Each week I interview people from the world of mergers and acquisitions, specifically people who have been on my mastermind program and who have gone out and bought one or more businesses.
This week we meet John Hood, who was a recent guest at my Dealmakers Live event in January. (We have another one coming up in July, by the way, with two days of exceptional deal makers in a room with a hundred people or more answering your questions about business buying).
When he stood up to speak, John told us all about his six acquired businesses with a combined annual revenue of £6 million. As you’ll hear, John says that if he hadn't read my book, listened to this podcast and watched my YouTube videos then he would never have considered buying a business.
Key Highlights
[02-27] A summary of John’s six businesses
[05-18] The first acquisition
[07-55] Making acquisitions tax efficient for the seller
[11-15] Getting to heads of terms
[16-45] Negotiating deferred consideration
[21-12] Paying yourself
[24-40] Future goals and lessons learned
Notable Quotes
I think being around Jonathan and then joining his inner circle helped to fast forward it a little and made me more accountable.
So whatever's in the bank is an asset of the business. If it's a limited company, it doesn't matter whether the owner thinks it's his money, he's got to get that money 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
Business Buying Strategies from The Dealmaker's Academy