Action Academy | Replace The Job You Hate With A Life You Love How To Buy A $2.1M Small Business While Working A Full Time Job (Took 221 Cold Calls)
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May 5, 2025 Drew Gelinas, a member of the Action Academy, shares his incredible journey of purchasing a $2.1M small business while maintaining a full-time job. He discusses the challenges of navigating emotional obstacles and financing complexities during the acquisition process. Drew emphasizes building strong relationships with brokers and the significance of effective communication. He reveals his future ambitions in boutique hotel ownership and the critical role of support systems and community in achieving entrepreneurial goals.
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Closing a $2M Rental Business Deal
- Drew closed on a $2 million short-term rental property management business with $500k SDE.
- The process involved long negotiations and overcoming significant financing hurdles.
Effective Broker Outreach
- Send brokers a detailed introduction package including buy box, proof of funds, and lender pre-approval up front.
- Show seriousness to save time and get prioritized deals faster.
Volume Needed to Succeed
- Business buying requires high volume outreach and underwriting; Drew made 221 cold calls and underwrote 88 businesses.
- Persistence and volume are critical to finding the right deal, as it took him substantial effort to secure this one.