Business Buying Strategies from The Dealmaker's Academy

Nathan Winch, a seasoned entrepreneur, discusses the crucial aspects of consolidating deals and bringing businesses together for a smooth transition. Topics include the minimum handover period required, taking control of finances, branding after acquiring a business, advantages of larger deals, and tips for exiting and selling a business.

In this episode, Jonathan Jay meets Nathan Winch, a former biologist turned successful entrepreneur, to discuss his transition into the business world and his acquisition experience. Nathan shares some of the most interesting deals he has secured, as well as his criteria for searching for businesses to acquire. He also talks about the characteristics of sellers he looks out for and why he prefers not to use a broker in his acquisitions. Nathan shares his insights on why larger deals are easier than smaller ones and the challenges he encountered. He offers valuable tips to those undertaking their first acquisition and shares some of the acquisition tips he has gained along the way. Key Highlights [01:13] How Nathan transitioned from a biologist into an entrepreneur [06:03] Some of the most interesting deals accrued out [08:20] Nathan’s criteria when undertaking an acquisition [08:54] Characteristics of sellers that Nathan looks out for [10:32] Advantages of not using a broker in the first acquisitions [16:04] Why larger deals are easier than smaller deals [16:50] Challenges encountered by Nathan in his entrepreneurial journey [19:02] Tips to people undertaking their first acquisition [24:01] Acquisition tips that Nathan has gained along the way [26:22] Advice to people interested in buying a business but have not made the first step Notable Quotes I think you control the narrative. I think that's important. We obviously display our credibility. So it's not the credibility of a broker. I often say that brokers tend to be the graveyard of selling businesses. If I'm looking at a return on investment in terms of a return on spend, the bigger deals are the better investments, and like, often, a lot of the lenders we work with have minimum lending anyway course. To get some good advice. Don't just trust anybody you speak to, like with the accountants. And I just think about taking the leap. So long as you manage your risk correctly, it can be really life-changing. If you want to break something off and sell it, or there's a buyer that wants this but doesn't want that, if it's laid out correctly, it's very easy and tax efficient.  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

In this episode, Jonathan Jay continues his conversation with Dan, whose first acquisition was a specialist plant hire company, in an amazing eight figure deal. Dan shares his story of transitioning his new team and transforming the business he purchased. Since Dan bought the business, he has faced numerous challenges but as you will hear he has managed to turn them into valuable opportunities. They discuss the impact of change on the business and how Dan leveraged his experience in the military and other organizations to make strategic decisions. He reveals the importance of having the right people in the business, and how he carefully built a high-performing team that has been instrumental in the business's turnaround. Key Highlights [01:23] Transitioning to a new team [04:16] What happened since Dan bought the business [06:22] The impact of change on the business [08:38] Turning the bad into value [10:19] Changes that Dan initiated in the maintenance team [11:00] Benefits of having the right people in the business [12:17] How experience in the military and other organizations has influenced Dan’s decisions [13:31] The worst thing one can have in a business [18:16] Dan’s plans for the next 12 months [22:07] Advice to people interested in buying a business Notable Quotes One of the things about when you find something that's not right in a business, it can be a very big opportunity. In a business, I suppose. When you take it over you, it's good if you have some bad things and can turn them into value. The worst thing you can have on a business is fear, and if people are scared, they won't speak up, they won't take risks, you know that there'll constantly be scared about making mistakes, and they all sort of hunker down, nothing happens. One thing I did learn from the army, which the army is good at, is if you've got average people in a team that's gelled as a team, and they're working together, they are worth twice as much as eight supermen and women in a team who don't get on and are all competing with each other. If you've got the right team of people, and they're empowered, and they feel they can do stuff, you know, you're being successful when things are happening at once. 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

In this episode, Jonathan is joined by Dan, who shares the remarkable story of his first acquisition – an £8m specialist plant hire business. We discover what led Dan to consider the business, how the negotiations went, the challenges he faced, and how the deal was eventually done. Dan also discusses the different options he considered before settling on this particular business, and why he chose to be lenient on the terms of the deal. Key Highlights [01:23] The type of business that Dan purchased [03:27] How Dan found his way into the industry [05:41] What drew Dan to this type of business [07:56] Different options that Dan considered and the challenges encountered [10:37] Number of letters that Dan sent out [12:30] Speaking with one business, he ended up buying another [14:28] Negotiations for the deal [17:39] Why Dan was lenient on the terms of the deal [19:51] Lessons learned from the acquisition Notable Quotes I've been involved in mergers and acquisitions not as someone doing the mergers and acquisitions but as somebody in the next phase of picking up quite often the mess and trying to make it work. The lesson I learned there was that what works for one person doesn't necessarily work for you. The lesson I learned there was that what works for one person doesn't necessarily work for you. You can't be too specific. You've just got to get out there and get the letters out. You're only as good as the advice you're getting, especially on the first deal. If the business is profitable, and you're taking a long time to buy it, that cash is growing and going up all the time unless he's taking it out. 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

Entrepreneur shares insights on the acquisition process, being consistent with time, importance of business culture, and applying the Entrepreneurial Operating System. Also discusses the challenges of transitioning from a big company to a small company, retaining equity, and making people comfortable during an acquisition.

Sam Turner, a successful entrepreneur, shares his story of acquiring three companies with a £17m turnover. Topics include reasons for buying a business, rebranding strategies, integration considerations, and reaching out to companies for deals.

