Are you looking to buy a business and want some advice on how to do it, you've come to the right place. In this episode, I'm joined by James Gardner, who has been on the podcast before. I want to catch up with him to find out what he's been doing and whether he's made further acquisitions. We discuss his plans for scaling up his acquisitions and the benefits of getting the right management structure in place.
Key Highlights
[01:38] Should one start a business or buy an existing business?
[03:00] Why it is hard to find books on buying businesses
[04:17] Advantages of buying a business
[07:06] Background of James’s first acquisition and how it shaped his second acquisition
[10:11] Sectors that James has invested in
[14:12] How James financed his acquisitions
[15:51] Some of the advantages of the monthly payment
[16:30] Goals and how he plans to scale up the business
[19:14] Why people say they don’t have time to buy a business
[25:45] Benefits of building a management structure and delegation of duties
[30:18] Setting goals around business and life
Notable Quotes
- Investing in people and helping them learn and grow and develop themselves is just a wonderful thing to do.
- The acquisition of businesses is so much easier and simpler in the long run and a lot easier to do once you've got it over the line.
- So going into an already-made business that's been established for many years is extremely easy. Because all of that is taken care of.
- The joy and the benefit of having a deferred consideration within the acquisition deal are that if anything comes up that it has done, that actually you can then either negotiate that take it off at the end of the day or beginning of the deferred consideration.
- In hindsight, good timing, we could spend time and focus on that was growing as well, but an interesting time for what we did.
- As with most things in life, the first time is always the most terrifying and difficult, and nerve-wracking.
- One is easier than two, yes. And three or four or five is easier than one or two because you've built that team around you and all the other things that come with that.
- You've got to free yourself from the day-to-day.
- I have no problem doing any things; not saying I'm better than anybody because I'm not; however, my skill set is different from other people's; everyone has different roles, don't you? My skill set will be meeting with the previous owners.
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 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: https://www.dealmakersvideo.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
