Elliott Holland, a business buying expert with a Harvard MBA and 15 years in acquisitions, shares invaluable insights for entrepreneurs navigating business purchases. He warns against falling in love with sellers too quickly and emphasizes the critical role of building rapport in negotiations. Elliott also discusses the importance of timing when engaging advisors and the common pitfalls of becoming emotionally attached to deals. With practical tips on due diligence and legal considerations, he equips listeners with the tools to make smarter investments.
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volunteer_activism ADVICE
Avoid Falling in Love Too Quickly
Be careful not to fall in love with a business too quickly, similar to dating.
Focus on critical aspects and due diligence, not just initial impressions.
question_answer ANECDOTE
Client's Costly Infatuation
A client fell in love with a business, overlooking underreported earnings and lavish expenses.
The client ignored warnings and wasted three weeks on a flawed deal.
volunteer_activism ADVICE
Build Rapport, Not Just Audit
When analyzing a business for sale, prioritize building rapport with the seller.
Avoid acting like an auditor with a checklist, which can hinder relationship building.
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What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not
C.P.A. Sharon L. Lechter
Robert Kiyosaki
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money[1][3][5].
From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant.
Elliott Holland is a business buying expert. He has a Harvard MBA and almost 15 years experience in acquisitions. His consulting company prevents clients from losing millions buying bad businesses.
Top 3 Value Bombs
1. Be careful in falling in love with sellers too quickly.
2. Never miss an opportunity to build rapport, that’s critical to getting deals done.
3. The best time to bring in advisors is 3-6 months after you start your search, or about a month before you get serious about a particular deal.
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