Exploring Business Ownership as an Alternative Income Source

In this week's episode, Jonathan Jay interviews Phil Hunt, a private client who recently acquired two hairdressing salons using the strategies learned from the Dealmakers Academy program. Phil, an HR director in a bank, wanted to move away from full-time employment and found Jonathan's program the perfect solution. He shares how the program gave him the confidence and tools to approach acquisitions and completed two deals quickly. 

The episode dives into Phil's experiences negotiating with sellers, using creative funding techniques, and building relationships to make the deals happen. With his successful start, Phil discusses his plans to grow the group and potentially move into other sectors in the future. 

[00:50] How Phil’s first acquisition came about

[03:51] Key insights that Phil had while participating in the Fast Track program

[05:00] Some of the conversions that Phil has had while deal sourcing

[08:20] The conversations that Phil had before landing the perfect business

[11:25] How Phil undertook the deal

[12:25] How Phil negotiated with the landlord

[14:05] How the second deal happened

[16:32] Benefits of having a sounding board

[18:13] Phils plans for the future

[21:21] How Phil navigates varying levels of perfectionism between his HR role and business acquisitions

[22:12] What happens next after the successful exit arises

[24:04] Phil’s words of wisdom to people interested in buying a business

• Just do it. Just go out there and do it. What on earth have you got to lose here? And there's nothing you can lose effectively as that.
• I think, and you've said it, you said on your course, it's about people, it's about building a relationship with the vendor, and they need to trust you, and you need to trust them. And if you can't build that, the deal won't happen. But if you can, they find a way to make the deal happen. 
• Don't sweat the details. It doesn't matter if the letter's not perfect or the address is slightly wrong, there'll be 95 of the hundred that are correct, and a number of those will ring you.

Resources

Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, 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. 

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.

If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: www.dealmakerspodcast.co.uk

Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk

You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/

If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast 

Connect with Jonathan Jay at: Website: https://www.thedealmakersacademy.com/ LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/ YouTube: https://www.youtube.com/c/TheDealmakersAcademy