Every week I interview people from the world of business acquisition and find out exactly what makes them successful. This week I'd like you to meet John Graves, who was one of my guest presenters at Dealmakers Live earlier this year.
John’s expertise is in buying distressed businesses - and I should emphasise that this is not for the beginner. If you've never bought a business before, it can be very risky to buy a distressed business for a pound and turn it into a success story. You may not pay for the business itself, but you'll pay for it in terms of time, stress, energy, and you might even have to put money into the business further down the line.
However, John is an experienced deal maker and he has made buying distressed businesses his speciality.
Key Highlights
[02-05] John introduces himself [03-32] John’s first - and unsuccessful - acquisition [06-34] The risks associated with an insolvency acquisition [10-27] Joining forces on an acquisition with another dealmaker [12-42] Negotiating with unpaid suppliers [16-38] The third acquisition [19-25] Risk versus reward [23-05] Comparing buying a business with hiring a salesperson [25-37] Advice for anyone considering buying a buying a business out of administration
Notable Quotes
- On an insolvency, you take your risk, you take your chances, you get what you pay for and you just have to deal with what you find.
- I have no interest in paying salespeople because it's hard to train them. Why do I need salespeople when I can add that new customers through an acquisition?
- Having that sort of professional relationship with decent quality lawyers is really important because they're the ones that are going to keep you out of trouble.
- If you're prepared to put your money where your mouth is, then there are so many opportunities out there.
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
Each week I interview deal makers who have been on my business acquisition mastermind program and find out about their deals and behind the scenes of their acquisitions. If you want to know how to get started in M&A, then take my free online course. You can find it at: 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
