There's no denying the benefits of being a business owner. It allows you to be your own boss, and have greater control over your time. And, you have the potential to make life-changing amounts of money.
But there are also risks involved, and buying the wrong business can be a costly mistake. You need to find a business that fits your unique skills and needs, which can be challenging.
That's where David C. Barnett comes in. David is a former business broker who now works with buyers and sellers of small businesses, helping them navigate the sales process and ensuring they walk away with a good deal.
In this episode, David walks us through the intricacies of identifying the right business to buy. He explains why buyers should narrow down their search criteria instead of being industry agnostic, and reveals how to make the best return on your investment. According to David,
"Find a business that makes money and has problems that you know how to address. That's the best opportunity because it's already profitable, so you've got this unending runway. Then you can start to fix those problems and create something of greater value. That's when you end up with a good deal."
David sheds light on the realities of being a business owner, including why many businesses require a long period of hands-on work before they can become passive.
Finally, David reveals the truth behind "no-money-down" financing, explaining how in many cases, this means leveraging your assets and owing massive debts to alternative lenders. These debts take years to pay off and counteract the perceived freedom that buying an online business gives you.
If you're thinking of buying an online business, then you can't afford to miss out on the expert knowledge David shares in this episode!
Topics Discussed in This Episode:
- David introduces himself and his history as a business broker (02:13)
- Things that often take buyers by surprise and how buyers can protect themselves (20:05)
- The realities of running an online business that people often underestimate (27:31)
- Why there's no such thing as a "hands-of" online business (36:39)
- How to buy a local business and successfully run it remotely (39:20)
- The business models that lend themselves to being run remotely (44:39)
- The truth behind "no-money-down" financing (45:25)
Mentions:
Sit back, grab a coffee, and learn how to identify the right business to buy to help you level up!
