What size of business should you buy first?

In this week’s episode, Jonathan provides advice on the initial business acquisition. He highlights elements to consider such as business size, owner involvement, business location, and the time commitment for the acquisition. He stresses the concept of not buying a business for just one pound, given the assumed liabilities can be burdensome especially for first time buyers.

 

Jonathan recommends buying a solid, profitable business and utilizing other people's money instead of taking on a distressed business. He also suggests strategies for negotiating, understanding the seller's motivations, managing the risks involved, and thinking about the business's exit strategy from the beginning for a more profitable result.

 

00:00 Introduction to Business Acquisition

01:09 Guidelines for Your First Business Acquisition

03:30 Location Matters: Where Should Your First Acquisition Be?

05:02 Time Commitment in Business Acquisition

08:28 The Pitfalls of Buying a Business for One Pound

11:33 The Ideal Business for Your First Acquisition

16:57 Negotiating a Deal: The Power of Words

24:03 Golden Rules of Business Acquisition

** Looking for a great acquisition lawyer in the UK? Use mine! **

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.

Ready to get started?

Here’s how you can start your business buying journey…

Watch my FREE Dealmakers webinar training:

https://www.dealmakerspodcast.com

Get a FREE copy of my book:

https://www.thedealmakersacademy.com/free-book-giveaway

Join the Business Acquisition FastTrack course

https://www.thedealmakersacademy.com/quick

Already bought a business?

if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on hello@thedealmakersacademy.com for more information.