Business Buying Strategies from The Dealmaker's Academy
From insurance broker to commercial cleaning business owner
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Understanding the seller's motivation is crucial when acquiring a business.
- Educating oneself about the process and finding a business that aligns with personal interests are key to a successful business acquisition.
Deep dives
Akram Abdulna's Background and Career
Akram Abdulna, a financial services professional, started his own insurance brokerage with a business partner but eventually fell out of love with the business due to the daily grind and lack of excitement. He realized that he wanted to buy an already established business with recurring revenue. After researching and considering various options, he decided on acquiring a commercial cleaning business. Despite challenges with overpriced businesses and high seller expectations, he received an email from a broker about a cleaning business that had reduced its price. He met with the motivated seller, negotiated the price down to 25,000 pounds from an original asking price of 180,000 pounds, and completed the deal with 20,000 pounds paid upfront and 5,000 pounds deferred. He was pleasantly surprised to find additional money dropping into the business's bank account overnight.
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