So You Bought a Business.

Congratulations! You bought it. It's yours. The paperwork has been signed, the deal has been done, the arrangements have been made, and you are now the shiny new owner of [insert business here.] You just put in a helluva lot of time, sweat, and energy into making this happen, so take a moment to lift a glass of something bubbly in honor of yourself. Salute! Santé! Prost! Sláinte! Salud! Skål! 

So now what.

Now we turn our focus to some of the nitty-gritty details. Not to add any pressure to the situation, but the first 90 days are critical to setting the foundation for your long-term success. As you begin to settle into your new role as owner, your top priorities over the next three months may include:

• Getting to know the Team.
• Hiring an operator and/or preparing to take over those tasks yourself.
• Evaluating (and improving) systems and processes.
• Taking a deep dive into the daily finances.

It's OK to take your time with it. If...

Moment of truth time. You did the research. You put in the work. You compared and contrasted the businesses until your eyes went crossed. Negotiations are finished, and both you and the seller are ready to make it official. It's time to talk about financing.

The money has to come from somewhere, and since no one has figured out how to grow it on trees (yet), we need alternative methods to fund our business buys. 

There is a surprisingly long list of ways to secure funding to purchase a business - and none of them are "more right" than others. (Though, if we're being honest, some of them are complete garbage, so we don't talk about those.) Ultimately, the route you decide to take will depend on factors like the type of business, the amount you need to borrow, credit history, collateral, etc. Below are the Top Four we recommend as a starting point.

SBA 7(a) Loans:

Small Business Association Loans are an obvious choice. (It's literally in the name.) These programs are...

Over the last few weeks, we've walked you through the process of determining the type of business you want to buy, where to find them, and how to assess their value. Equipped with this information in hand, you're now ready to go into the fun part: Negotiation.

Ok, depending on your personality, this might not actually be the fun part. Still, it's definitely not the part you can avoid, especially if you want to reach an advantageous deal. (Which, of course, you do.) 

One thing to remember before we dive in is that negotiation is not an exact science. There isn't a checklist you can follow that will guarantee a positive outcome every single time; there are far too many variables at play. So with that in mind, dismiss the notion that there's only "one right way" to do this. There isn't. 

A quick Google search will give you more advice than you want to know about successfully negotiating a deal: Don't speak first. Words you should never say. Know when to talk away. Do your...

Understanding the value of the business you want to buy is kind of a no-brainer. It’s unlikely you’re going to throw down a massive chunk of change without any idea of profit you can expect to generate in return. (But if you are doing that, you should still read this because you need it more than most.)

Before we dive in, the most important thing to keep in mind is to keep things simple. It can be very easy to overcomplicate and over-analyze every minute detail ad nauseam. This will likely leave you feeling overwhelmed, unmotivated, and bowing out before you get to the fun part. Focus on the pieces that matter most to you. 

The second most important thing to keep in mind is that there is no single right or wrong way to determine the value of a business. Yes, some factors will weigh more heavily than others (profits, for example), but depending on the industry, the market, the seller, and even you as the buyer, there are many things to consider. 

Below...

“Everything in life is a sale and everything you want is a commission.” - Grant Cardone.

From sunup to sundown, we are active participants in the world of sales. It doesn’t matter what your job title is or how you spend your free time, we are either selling something or being sold something. From Instagram ads to billboards, agreeing to upsize your fast food order, convincing a toddler to eat their vegetables, jockeying for a promotion, deciding which movie to watch, or creating an online dating profile, it all comes down to the art of the sale. 

And when it comes to the business of buying a business, it’s no different. 

If you’ve followed our advice thus far (hint, you should be), by this point, you will know that the ideal business acquisition often comes down to the ideal seller. They are someone ready to retire, concerned about their legacy, want to protect their employees, or simply burnt out and ready to move on. 

However, unless...

What Is a Personal Brand and Why Do You Need One?

What do you look for when you decide to make a purchase or hire a company to provide a service? Are you checking them out online, looking at their website, reading reviews, reviewing samples of their work, and learning a little bit more about them and their background? 

If you’re smart, that’s precisely what you’re doing. Because you want to know who or what you’re getting into business with. This is particularly true with large transactions, but even the day-to-day decisions are influenced in this way; how often do you check out a restaurant's Yelp reviews before deciding where to eat dinner? It’s a small thing, but the implications are far-reaching.

When going about the task of business acquisition, whether you’re just starting out or have been in the game for years, the way you present yourself, your brand, and your abilities are critical. Yes, you are the one doing the buying. You are the...

As we mentioned previously, approximately 2.5 million businesses are for sale. That can be both an exciting and overwhelming prospect: Exciting because it feels like there are a lot of opportunities to be had. Overwhelming because where does one even begin when dealing with numbers like that? 

Hopefully, you followed our advice in this post and have already identified the type of businesses you’re interested in buying. (If you haven’t yet, we encourage you to pay it a visit before moving forward.) Once you’ve done that, you can automatically ignore anything that falls outside of that criteria.

And once you know WHAT you want to buy, now comes the task of FINDING it. And because it’s unlikely it will just fall into your lap (real life isn’t an episode of Shark Tank, unfortunately), it will require some time, energy, and patience.

In this article, we will lay out a roadmap of sorts to provide some clarity and direction on how to find the businesses...

Buying a business can be a big, life-changing move that will open doors to financial freedom, personal and professional growth, and control over how you spend your time and energy. 

It can also be completely overwhelming, especially for first-time owners. Leaving the "safety and security" (perceived safety and security, that is) of a 9-5 job and doing a 180 pivot to owning and running the whole show is a lot to take on. 

If you're not quite there yet, but still dream of owning a business, a franchise might just be the way to go. Think of it as ownership with built-in training wheels: You're still doing the pedaling, but you've got some support keeping you upright.

Franchising is big business in the United States. An estimated 753,700 franchise establishments employ over 7 million people and output 670 billion dollars. Everything from quick-service food, real estate, convenience stores, and hair salons are up for grabs. But before you make plans to purchase a Taco Bell to...

In our last post, we took a deep dive into the reasons why purchasing a business could be a better investment opportunity than building one from the ground up: Less risk involved, quicker access to usable income, processes, and systems are already in place, and most importantly - the supply of owners wanting to sell is right here, right now. Timing is everything.

And while it's important to strike while the iron is hot, you first need to determine what type of business you want to buy. Jumping in without all the facts will only leave you burnt. From the beginning, clarifying what you do - or don't want - in the business you purchase will keep you from making rash decisions in the future. 

If you've ever participated in online dating, you have probably been asked to set your preferences. Age. Location. Highest education level. Religion. Kids or no kids. (In a way, you're kind of designing your ideal partner.) Using this information, the algorithm will not show you profiles that...

Do you dream of being a business owner? You're reading this, so it's probably safe to assume the answer is yes. What does that look like to you?

When people dream about being a business owner, they often envision starting one from the ground up. They formulate a business model, create a plan, put in a lot of legwork and research, not to mention blood, sweat, tears, and most of all…money. But there's no guarantee of success. In fact, 20% of small businesses will fail in their very first year. (Most people like to forget about that part.) It can be a gamble and quite a bit of work.

What you might not realize is that there are ways to become a small business owner without starting from scratch. It is possible to purchase already-established businesses using creative financing solutions that require very little to no money upfront and can start generating income for you almost immediately.

It sounds too good to be true, right? If it's that simple and lucrative, then why...