In this episode, Jonathan is joined by Dan, who shares the remarkable story of his first acquisition – an £8m specialist plant hire business. We discover what led Dan to consider the business, how the negotiations went, the challenges he faced, and how the deal was eventually done.
Dan also discusses the different options he considered before settling on this particular business, and why he chose to be lenient on the terms of the deal.
Key Highlights
[01:23] The type of business that Dan purchased
[03:27] How Dan found his way into the industry
[05:41] What drew Dan to this type of business
[07:56] Different options that Dan considered and the challenges encountered
[10:37] Number of letters that Dan sent out
[12:30] Speaking with one business, he ended up buying another
[14:28] Negotiations for the deal
[17:39] Why Dan was lenient on the terms of the deal
[19:51] Lessons learned from the acquisition
Notable Quotes
- I've been involved in mergers and acquisitions not as someone doing the mergers and acquisitions but as somebody in the next phase of picking up quite often the mess and trying to make it work.
- The lesson I learned there was that what works for one person doesn't necessarily work for you. The lesson I learned there was that what works for one person doesn't necessarily work for you.
- You can't be too specific. You've just got to get out there and get the letters out.
- You're only as good as the advice you're getting, especially on the first deal.
- If the business is profitable, and you're taking a long time to buy it, that cash is growing and going up all the time unless he's taking it out.
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
