Business Buying Strategies from The Dealmaker's Academy

From insurance broker to commercial cleaning business owner

Jul 20, 2023

Former insurance broker, Akram Abdullah, shares his journey of selling his insurance brokerage and acquiring a commercial cleaning business. He emphasizes the importance of seller's motivation and highlights the benefits of buying an existing business rather than starting from scratch. Akram discusses the negotiations, fixing the acquired business, and ultimately selling it. He provides valuable tips and advice for aspiring business buyers.

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ANECDOTE

Quick Turnaround Business Flip

Akram Abdullah, after selling his insurance brokerage, bought a commercial cleaning business.
In just eight months, he improved it and sold it to his operations manager.

INSIGHT

Recurring Revenue Preference

Akram realized that buying an established business with recurring revenue was preferable to starting from scratch.
This approach aligned with his desire for a simpler, less demanding business model.

ADVICE

Finding Acquisition Targets

When looking to acquire a business, register with business brokers and send out letters to potential sellers.
Be prepared to encounter overpriced businesses and high seller expectations.

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This week Jonathan talks with Akram Abdullah, who started a successful insurance brokerage with his brother, fell out of love with it, and sold it. Then, in the space of just eight months he acquired a commercial cleaning business, fixed it, and then sold it to the manager he had recruited to run it for him.

Key Highlights

[01:05] Akram talks about his career to date

[01:48] Deciding to sell his insurance broker business

[03:30] Deciding to acquire a business rather than start a new one

[04:20] What sort of business was Akram looking for?

[06:00] The first meeting with the seller

[07:20] How the negotiations for the deal went through

[12:30] The fixes that were needed

[15:40] Selling the business on

[20:20] Tips and advice for would-be business buyers

Notable Quotes

And then all of a sudden I've got a business and this recurring revenue that I had been so interested in, I could now see it coming through.
The most important thing is the seller's motivation. That is crucial.
So for me, I don't believe I will ever start a business from scratch again. I would only look to acquire.
You need to do it. It's as simple as that. You need to take that first step.

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