Business Buying Strategies from The Dealmaker's Academy

In this episode, Jonathan speaks to Nick, one of his mastermind clients, to get to know how his recent acquisitions have transformed his existing business. Nick joins us to share what his normal day is like. Nick talks about the lessons he has learned since he made his first acquisition. We also understand how Nick's thinking has changed since this acquisition. Key Highlights [05:12] The history of the company [07:05] About the acquisition of the balloon company [08:27] How did the acquisition make changes to the sales process [10:07] Lessons learned from past acquisitions [12:53] where was the business size and client base before you bought it? [15:38] Points when one starts losing clients [16:42] How Nick's thinking has changed since the acquisition Notable Quotes I think one of the main things I've learned is about the first acquisition; for meI love to do things the hard way; I tend to throw myself into the deep end. It's challenging to get into many clients because they can buy it if we've sent it cheaper. So you have to add a lot of value at that point. And it's quite a hard sell. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, 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: https://www.dealmakersvideo.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, Johan Goree, managing director of on-point accounting firm, shares tips on what to look for in a set of accounts before buying a business. He emphasizes the significance of cash flow over profit and discusses the challenges of dealing with vendors who have outdated information. Johan also talks about financing business acquisitions and offers advice to those interested in purchasing a business.

Ian Leslie’s 40 years of Buying, Building, and Selling Businesses In this episode, Jonathan is joined by Ian Leslie, Company Director, pilot and professional photographer specializing in high-quality, stunning photography and video. With over forty years in business, Ian has built, grown, and exited more than eight businesses. He joins us to share his story, how he started acquiring businesses, his subsequent acquisitions, and he also shares some words of advice to people who want to start dealmaking.  Key Highlights [00:14] How Ian ventured into business [01:58] What Ian has learned over the 40 years in business [04:16] Ian’s first business acquisition [05:51] Deals negotiation process [10:51] The development of the business after the first acquisition [12:21] The best people to buy a business from [18:26] How much money is enough for a one to live a satisfying life [21:12] Who else would you add to your deal team? [22:51] Importance of having the right people in a deal [27:13] Ian’s advice to prospective business buyers Notable Quotes Go with your gut. Absolutely. And if you want to do something, go for it. Find a way to do it. Don't procrastinate. Having a figure in mind at all times if somebody came along and knocked on your door, so I will give you X for your business; if that figure matches, go, just take the money and run. The beauty of being in business is you've got the ability to, I'll use the word passive income, because that, but it's never passive. But you've you've built a business that's generating an income. And if you get the right management team in there, they will be able to sustain so it almost becomes a pension. Read, learn, digest, and ask questions. My view through life is always learning. I've always been curious. And it's an interesting one because it's never been part of my published valleys that we've written. And I've actually thought curious people make progress. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, 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: https://www.dealmakersvideo.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

Scale up your business Part 2 In this week’s episode, I’m joined once more by Paul Avins, an award-winning business growth coach, speaker, and mentor. Paul has been involved in the business buying and selling field for over 17 years. He joins us to talk about acquiring and growing a business and when it's time to exit. We'll talk about what you need to know if you want to buy a business but aren't sure where to start. He also shares his thoughts about entrepreneurs who have held into a business for so long and shares some tips that help business owners create real Shareholder Value. Key Highlights [00:30] Paul’s advice when it comes to hiring staff [01:50] Paul’s thoughts on entrepreneurs holding to businesses for too long [05:45] Advice to entrepreneurs about selling businesses [07:50] Why people tolerate businesses they are not passionate about [10:14] About optimism bias [11:08] Knowing when to exit a business [13:00] Why people massively overestimate how much money they need [16:12] Language of a business [17:00] Journey to owning a business [17:35] Advice to people interested in buying businesses but haven’t Notable Quotes At some point, you have to know how much is enough for me to achieve the next level of the game; well, whatever I want to do for myself. So if you get the right offer and that's what you want, get out. Well, there is a saying that the best offer is the one that's being presented to you right at that very moment. Being a business owner and being anything you want to be successful in life is more about maths than we want to admit. The biggest lie we tell ourselves is, I've got time. You can replace the money, and you can get your energy back, but you can't get your time back. Whatever it is, start today, you know, the great Zig Zigler used to say that you don't have to be great to get started, but you do have to start to get great. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, 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: https://www.dealmakersvideo.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

Scale up your business Part 1 In this week’s episode, I’m joined by Paul Avins, a business growth coach, speaker, and mentor. Paul shares some of the most important things with those who want to buy or sell a business. Paul talks about the most important thing to get a business off the ground. He details how one can develop good ideas for marketing and selling their businesses. He also shares strategies for finding good employees and what matters when selling or buying a business. Key Highlights [00:00] Paul’s grown-up business concept [02:36] What most people aspire [03:54] Success According to some people [04:50] Biggest things where people make mistakes [05:34] Reasons why vendors associate the value of a business with the number of years they have run it [05:54] What matters when selling a business [10:24] Tips for Building Grown-Up business for exit [11:14] How you value your own business [12:30] Questions that most people fail to ask [14:00] How to come up with the best ideas [18:30] Biggest challenge when you buy a business Notable Quotes I think some of the biggest robberies in history have happened in boardrooms over pieces of paper, where it looked very innocuous, and people thought, oh, I'm getting a good deal. Don't get seduced by the numbers all because you are having a bad month or a bad quarter. I often say that your next great idea won't come while you sit behind your desk. Never right. You have to get out of your environment. The biggest challenge when you buy a business isn't the P and L stuff. Actually, you can manage all of that. It's actually the people. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, 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: https://www.dealmakersvideo.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

