Wealth Secrets E26 David Barnett Round2 V1

Today on The Wealth Secrets Podcast, Sean Adams welcomes back David Barnett, business consultant for small to medium sized enterprises and the bestselling author of Invest Local and other titles. His decades long of combined experience at Yellow Pages, American Express, and business brokerages have made him an expert in business buy and sell, business valuation, and deal making. David shares his tips for how to invest in cash flowing businesses and how to add value as an investor. [03:26] Getting to know David Barnett [08:01] Buying a business VS starting a business [11:41] What to consider before buying an existing business [16:12] Delegate responsibilities not tasks [22:42] Goodwill and how it affects business valuation [34:02] A cash flowing business is an active investment [37:34] Opportunities to improve a business’ underutilized assets [44:39] Where to find investment opportunities The biggest risk in starting a business is the uncertainty of reaching your breakeven point. It’s even more challenging to make a profit. Acquiring a business that has a secure cashflow may be a safer investment decision depending on your financial situation. Before buying an existing business, ask yourself these two questions: What is the cashflow? Will I be able to generate the same cashflow under my stewardship? Answer these questions to determine the returns and risks. An enterprise that doesn’t have standardized processes, manuals, and tools in place will be much harder to take on. On the bright side, you may also view this as an opportunity to acquire the business at a lower cost. Evaluate what other areas of the business are underutilized. Use your skills, knowledge, and resources to make further improvements. Looking for investment opportunities starts with introspection. Create a list of your strengths and expertise. You’ll get an idea of which business and industries will match your skill set. Search for business listings and online databases for the niche you’re interested in. Reach out to the owners of the businesses and build relationships with them and other industry specialists. In time, you’ll find a cash flowing business to invest in that will be a good fit for you. Links and Resources: David’s LinkedIn: https://www.linkedin.com/in/davidbarnettmoncton/ David’s Website: https://www.DavidCBarnett.com David’s YouTube Channel: https://www.youtube.com/user/DavidCBarnett Connect With Sean: Facebook: https://www.facebook.com/profile.php?id=100060279543976 LinkedIn: https://www.linkedin.com/in/leveraged-life/ Instagram: https://www.instagram.com/sean_adams103/ Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: sean@leveraged-life.com.