Success is not final. This is particularly true in business where failure is all too common.
It’s an entrepreneur's mindset and their ability to recognize failure as a necessary stepping stone to success that helps them overcome the challenges they may face.
Ace Chapman experienced this first-hand. He bought his first business for $70K and successfully grew it to where he was receiving 7-figure purchase offers from interested buyers. Then the business collapsed as a result of the dot-com crash.
He was ready to brand himself a failure when a mentor reminded him that simply owning a business isn’t the endgame. Businesses are disposable assets that you can leverage to build wealth and your ideal lifestyle.
This revelation ignited Ace’s passion for buying businesses, and 20 years later he has been involved in more than 200 acquisitions.
In this episode, Ace sheds light on his entrepreneurial journey and explains why your business should always be for sale. According to Ace,
“There are two ways to approach a business. You can give your life to the business or the business can give you life.
Instead of thinking of your business as your legacy, think of it as a tool. Your business should always be for sale because it’s really just inventory. It’s a means to an end that you can use to create the life you want.”
Ace goes on to explain how he pairs online and offline business acquisitions to leverage the unique strengths of each asset and how he tackles buying businesses in unfamiliar industries.
We also discuss why Ace chose to create his own fund, how he uses that fund as a form of no-money-down financing, as well as the pros and cons of no-money-down deals.
Finally, Ace hints at the hidden benefits of joint ventures, a topic we’ll dive deeper into when Ace returns in a few weeks for a follow-up interview.
If you want to learn how to grow your wealth through acquisitions, then don’t miss out on a minute of this episode!
Topics Discussed in This Episode:
- Ace Chapman shares his zero-to-hero entrepreneurial journey (02:07)
- Why your business should always be for sale (10:23)
- Online business vs offline businesses and how to leverage them against each other (12:43)
- How Ace approaches growing businesses in industries he is not familiar with (25:17)
- The pros and cons of no-money-down deals (29:06)
- How Ace uses funds as a form of no-money-down financing (34:40)
- Why joint ventures are a big untapped opportunity for entrepreneurs (44:25)
Mentions:
Sit back, grab a coffee, and learn the tricks of the trade from an expert business buyer!
Empire Flippers Podcast