Acquiring Minds The Double Life of Owning a Business 2.5 Hours Away
Apr 22, 2024
John Murphy shares his story of overcoming divorce and debt to purchase a 60-year-old business. Topics include the value of peer groups, real estate vs. business ownership, unexpected transition expenses, and restructuring the workforce for increased margins.
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Broken Deal
- John Murphy almost bought a fencing company, but the seller backed out last minute.
- This led to a period of depression where he stopped searching for businesses.
Peer Groups
- Join a peer group for support and motivation during the challenging acquisition process.
- Seeing others succeed provides "borrowed belief" and helps you persist.
Overcoming Setbacks
- Despite setbacks like a broken deal and $500k debt, John bought an $8M commercial painting business.
- His real estate investing experience helped him build risk tolerance.