The outlook and strategy for effective business deals

In this episode, Jonathan Jay interviews successful entrepreneur Nick Manuel, who shares his journey of buying and building businesses. Nick started his entrepreneurial journey by attending Jonathan's course and listening to this podcast. He explains how he acquired a balloon printing company and turned it into a lead generator for his existing business. 

Nick shares valuable insights into his acquisition strategy and the importance of taking action, not overthinking, and focusing on deal flow. He also discusses his plans for further acquisitions and the potential for significant business growth. 

Tune in for Nick's business buying journey.

Key Highlights

[00:46] Nick’s background

[01:49] How Nick undertook his first deal

[03:57] How Nick agreed on the price

[05:59] How John Andrews helped Nick with his first acquisition

[07:05] The benefits of acquiring a business with finance-free assets

[09:53] How Nick knows that he is being realistic with himself

[11:26] How Nick found the upcoming deal

[12:05] Steps followed by Nick to agree on the price

[15:43] Benefits of viewing business acquisitions as strategic opportunities

[16:56] What Nich has learned from being part of the Mastermind Group

[18:38] Benefits of quickly integrating the acquired business into the existing one

[19:29] Nick’s word of wisdom based on his experience 

[22:19] What has changed from when Nick met Jonathan]

[22:43] Common trait among successful business acquirers

Notable Quotes

• One thing is getting going and not spending a week thinking about it, not taking a week to think about it. No. And yeah, I suppose being quite aggressive with the negotiation and your terms. If they're that desperate, it's your terms, or you walk away, that's it. There's no messing around with their comebacks on not wanting certain warranties and things in the contract. 
• You have to enjoy the process. Like you say, what's the worst thing that can happen? And once you start doing it, you realize it's not scary. It's fun. You have to get on and do it.
• As you grow, putting a solid team in place is the main thing. And I suggest trying and scribbling on salaries sparingly because you want people coming in from where you want to be, not where you've been.
• The main stumbling block I had originally was around the letters and overthinking. You've got to start sending them out. Yes, they have a cost to them, but you've only gotta find one deal, which is completely irrelevant. 
• You can be the visionary, the leader, and the guy that goes out finds the deals, and needs someone behind you who's, uh, implementer. But you can hire that person, pick up the pieces, and do all the operations. Yeah. I couldn't do what I'm doing now at the size I'm doing it if I was doing it myself. I just couldn't.
• I remember sitting there like you guys when I was sitting there, and you just go away, send the letters out, and have the conversations. Some people put the phone down, and some won't, and then you just end up laughing, and you just go out there and take action first, and the rest will fall into place.

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