Let's Buy a Business

NOW time for Due Diligence. As my friend Landon Ainge said it best "Due Diligence Well". Verify everything in the past as fast as possible. THEN start predicting the future. Run lots of different scenarios and the likelihood of them happening...   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

My bid from 4 weeks ago was back on the table after two weeks and now I'm a week into being under LOI. We are way deep into Due Diligence. A few key takeaways....you need a network to tap into immediately in given fields and find underutilized assets within businesses.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

50 years in the Aerospace Industry: from getting nearly fired, to buying and selling companies in Aerospace. Jordan always had creative solutions and bet on himself to make things happen. He invested heavily in his employees and gave them a massive upside that led to a $3M acquisition to an $88M sale only 8 years later.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondi...

Rick Jordan is a cyber-security expert, small business owner, host of the podcast All-In with Rick Jordan, AND buys businesses in his space. We dive into hidden tunnels in Las Vegas, how SMB's can avoid cyber threats and his roll-up strategy for cybersecurity firms.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   Connect with Rick Jor...

Darren is our attorney from the last episode who also owns an OrangeTheory Fitness franchise. He dives into franchising and what helped him launch into profitability.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   Connect with Darren Neilson Dneilson@parsonsbehle.com   Phone: 801-536-6950

Darren Neilson is an acquisition attorney who focuses on bankruptcy sales. He helps transition businesses during bankruptcy and is a wealth of knowledge around legal, acquisitions, and interacting with attorneys.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/   Connect with Darren Neilson Dneilson@parsonsbehle.com   Phone: 801-536-6950

You fail in 3 ways in buying a company. 1. Buying a bad business 2. Running out of money 3. Running out of patience.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

What if you put $100k down, buy a million-dollar business, grow it 10% (super conservative), pay off debt aggressively, then sell it in 4 years for ~$1.2M and pay yourself ~$250k/year for 4 years...Not bad.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Every decision has risks and opportunities with it. One I've been thinking a lot about is how fluffy it feels to talk about buying a company. When push comes to shove, will you actually borrow $1M to buy an awesome asset that you can grow 2-3x?.....you still owe someone $1M and many can't sleep at night with that over their heads.   Episode Resources Connect with Ryan Condie  http://linkedin.com/i...

Matt was the main guy going in to acquire businesses to run them. His Private Equity company bought 18 businesses in 18 months with Jared Zemp. We also breakdown how to use new tactics from online to offline businesses.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/   Connect with Matt Blackwelder https://www.linkedin.com/in/matthew-bla...

You can't just replace your job. Be real about the opportunities for growth and if you have the skill sets or ability to grow it. If your business requires a new location (like a new restaurant location) to double capacity, be weary of this deal. You're replacing your job.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/    

Ryan found a business, moving fast...we'll see if he can get this lined up.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

It's impossible to learn everything about something before you have a business in hand that matches up with that particular business model. A friend asked how he could learn to run an e-commerce company. The answer is, just run one.   Focus on Just-In-Time learning. Learn things that you'll need at that exact moment. Ryan believes the most important thing is understanding how Cash Flow works for b...

Scott Aaron has 18 years in the gym and personal fitness space, building his gyms and a successful exit to bankruptcy. Ryan interviews Scott, who has faced incredible adversity but keeps pushing through. He took over his father's gym while his father was in prison. Grew it 4x and sold it! From selling for $1M to down $2.5M negative $1.5M. Scott is an awesome LinkedIn influencer and built some grea...

Franchises can be fantastic for the right person and right vision and goals. Start with the end in mind of what you want, BUT also realize that the network effect of franchises start at 3-5 locations at least.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

How I wasted 2 months at the beginning of my search for a company. I didn't ask the right questions or tough questions to realize that it wasn't a software company. Avoid losing months of time to figure out which are the toughest questions to ask upfront. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Spending your whole day finding a business to buy is boring sometimes, full of networking and intros, lonely and weird that you are super busy but don't ship/sell/create anything. All short-term pains for a massive long-term plan.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Ryan had a great conversation with Scott Sorensen who is also looking for a business to buy as they discussed buying vs building. If you find a business that you can start with less money and get to that same spot in less time, that business probably doesn't have the best defensible moat. There are other benefits...   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   h...

Buyers wonder how much information they should get before making an offer and going under LOI for a business. Trust everything before LOI, Verify everything once under LOI.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/  

Glenn has built, bought, and sold several businesses and now advises owners on exits. He has built so many profitable businesses while having multiple successful exits. Glenn has also bought several businesses and seen 100's of business transactions. The gold nuggets he drops are incredible in this short interview.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   ht...

This is the second part of the interview that Ryan had with Jared Zemp. Jared bought 18 businesses in a very short time period. He talks about his highs and lows while creating a fund to buy and operate small businesses. Jared has some crazy acquisition stories: such as 30% of his revenue from a furniture store he bought was actually a prostitution ring. He drops some tips here if you want to buy...

Jared bought 18 businesses in a very short time period. He talks about his highs and lows while creating a fund to buy and operate small businesses. Jared has some crazy acquisition stories: such as 30% of his revenue from a furniture store he bought that was actually a prostitution ring.    Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/...

Ryan dives into what he does daily, and the biggest time-wasting traps that searchers fall into. Avoid these like the plague so you don't fall into the 90% failure rate of most searchers.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie   http://letsbuyabusiness.com/   How to Read a Financial Report: Wringing Vital Signs Out of the Numbers - https://amzn.to/3fIih0P  

The most constant question Ryan is getting right now is "What type of business should I buy?" Most people never buy a business because they're looking at the wrong business for them. You need to figure out what your skill sets and experience are matched with your desired lifestyle combined with what problems you want to solve.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/rya...

Ryan interviews Garry McIntosh from Operation Underground Railroad who is the Director of Donations. Operation Underground Railroad's mission is to rescue children and women from human trafficking. They dive into how raising money for a nonprofit is similar to raising money in the markets and how you can have a bigger world mission with the company you actually purchase.   Episode Resources Connec...