#193 Business Buying Strategies Podcast

Interview with Phil Hunt

In today's episode, I’m joined by Phil Hunt. Despite having a full-time job as an HR director of a city bank in London, this hasn't stopped Phil from following the Dealmakers Academy program and making his first two acquisitions. Phil has recently acquired two hairdressing salons, and he joins us to share his experience, highs and lows, and some of his best tips on acquiring one's business.

Key highlights from the call

[01:06] About Phil Hunt

[02:50] Freedom of owning a business

[03:28] When you were watching my videos, what was going through your head?

[04:11] Likable moments in Fasttrack Program

[08:28] How many conversations did you have before you found your first business acquisition target?

[11:33] Did you use a lawyer?

[12:10] How long did it take to complete the transaction?

[12:41] Negotiation strategies

[14:35] Hunt’s second acquisition

[16:25] Tell me why this was a share purchase

[19:08] Phil’s plans

[19:49] What is the profit margin in this sector?

[25:48] Advice to listeners

Notable Quotes

• The perfectionism then comes when you engage with the accountant and the lawyer to make sure that the deal is what you need it to be.
• I think there's very little risk here. So it's definitely worth doing the courses that you provide because they give you it's not just the confidence, you've got to have that internally, but they kind of unlock the confidence if it's a little bit backward going forward.
• Just go out there and do it. What on earth do you have to lose here, and nothing you lose affects business?
• I'd spent the first nine months trying almost not to send the letters out; I was thinking, well, that word won't be right. And I’ve got the right address? And what about if the person doesn't like to be addressed like that? And I thought, you know, if they don't like it, they're not going to reply.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office on +03452412494 or email him at johandrew.dolawyers.jmw.co.uk.

To join the Fasttrack Program, you can connect with Jonathan Jay on Dealmakers Academy, follow him on LinkedIn, or get his videos on YouTube.