Let’s Buy a Business

Small Deals are riskier, require all cash to buy, and take up the same amount of time as Big Deals. You can cut your teeth on small deals but they can be super hard to do.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

Ryan is in the middle of due diligence but he tells a story of one $1M company buying another $1M company and nearly going under when it doesn't go through. You need to establish what the bottlenecks and KPI's are for the deal. If those 4-5 things don't work out, then the deal is dead. DO this BEFORE you incur massive costs from attorneys and CPAs.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

First off, get a great attorney and CPA. Ryan walks through navigating a stock purchase and an asset purchase. Most businesses sub $5M will be an asset sale. In a nutshell, Asset Purchase is typically better for the buyer. Stock Purchase is typically better for the seller.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

After costs, revenue, and customers are verified, you move on to the next tier of due diligence. Ryan dives a little into his partner and his complementary skills.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ 

Last month, I hit the DIP. I was tired and worn out trying to find a business. My wife helped me push through and realize I was in this for the long haul. Seth Godin talks about the dip when trying something new or hard. YOU have to push through as you are right next to explosive growth and results.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/  The Dip by Seth Godin - https://amzn.to/39oDrP1 

NOW time for Due Diligence. As my friend Landon Ainge said it best "Due Diligence Well". Verify everything in the past as fast as possible. THEN start predicting the future. Run lots of different scenarios and the likelihood of them happening...   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

My bid from 4 weeks ago was back on the table after two weeks and now I'm a week into being under LOI. We are way deep into Due Diligence. A few key takeaways....you need a network to tap into immediately in given fields and find underutilized assets within businesses.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

50 years in the Aerospace Industry: from getting nearly fired, to buying and selling companies in Aerospace. Jordan always had creative solutions and bet on himself to make things happen. He invested heavily in his employees and gave them a massive upside that led to a $3M acquisition to an $88M sale only 8 years later.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/  Connect with Jordan Law jordanlaw42@gmail.com 

Rick Jordan is a cyber-security expert, small business owner, host of the podcast All-In with Rick Jordan, AND buys businesses in his space. We dive into hidden tunnels in Las Vegas, how SMB's can avoid cyber threats and his roll-up strategy for cybersecurity firms.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/  Connect with Rick Jordan Cyber Crime (Movie on Amazon) - https://amzn.to/3j4wV4n https://www.libertylockdown.com/libertylockdownteaser  http://www.rickjordan.tv/  https://www.instagram.com/mrrickjordan/ https://twitter.com/mrrickjordan https://www.facebook.com/mrrickjordan/

Darren is our attorney from the last episode who also owns an OrangeTheory Fitness franchise. He dives into franchising and what helped him launch into profitability.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/  Connect with Darren Neilson Dneilson@parsonsbehle.com  Phone: 801-536-6950