Rich Habits Podcast

87: How to Buy a Business (Step-by-Step)

Oct 21, 2024

Discover the steps to purchase cash-flowing small businesses as baby boomers retire. Learn how to define a 'buy box' tailored to your skills and interests. Dive into the importance of due diligence and effective negotiation tactics. Explore the roll-up strategy employed by private equity to maximize profitability. Get insights on using financial tools for budgeting and tax optimization. Plus, essential tips for first-time homebuyers to ensure a smart investment.

52:53

Creator website

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Aspiring entrepreneurs can seize the opportunity to acquire undervalued cash-flowing businesses left behind by retiring baby boomers.

Defining a personal 'buy box' aligned with one's skills and passions enhances the chances of successful business acquisition.

Effective negotiation strategies, including understanding seller motivations and considering owner financing, facilitate better deals in business purchases.

Deep dives

The Opportunity in Cash Flowing Small Businesses

The podcast highlights a significant opportunity for aspiring entrepreneurs to purchase cash-flowing small businesses, particularly in light of the retirement of the baby boomer generation. Every year, over 3 million baby boomers retire, leaving behind tens of thousands of profitable businesses without a succession plan or willing buyers. These small businesses, often undervalued and overlooked, present a chance for individuals to build wealth independently of large private equity firms. By effectively navigating the buying process, entrepreneurs can acquire not just equity but also complete ownership of an income-generating enterprise.

Intro

3min

Mastering the Business Purchase Journey

9min

Navigating the Business Acquisition Landscape

18min

The Roll-Up Strategy: Profitability in Acquiring Small Businesses

2min

Navigating Financial Tools and Strategies

8min

Navigating First-Time Home Buying

9min

Critique of SMA Accounts and Promoting Investment Opportunities

3min

In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz share with you how to buy a cash flowing business... step by step!

👉 Here's the ⁠Wall Street Journal article⁠ Austin mentioned.

👉 Here's a link to ⁠Frec⁠ (Direct Indexing platform)

👉 Here's a link to ⁠Monarch Money⁠ (money management)

👉 Here's a link to the ⁠Rich Habits Network⁠ (our investment community)

---

If you like the show, be sure to leave us a 5 star review and share it with a friend :-) thanks!

---

⭐ Download our FREE Budgeting Template – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ Earn 5.1% on your savings with a High-Yield Cash Account – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ Trade stocks, options, music royalties and crypto on Public – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ Get a $35 bonus when you start saving & investing with Acorns – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⭐ Automatically buy stock where you shop with Grifin – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