As you know your strongest negotiating move is the ability to walk away. That's how Richard Branson bought Necker Island for $180K rather than the $5M asking price. He made a ridiculously low offer and kept walking away until the seller's motivation increased... and they accepted his offer. You can do the same thing when you have Deal Flow. There's nothing that kills your decision-making ability like scarcity. If you think this is the ONLY deal you will find, then you will pay more than you should. That's one of the reasons why I never look at one deal. I try to look at 3 to 5 similar deals. The first deal always looks the best until you have seen the others. Then you are in a much better position to buy the best business for you. One of my Mastermind members, Paul, has found a way to make deal flow easy. Paul owns a heating and plumbing business and he wants to grow through acquisition. To get instant dealflow Paul bought a list of his competitors and sent them a letter. A letter explaining that he would like to buy their business. What results did Paul get? I'll let him tell you in this week's Podcast.
You'll also learn:
- What business information you should look for on Companies House.
- How to avoid offering a personal guarantee.
- Whether keeping the existing owner will help or hinder the business valuation.
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Disclaimer: Nothing in this podcast should be construed as legal, financial, tax or business advice. The information is for entertainment only and you should always engage suitably qualified professional advisors. Jonathan Jay, the guest presenters and The Dealmaker's Academy Ltd do not take any responsibility for your actions and decisions as a result of this podcast.