Interview with John Hood In this episode, I’m joined by entrepreneur John Hood. John and I met many years ago when I acquired a digital marketing agency I was gearing up to sell. By 27, John already had a furniture, distribution, and IT business. We later met in 2019 after he identified Home Improvement and construction as ideal for following my buy and build strategy. John joins us to share his background, how he made his first home improvement and construction acquisition, and possible mistakes in this journey. Key Highlights [01:33] About John Hood [02:03] John's background and his first acquisition [05:21] Business acquisition mistakes made by John [09:04] How people approach business buying deals [11.52] John’s plans and goals [16:06] So are you saying that your ambitions have grown? [17:34] The process of running one’s business [19:04] John’s advice to those who want to buy their businesses [21:00] Reinvesting profit generated from the acquired business [24:00] Nature of business ventures [25:55] John's parting shots Notable Quotes If you don't understand your motive, then your motivation will never be there. I haven't quite had the courage to encourage people not to use lawyers because that's got connotations in the future, but we always encourage them to use lawyers. I think the first step and the action you want to take is to go out and get the inquiry to provide yourself with the lead, the deal flow, the needs, or whatever you want to call to give you a major choice. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy, 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: https://www.dealmakersvideo.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

Interview with Phil Hunt In today's episode, I’m joined by Phil Hunt. Despite having a full-time job as an HR director of a city bank in London, this hasn't stopped Phil from following the Dealmakers Academy program and making his first two acquisitions. Phil has recently acquired two hairdressing salons, and he joins us to share his experience, highs and lows, and some of his best tips on acquiring one's business. Key highlights from the call [01:06] About Phil Hunt [02:50] Freedom of owning a business [03:28] When you were watching my videos, what was going through your head? [04:11] Likable moments in Fasttrack Program [08:28] How many conversations did you have before you found your first business acquisition target? [11:33] Did you use a lawyer? [12:10] How long did it take to complete the transaction? [12:41] Negotiation strategies [14:35] Hunt’s second acquisition [16:25] Tell me why this was a share purchase [19:08] Phil’s plans [19:49] What is the profit margin in this sector? [25:48] Advice to listeners Notable Quotes The perfectionism then comes when you engage with the accountant and the lawyer to make sure that the deal is what you need it to be. I think there's very little risk here. So it's definitely worth doing the courses that you provide because they give you it's not just the confidence, you've got to have that internally, but they kind of unlock the confidence if it's a little bit backward going forward. Just go out there and do it. What on earth do you have to lose here, and nothing you lose affects business? I'd spent the first nine months trying almost not to send the letters out; I was thinking, well, that word won't be right. And I’ve got the right address? And what about if the person doesn't like to be addressed like that? And I thought, you know, if they don't like it, they're not going to reply. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office on +03452412494 or email him at johandrew.dolawyers.jmw.co.uk. To join the Fasttrack Program, you can connect with Jonathan Jay on Dealmakers Academy, follow him on LinkedIn, or get his videos on YouTube.

Jamie Simpson, an entrepreneur who bought three businesses without using his own cash, shares his journey and tips on business acquisitions. Topics include overcoming challenges in buying businesses, strategies for acquisitions, building meaningful connections, staff dynamics in ownership transition, and advice for prospective business buyers.

Moving beyond the mindset of organic growth In this episode, I am joined by Aled Davies, who runs a printing and textile printing family business. Aled had been trying to grow this business organically before listening to this podcast and joining me on one of my business acquisitions, Fasttrack Programs, in 2020. Through this program, Aled got a whole new perspective on growing his business and has since made his first acquisition. In this episode, Aled shares how he came about and how he got to make his first acquisition. He also shares some words of wisdom with those interested in buying their own business. Key Highlights [01:03] About Aled Davies [04:15] Motivation towards buying his own business [05:18] When you heard other people do what you wanted to do, did that motivate you? [06:09] Likable moments in the Fasttrack program [07:34] How did you go about your first call with the business owner of the business you eventually bought? [08:39] Would you have grown your business by 10-15% in the next 12 months? [09:25] The negotiation process [12:56] Were you interested in his website traffic, inquiries, and existing customer list? [17:20] Signifier of the worth of a business [18:33] Business acquisition principles used [20:32] Plans for the future [21:56] Tips to listeners Notable Quotes It was surprisingly easy to do when you have started to get some idea of what you are doing. If a deal doesn’t feel right or doesn’t look like it's going to be the right one for you, you can always walk away if you don’t want to do it anyway. The first step is to get started and give it a go because you never know what will come out of it. All we did was make a few phone calls, went to see the guy, agreed on everything, and that was it. It was as simple as that. Resources If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office on +03452412494 or email him at johandrew.dolawyers.jmw.co.uk. To join the Fasttrack Program, you can connect with Jonathan Jay on Dealmakers Academy, follow him on Linkedin, or get his videos on youtube.

Hello this is Jonathan Jay - and welcome to episode 190 of the Business Buying Strategies podcast.  This week we meet Nigel Wilkinson, who set up a digital marketing agency in 2000. Nigel acquired one of his competitors in September 2019, and then joined my five day dealmakers academy training programme last year. He has made a couple more acquisitions since, although as you’ll hear it hasn’t all been plain sailing. Find more details of the next Fasttrack programme at:   www.thedealmakersacademy.com/FAST Follow or connect with Jonathan on LinkedIn https://bit.ly/2S3Xzxw Watch our YouTube Channel The Dealmaker's Academy https://bit.ly/3b86OFI