling it. [the vintage Submariner]. ”
How did a 13-year-old boy end up doing a side job selling expensive watches? Morgan says that from an early age, around 8 or 9 years old, she had an appreciation for “old things.” It started with Porsche. “I could tell everything about Porsches.” But the kids can’t go out to buy cars, so Morgan started collecting coins, stamps and fountain pens before turning to watches. .
Image credit: Courtesy of Iconic Watch Company. michael morgan.
“I’ve always loved watches,” Morgan recalls. “My father had some nice watches. When I was about 10 years old, I started reading books about watches all the time. First it was pocket watches. As well as coins, stamps and pens. , I realized that pocket watches are actually useless. From then on, I spent most of my time reading about watches. [The book] vintage rolex became the focus. ”
Related article: Started a backyard side hustle that outperformed my full-time job and now makes more than $1 million a year: “The Leap”
Morgan pored over the pages of the book every day and eventually purchased his first vintage Rolex Submariner at age 12. She replaced a couple of watches she owned and used her savings to buy a side business. “I remember it cost $3,500, which seemed like a crazy amount at the time,” Morgan said.
Morgan listed the watch on an online forum for an “optimistic” price of $5,500 and was somewhat surprised when it sold for $5,200 within two days. That was when “a light bulb went off.” Morgan realized that her hobby could also become a serious moneymaker. At the time, it was impossible for the young entrepreneur to continue the business full-time, but he saw this venture as something fun that would help him buy more watches.
”[When I said] “I’m actually 14 years old,” he marveled.and he actually [regular customer]. ”
After a few years, Morgan realized that his side hustle selling watches was real. It already took up most of his time, and “school definitely took a backseat.” Morgan sold watches during his lunch break and regularly brokered transactions worth more than $50,000, police said. Despite his early success, Morgan didn’t like receiving phone calls during his fledgling years. Because when he calls, his age will be revealed.
“I had one customer who wanted to buy two watches, so I knew I had to call,” Morgan recalls. “I’m on the phone with him, and it goes well, but at the end he asks me how old I am, and I’m like, “Oh my god, I’m on the phone with him. Oh my god..i told him [I was 14]. At first he thought it was a joke. [But when I said] “I’m actually 14 years old,” he marveled.and he actually [regular customer]. ”
Being a young entrepreneur was not without its challenges, but it did have one big advantage. “When you’re young, a lot of people want to help you,” Morgan says.
Related: When this entrepreneur couldn’t decide what to name his business, he started a $2,000-a-month side hustle.He now earns more than $10 million a year
By the time Morgan turned 18, he had no interest in college, but his parents encouraged him to attend. He ended up interviewing at the University of Southern California. The first conversation didn’t go well, Morgan admits. The interviewer asked vague questions that hindered his entrepreneurial acumen. But Morgan’s father arranged for a second interview so Morgan could discuss his business, and by the end of that interview, Morgan said, the interviewer was selling USC to him. Morgan was excited to participate and signed up, but by the start of her junior year, balancing her workload as a student and business owner was no longer sustainable and she wanted to devote herself fully to her watch. I did.
“Probably 30 active people are always searching [for vintage watches]. Therefore, competition has become very fierce. ”
Age isn’t Morgan’s biggest business challenge these days. That would be sourcing the vintage watches he sells. “The problem is we’re dealing with old watches and there aren’t that many great watches out there. As time goes on, more and more people are looking for them,” Morgan explains. “When I first started, there were probably five to 10 key people in the United States who were actively buying vintage. [Now], with probably 30 active users searching at any given time. Therefore, competition has become very fierce. ”
Image credit: Provided by Iconic Watch Company
Morgan has a reputation for sourcing the rarest vintage watches, primarily Rolexes, and has traveled the world to acquire some of them. “The highlight will be discovering the lowest serial number and probably the first known Rolex GMT-Master from 1955, through Instagram DMs tracing its history all the way back to Walt Disney,” he points out. Morgan loves chasing, and he admits that “finding the next great watch is important.” [him] I go every day. ”
Mr. Morgan’s dedication to his business has led to a thriving business. Mr. Morgan has sold thousands of watches to customers around the world, and since 2017, his annual revenue, primarily focused on private sales, has exceeded $10 million. What are some recent notable transactions? He sold his 1970 Rolex Cosmograph Daytona Ref. 6263 “Paul Newman” to a prominent collector in Asia for $750,000.
Related article: 3 secrets to starting a small business side hustle that will get you through your day job, from people who have made millions with their side hustle
Morgan’s passion has helped him grow his watch business from a side hustle to a company with more than $110 million in revenue. Therefore, Entrepreneur encourages all young aspiring entrepreneurs to find their own watch business and follow it into their own business. “Use your passion if it can lead to business,” Morgan says. “This is a very fortunate opportunity. It makes all the hard work that comes with running your own business that much more enjoyable.”
This article is part of an ongoing series highlighting the stories, challenges, and triumphs of being a company. Young Entrepreneur®.