Let’s Buy a Business

David Barnett has been an owner, broker, buyer, seller, and everything in between. He’s written a dozen books or so about buying and building companies. This is a fun conversation. We dive into questions such as… — Are small businesses a better investment than properties? — Is this a good business? — I’ve heard you can buy a business with zero down. Is that true? — Are there businesses I can buy while keeping my day job? Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 David C Barnett - https://www.investlocalbook.com/ http://ukbusinessbrokers.com/business-acquisition-courses/ David’s YouTube Channel - https://www.youtube.com/channel/UCbR8hQfFxBI4Idh4Zw65yZQ Sponsor: Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

One of the most popular episodes of last year was Walker Deibel. I talk a lot about Walker Deibel, his book, and his courses. Now we have him live. Walker is a phenomenal entrepreneur and has seen incredible success through his acquisitions. He also sees 100's of businesses as a lead broker for QuietLight Brokerage. Walker talks about how to stand out as a buyer, why personal guarantees are required, and how to make sure you aren't missing any pieces to the puzzle when looking at operations. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 www.BuyThenBuild.com Buy Then Build Book - https://amzn.to/2VSQrau 6 Months to CEO - https://courses.buythenbuild.com/?ref=ee4f9d Acquisition Lab - http://acquisitionlab.com/ Bio - https://www.quietlightbrokerage.com/advisors/walker-deibel/ Sponsor: Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

Stephanie started in insurance and left the corporate world when asking for a raise and she was denied. She left and built an insurance agency which led to an exit 16 years later. Stephanie then sold her business after she realized the different ways the rich view money and started putting things to use therewith cash flow investing. We dive into… — Exiting her business of 16 years — Cash Flow over Net worth — View on Money - Accumulation vs Utilization Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Stephanie’s site - www.erbewealth.com Sponsor: Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

The value you are creating in your job or business is either being multiplied by a small % or a large %. When you own equity in a business, for every widget you sell today, someone will pay you 3-20 widgets for that one depending on the multiple. The people I would want to switch career places with all have a few things in common: High Accountability Work on Interesting Businesses and Projects Own Equity and Have Upside and Downside for their Decisions Exercise - Figure out if the value you are creating at work is multiplied by 7% - 30% for your paycheck or 3-10x for your payday. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

Elliott and I dive into a real deal that was for sale. Elliott has evaluated 1,000’s of businesses and has lots of tools and tricks for due diligence on a business. We change the numbers on a percentage basis to keep things anonymous and this is not for sale anymore. What’s fun here is that Elliott is more about where the business is today and the risks and I’m more about the growth opportunities and where the business can be. — Why Financials First — Is the Juice worth the squeeze? — How to identify the risks and where you are comfortable and uncomfortable.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Due Diligence Help - https://www.guardianduediligence.com/ Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

Patrick, a long-time listener, we connect in San Diego and dive into 4 ways he can find unsexy difficult businesses. I toss in a bonus there too. 1. Where do the owners hang out? 2. CPA, Bookkeepers, Lawyers, Financial Planners 3. Owners know Owners. 4. Mailers Bonus - Suppliers...who supplies these unsexy businesses the raw goods? Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Understanding the Seller’s Perspective Can Make All The Difference Event - Tuesday, Sept 28th, 12 PM ET: https://sfcsellermind.splashthat.com/ Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Ryan Twitter - https://twitter.com/RyanPaulCondie 

Steve has invested in over 25 different search fund deals. That’s a lot. He’s also got an incredibly successful entrepreneurial background with multiple exits. We dive into… - Different Types of Search Funds with Pros / Cons - How Investors evaluate deals - Expected Returns for Searchers and Investors Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Sponsor: Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. www.liveoakbank.com Lisa Forrest - Lisa.forrest@liveoak.bank 10 Step Video series to Finding a Company to Buy - http://letsbuyabusiness.com/video Connect with Steve Ressler Templates or models: sressler@gmail.com Twitter: https://twitter.com/steveressler Newsletter: bit.ly/etamusings 

Cam and Sean sold their eCom business in May 2021 after 5 years. We dive into… - Why sell their perfectly good business - The selling process - What they learned about their business from selling Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Cameron and Sean https://www.linkedin.com/in/cameronjarman/ https://www.linkedin.com/in/seanhuntington/ https://twitter.com/cameronjarman09 https://twitter.com/seanhuntington_ 

2 Offline, 1 Online Business Listings I'm Looking at Right Now 1. https://www.bizbuysell.com/Business-Opportunity/flight-training-center-for-sale/1859092/  2. https://feinternational.com/buy-a-website/19442-saas-recurring-subscription-data-backup-recovery-software-suite-215k-mrr  3. https://www.alpinebusinessbrokers.com/towing-business/  Episode Resources www.liveoakbank.com 10 Step Video series to Finding a Company to Buy Connect with Ryan Condie http://linkedin.com/in/ryancondie https://twitter.com/RyanPaulCondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 

Lisa is back with over 30 years of SBA lending experience. We dive into the From Searcher to CEO doc that Live Oak Bank just published. It’s Part 1 but here are a few key points. — Key dependencies that are often overlooked in SMB — Where searchers mess up with working capital Episode Resources Searcher to CEO Guide Self Funded Searcher Lender Office Hours Call, Every Wednesday morning: Register here. Self Funded cashflow model & investment memo training, Every Thursday Morning: Register here. Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16