This week we meet Alison, who has bought a hardware retail outlet, and Jo, who has purchased five accountancy practices. They talk about finding the best deal, the negotiations and lessons learned since joining the mastermind group. Key Highlights Alison [02:06] What triggered Alison to buy a business [03:47] The process of choosing the best business that works for you [05:19] Alison's approach to finding the first deal [08:18] The second mistake made by Alison [11:22] Lessons learned in the process of finding the first deal [13:40] Staying from our comfort zone [17:55] Managing the business completely hands off [19:02] Top things that Allison has learned from the mastermind group Jo [20:23] All about Jo’s first acquisition [22:23] What motivated the seller to agree to a 20-year differed payment [24:54] Why you should go first on the price when making a deal [26:57] Why every sale and purchase agreement needs a mediation clause [28:23] Jo’s non-negotiables when buying a business [32:05] The goals for 2023 Notable Quotes Alison The system is simple. And it's easy to follow. But it's also easy to suddenly take a step off the tracks. And when you take a step off the tracks, that's when it starts going wrong. My message from today is definitely going bigger. So I'm going to go back and go wider and up the supply chain stuff. The hassle of having something smaller is way more than if you have something bigger. Follow the system. Don't step off the system. Don't start making cock-ups because you've stepped off the system. Your life will be a lot easier in the process. And definitely, that thing just keeps going bigger. Jo Lots of times, people think that you know, buying a business, the seller is going to want the absolute maximum amount of money quickly in the quickest time. And sometimes that might be true. And one of my big roles is to listen more than I talk when it comes to those initial chats with the business owners because I think it's really important. The first step is to hear what an ideal deal looks like for you. Because actually, you could overcome it, you know, you could offer them too much money over a quicker period than what they're expecting. One thing I found surprising as well is that the clients don't seem to mind too much whose names are above the door, so long as there are not too much changes in those first sort of six to 12 months, you just have to make sure that you focus on building a relationship with them. 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

Each week I interview people from the world of mergers and acquisitions, specifically people who have been on my mastermind program and who have gone out and bought one or more businesses. This week we meet John Hood, who was a recent guest at my Dealmakers Live event in January. (We have another one coming up in July, by the way, with two days of exceptional deal makers in a room with a hundred people or more answering your questions about business buying). When he stood up to speak, John told us all about his six acquired businesses with a combined annual revenue of £6 million. As you’ll hear, John says that if he hadn't read my book, listened to this podcast and watched my YouTube videos then he would never have considered buying a business. Key Highlights [02-27] A summary of John’s six businesses [05-18] The first acquisition [07-55] Making acquisitions tax efficient for the seller [11-15] Getting to heads of terms [16-45] Negotiating deferred consideration [21-12] Paying yourself [24-40] Future goals and lessons learned Notable Quotes I think being around Jonathan and then joining his inner circle helped to fast forward it a little and made me more accountable. So whatever's in the bank is an asset of the business. If it's a limited company, it doesn't matter whether the owner thinks it's his money, he's got to get that money out. 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

Every week I interview people from the world of business acquisition and find out exactly what makes them successful. This week I'd like you to meet John Graves, who was one of my guest presenters at Dealmakers Live earlier this year.  John’s expertise is in buying distressed businesses - and I should emphasise that this is not for the beginner. If you've never bought a business before, it can be very risky to buy a distressed business for a pound and turn it into a success story. You may not pay for the business itself, but you'll pay for it in terms of time, stress, energy, and you might even have to put money into the business further down the line. However, John is an experienced deal maker and he has made buying distressed businesses his speciality.  Key Highlights [02-05] John introduces himself [03-32] John’s first - and unsuccessful - acquisition [06-34] The risks associated with an insolvency acquisition [10-27] Joining forces on an acquisition  with another dealmaker [12-42] Negotiating with unpaid suppliers [16-38] The third acquisition [19-25] Risk versus reward [23-05] Comparing buying a business with hiring a salesperson [25-37] Advice for anyone considering buying a buying a business out of administration Notable Quotes On an insolvency, you take your risk, you take your chances, you get what you pay for and you just have to deal with what you find.  I have no interest in paying salespeople because it's hard to train them. Why do I need salespeople when I can add that new customers through an acquisition? Having that sort of professional relationship with decent quality lawyers is really important because they're the ones that are going to keep you out of trouble. If you're prepared to put your money where your mouth is, then there are so many opportunities out there. 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 Each week I interview deal makers who have been on my business acquisition mastermind program and find out about their deals and behind the scenes of their acquisitions. If you want to know how to get started in M&A, then take my free online course. You can find it at: 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

Each week I interview people from the world of business acquisition and find out exactly what makes them success. This week we continue our conversation with communications expert Andy Harrington.  This time our topic is how to deal with adversity in business. Whether you are new in business or you've been in business for 30 years, everyone has challenging situations. Andy has heard every story imaginable about the adverse situations they've been in. It's inevitable that nothing is ever plain sailing all the time. It's your ability as an entrepreneur to remain resilient and to keep on solving problems that is key to your ongoing and everlasting success.  There are ups and downs, but it's how you deal with them is what counts.  Key Highlights [01:57] Strategies for tackling adversity [04:30] Factual statement or self belief? [06:05] What creates the emotions that you feel? [08:27] Avoiding ‘why’ questions [11:37] Process for learning from adversity [13:46] Choosing the people and peer groups you mix with [18:19] Why you need the ‘difficult’ person [22:14] Presenting for profits Notable Quotes Often when we talk to ourself when facing adversity, particularly with issues related to money, we say things like 'what's wrong with me?' Good problem solvers don't get themselves into a heightened state, because as soon as you start getting into a heightened state, your language patterns are not going to be very good Try to avoid a why question, like w'hy is this happening?' Have a process for disappointment, otherwise there's no learning You've got to compartmentalize who you get advice from 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 Each week I interview deal makers who have been on my business acquisition mastermind program and find out about their deals and behind the scenes of their acquisitions. If you want to know how to get started in M&A, then take my free online course. You can find it at: 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