In this episode, Jonathan Jay continues his conversation with Nathan Winch, a seasoned entrepreneur, as they delve into the intricacies of consolidating deals and bringing businesses together to operate as a cohesive group.
Nathan sheds light on the most crucial aspects that demand attention from new business owners. They discuss the minimum handover period required after acquiring a business to ensure a smooth transition and maximize success.
Nathan shares his tips for exiting and selling a business, offering valuable advice on preparing for a successful exit strategy and maximizing the value of the business.
Whether you're a seasoned entrepreneur or embarking on your acquisition journey, this episode is for you!
Key Highlights
[01:38] The most important parts that require your attention as a new business owner
[03:06] The minimum handover period for a business after the acquisition
[05:30] How Nathan takes control of the finances
[06:56] Finding the best finance director
[11:22] What Nathan does after buying a business regarding branding
[13:33] Nathan’s take on buying a cheap business
[15:56] Things that people should consider after buying a business
[17:27] Advantages of going for a larger deal
[19:19] Tips for exiting and selling a business
[22:59] Tips to help you in your acquisition journey
Notable Quotes
- I prefer to buy the established profitable businesses where we can add value strategically with what we already own rather than go to the great effort of just knackering the whole team trying to do a turnaround.
- Whether you're looking to exit or not, you should build to exit because it's good for you as well.
- Make sure you haven't got any operational role. Make sure anybody on your team, if you have another business, doesn't have an operational role.
- You should keep an eye on the numbers because that's what any buyer will scrutinize. So work. Think about what you'd want to buy. You need to build towards that.
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
Business Buying Strategies from The Dealmaker's Academy