Business Buying Strategies from The Dealmaker's Academy

How to make your business acquisition a success

Feb 16, 2023

This podcast discusses the importance of implementing processes in business acquisitions and highlights the benefits of having clear processes in place. It explores how processes can create efficiencies, reduce headcount, and make businesses more profitable. The podcast also emphasizes working on the business rather than in it, the significance of documenting and delegating processes, and the value of optimizing current processes for success in business acquisition.

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ADVICE

Document Processes for Risk Mitigation

Document business processes to mitigate risks, especially when key team members leave.
This ensures knowledge isn't lost and future cash flow remains consistent.

INSIGHT

Processes: The Core of Business Operations

Processes are the foundation of how a business operates, acquires leads, and serves customers.
A business run without documented processes is risky and prone to unpredictable changes.

ANECDOTE

Alexis Kingsbury's Background

Alexis Kingsbury, a serial entrepreneur and former management consultant, shares her experience.
She learned process improvement by helping large organizations streamline their operations.

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How Introducing Processes Can Boost Your Business ...

This week I talk with Alexis Kingsbury about the importance of introducing processes into business acquisitions. Alexis shares the benefits of having a process operations manual. We'll explore how processes can create efficiencies, reduce headcount and ultimately make your business more profitable. From documenting and delegating processes to laying a process for better employee recruitment, we'll discuss how putting processes in place can help you attain results and work on your business rather than in it. We'll also explore the failures of business leaders and how having a solid set of processes can help mitigate risks and increase success.

Tune in to learn how to develop your business processes and take your business to the next level!

Key Highlights

[01:32] Why it is essential to have processes in a business that you buy

[03:34] Alexi’s background in business

[04:58] Benefits of having a process operations manual

[08:05] How to develop your business processes

[09:33] Putting processes in place to attain results

[10:13] Laying process for better recruitment of employees

[12:48] Working on your business rather than in your business

[15:15] How to document and delegate your processes

[22:13] Why it can be hard to improve your business if you don't have a benchmark

[24:10] How we can build processes into things that everyone feels should be organic

Notable Quotes

So if you acquire a business and you lose key team members, which is okay, what often happens is you don't want to find that all of that knowledge walks out the door with them. Yeah. And so, by having those processes in place, you significantly reduce the risk just out of the gate.
I think the risk is that business owners and business leaders assume that this requires some element of genius to improve your processes. What it actually requires is transparency.
Your success as a franchisor it's not just based on the money you get upfront at selling the franchise; it's the ongoing, Yes to Success and your franchise.
Given the options of going through that painful iteration or just reverting to it, I'll just do it myself. A doing-it-yourself route is never a sustainable option.
It's not about making everything scripted to that degree, but it is about having a structure or a structure or a framework.
The real power is when you take the structure and the smart questions and the ways in which we can describe our product in a fast way. That means we get back to quickly get to the idea.

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