Business Buying Strategies from The Dealmaker's Academy

#192 Business Buying Strategies Podcast

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Aug 11, 2022

Jamie Simpson, an entrepreneur who bought three businesses without using his own cash, shares his journey and tips on business acquisitions. Topics include overcoming challenges in buying businesses, strategies for acquisitions, building meaningful connections, staff dynamics in ownership transition, and advice for prospective business buyers.

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ANECDOTE

From Failure to Success

Jamie Simpson initially struggled for four years with a complex care home deal, losing significant money.
After this, he joined Jonathan Jay's program and successfully acquired three businesses within months.

ADVICE

High-Volume Outreach and Iterative Learning

Send out a large volume of letters to potential sellers, don't just test the waters.
Treat each call as a learning experience, noting what works and what doesn't.

INSIGHT

Learning from Sellers

It's not essential to have complete industry knowledge before contacting sellers.
Sellers themselves can be valuable sources of information during the acquisition process.

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Interview with Jamie Simpson

In this episode, I talk to Jamie Simpson. When I first met Jamie he had been interested in buying a business for some time, but nothing has taken shape yet. Since then, Jamie bought three businesses without risking his own cash. Jamie joins us to share his journey and how he has managed to buy his businesses. He also shares some inspirational tips for those who want to buy their own business and haven't started yet.

Key Highlights

[01:01] About Jamie Simpson

[01:36] When did you think buying a business was a good idea?

[03:14] What do you feel different about the deal hanging around for four years and what you have done in four months?

[03:48] Would you have approached it differently knowing what you know now?

[04:25] Did you lose that money, though?

[05:36] When did you do your Fasttrack program?

[07:10] How long did you take to feel as though you were speaking confidently to business owners?

[13:15] Some of the things learned from Jonathan Jay that helped in business acquisition

[15:00] Strategies used to talk to business sellers

[16:18] Are you doing your work?

[19:45] Lessons learned about business buying

[21:00] About the Numbers game

[25:38] Parting tips to listeners

Notable Quotes

I feel like I've got two options here. I can be like the tortoise in the shell. If you put your head out of the shell and something goes to bite, you can stay in the shell for the rest of your life or put your head down.
I was hearing people say oh, we send 200 letters out, and we'll test the water and see what happens. And I was thinking they were my competition. So if they're going to test the water on, I'm just going to blitz the water. And I sent out about three to four thousand letters straightaway.
A lot of people feel like they need to do their homework on the industry before they start sending letters. But actually, I found the sellers to be one of the greatest sources of information about the industry.
Training to collect the data, trying to send the moves out in bulk like it's just not practical. So outsourcing to the experts is the way forward because it frees up your time to focus on what you want to do and where your skill sets lie.
I would say follow the steps given in the FastTrack program. Don't feel like, you know, better.
If you don't know the industry, or you've never purchased the business before, you learn as you go.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office on +03452412494 or email him at johandrew.dolawyers.jmw.co.uk.

To join the Fasttrack Program, you can connect with Jonathan Jay on Dealmakers Academy, follow him on LinkedIn, or get his videos on youtube.