Let's Buy a Business

I jump into 5 deals, some offline, some online. Some great ones out there. ALSO, I'm looking for some help on my site http://letsbuyabusiness.com/     DM me if you have some ideas or want to help out here.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Jason Ferguson drops some truth bombs here about getting health insurance as an entrepreneur and business owner. 15 minutes of amazingness here.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   Connect with Jason Ferguson Jason@fergusoninsurance.com

Ryan walks through the process of finding local businesses, working with brokers, and how to stay top of mind for local business brokers.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/

Ryan Wallace went from a successful Stock Broker to starting the NM Solar Group. Ups and Downs and then a $5M exit. Amazing nuggets in this story.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/ Connect with Ryan Wallace Ryanwallace33@gmail.com   https://www.linkedin.com/in/sdryanwallace/

When making decisions, make the best important decision first: Decide whether it is a 1-Way Door or a 2-Way Door decision.   1-Way Doors - You can't go back. Not reversible.   2-Way Doors - You can go back. Make these fast. Speed wins.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   https://www.inc.com/jeff-haden/amazon-founder-jeff-...

Whether you have a partner or not, you need to nail down a lot of parts of the business. Operations, Roles, Funding, Debt Paydown, etc. Spencer and I created our own Partnership Agreement to make sure we are on the same page and vision of our business.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   http://letsbuyabusiness.com/2020/0...

Yes, my house was hit by a 40-ft Mulberry tree and they needed a $1.5M crane to lift it off my house into the street.   BTW. New podcast goal. 10 Listeners to buy a business by end of 2020.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://letsbuyabusiness.com/?p=1793

I get stuck all the time. You eat an elephant by one bite at a time. Take a step back and plan your next moves. AND ask for help.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/

Every business has problems. You need to pick which problems you want to have or want to solve. If you start with the end in mind, you can then avoid bad headaches. Knowing what problems you'll have, you can then focus your effort, hiring, and overall happiness on nailing those.   THIS will save you a ton of time on your search, avoiding companies that don't fit your goals.   Episode Resources Con...

I got some great love and some great hate by outlining how to make $500k in 4 years. There are other ways to make that kind of money than buying a business, but I dive into the simple version here.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/

Jennifer is all business: she's a listener who put an offer on a business. Also, the latest with my deal.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/

Write 50 things you want to do AND THEN put a price tag next to each one. You'd be shocked how inexpensive some of these things are. I spoke to a very successful individual who has seen great success at several VC-backed companies but ultimately, he just wants to live on the beach with his kids and surf.   He's now pursuing buying a company because he can apply his skill sets to his own businesses...

Pretty stellar businesses available right now. Here is how Ryan approaches looking at and evaluating these businesses.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

How do you reach out directly to an owner to buy their company? There is an art here, but keep in mind, this is hard to do. I've seen a lot of people do this but you can lose a lot of time and not get anywhere. HAVING said that, I still do it. Here are some tips/tricks.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Wow! This episode is so good! From Raleigh, leaving his high-paying corporate lawyer career, to grinding it out building Escape Rooms and Trampoline Parks. Raleigh talks about his exit and how to go about selling his company.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   Connect with Raleigh Williams https://www.linkedin.com/in/ral...

Ryan spoke to a few individuals who want to buy a business in 2 to 10 years. That's great, but the issue was money. You can buy a business with investors. Here are a few thoughts on raising money from someone who has never raised money. Full Disclosure.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Quick update on my deal and the due diligence process AND putting together a partnership agreement.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Buying a company while you have a job and kids and Costco bills is hard. So is life. So is going into a job you hate. You need to figure out where you can cut expenses and activities that are a waste of time. Song was the perfect example of how to stay disciplined in his search.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Song has an incredible story of how he did his search with a full-time job in the LA region. Song had to focus on saying no to nearly everything that didn't fit his criteria while working at 6am and again from 8pm to 1am to find a company. He bought a stellar business in March in the middle of the COVID pandemic. Song talks about what attracted him to the business, how to make quick decisions, and...

Looking for a business can be miserable. You're alone, you don't produce anything, ship anything, sell anything, talk to happy customers and you don't make any money. Keep reminding yourself of your "WHY". My, why is financial freedom, buying, and building an awesome business and having fun while doing it for my family.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondi...

Small Deals are riskier, require all cash to buy, and take up the same amount of time as Big Deals. You can cut your teeth on small deals but they can be super hard to do.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Ryan is in the middle of due diligence but he tells a story of one $1M company buying another $1M company and nearly going under when it doesn't go through. You need to establish what the bottlenecks and KPI's are for the deal. If those 4-5 things don't work out, then the deal is dead. DO this BEFORE you incur massive costs from attorneys and CPAs.   Episode Resources Connect with Ryan Condie  htt...

First off, get a great attorney and CPA. Ryan walks through navigating a stock purchase and an asset purchase. Most businesses sub $5M will be an asset sale. In a nutshell, Asset Purchase is typically better for the buyer. Stock Purchase is typically better for the seller.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

After costs, revenue, and customers are verified, you move on to the next tier of due diligence. Ryan dives a little into his partner and his complementary skills.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/  

Last month, I hit the DIP. I was tired and worn out trying to find a business. My wife helped me push through and realize I was in this for the long haul. Seth Godin talks about the dip when trying something new or hard. YOU have to push through as you are right next to explosive growth and results.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabu...