This week we listen to the second part of my interview Darren Jacobs, who since joining my business buying courses has bought a total of 25 businesses in just eight months. He’s already sold four of them and has an ambitious target to do 100 deals.
This week we are going to learn about the pains of integration and consolidation. Darren talks about the challenges of integrating the businesses, the lessons he learned along the way, the mistakes he made and what he would do differently now. Darren also shares his words of wisdom for new business buyers, providing valuable advice for those looking to enter the world of acquisitions.
Key Highlights
[01:43] The biggest element of business integration
[04:20] General challenges in the hairdressing industry
[06:18] The problem of paying people more than the market rates
[08:34] The pricing structures to ensure a good profit margin in the industry
[13:08] Darren’s finance team and their roles
[16:36] Challenges that may lead to employees resigning when making acquisitions
[19:59] The Red-Amber-Green strategy
[22:30] Darren’s words of wisdom to new business buyers
Notable Quotes
- It's probably the one disadvantage of the sector that it is entirely reliant on its people.
- Driving a business blind is I've done that years and years ago. Don't worry about the numbers. Don't worry about this. It'll be fine. But get control of numbers, get control of what's going on. And then it helps you make decisions quickly.
- Think the having the right people in the right roles is really important. Certainly, when you scale up to that kind of size, you've got to have someone in there that cultures, right, but they can do the right job
- If you've got a plan if you've got a business shape and size that you want to go after, don't be kind of desperate for the sake of getting another deal under the belt and breaking that discipline.
- Be a disciplined investor, be smart. Don't rush like we did. And there are plenty of deals out there plenty.
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
Business Buying Strategies from The Dealmaker's Academy