Buying a business in Scotland

This week Jonathan talks to Chris Stone, a hearing healthcare specialist based in Glasgow. Chris is a client of Jonathan’s, and having already bought one competitor, he is now on the hunt for further acquisitions. In fact, right now he is the fastest growing hearing healthcare provider in Scotland.

The conversation begins with how COVID has affected the business. 

Key Highlights

[01:14] The effects of the pandemic

[02:40] Setting turnover targets

[03:36] The first acquisition

[12:00] The role that peer groups can play

[14:54] Possible additional acquisitions

[19:10] Structuring the next potential acquisition

[22:52] The strategy moving forward

[24:05] Advive for new business buyers

Notable Quotes

• Very quickly after we had hit heads of terms with that first acquisition, we got approached by another two or three businesses to sell to buy them out
• So we took that business on eight years ago. We got it to a million turnover. It took us four and a half, five, four and a half years to get 10 million turnover
• And I think if things keep going the way that they're going, we've probably got a strong enough management team now structure offering that we can start growing organically very quickly
• With five years of history behind it, management team in place,
• And I just thought, if they can do it, I can do it

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