#196 Business Buying Strategies Podcast

Scale up your business Part 2

In this week’s episode, I’m joined once more by Paul Avins, an award-winning business growth coach, speaker, and mentor. Paul has been involved in the business buying and selling field for over 17 years. He joins us to talk about acquiring and growing a business and when it's time to exit. We'll talk about what you need to know if you want to buy a business but aren't sure where to start. He also shares his thoughts about entrepreneurs who have held into a business for so long and shares some tips that help business owners create real Shareholder Value.

Key Highlights

[00:30] Paul’s advice when it comes to hiring staff

[01:50] Paul’s thoughts on entrepreneurs holding to businesses for too long

[05:45] Advice to entrepreneurs about selling businesses

[07:50] Why people tolerate businesses they are not passionate about

[10:14] About optimism bias

[11:08] Knowing when to exit a business

[13:00] Why people massively overestimate how much money they need

[16:12] Language of a business

[17:00] Journey to owning a business

[17:35] Advice to people interested in buying businesses but haven’t

Notable Quotes

• At some point, you have to know how much is enough for me to achieve the next level of the game; well, whatever I want to do for myself.
• So if you get the right offer and that's what you want, get out. Well, there is a saying that the best offer is the one that's being presented to you right at that very moment.
• Being a business owner and being anything you want to be successful in life is more about maths than we want to admit.
• The biggest lie we tell ourselves is, I've got time.
• You can replace the money, and you can get your energy back, but you can't get your time back.
• Whatever it is, start today, you know, the great Zig Zigler used to say that you don't have to be great to get started, but you do have to start to get great.

Resources

You can connect with Paul Avins on LinkedIn, Facebook, and Instagram or visit his website.

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