Let’s Buy a Business

Darren Neilson is an acquisition attorney who focuses on bankruptcy sales. He helps transition businesses during bankruptcy and is a wealth of knowledge around legal, acquisitions, and interacting with attorneys.   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

You fail in 3 ways in buying a company. 1. Buying a bad business 2. Running out of money 3. Running out of patience.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

What if you put $100k down, buy a million-dollar business, grow it 10% (super conservative), pay off debt aggressively, then sell it in 4 years for ~$1.2M and pay yourself ~$250k/year for 4 years...Not bad.   Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

Every decision has risks and opportunities with it. One I've been thinking a lot about is how fluffy it feels to talk about buying a company. When push comes to shove, will you actually borrow $1M to buy an awesome asset that you can grow 2-3x?.....you still owe someone $1M and many can't sleep at night with that over their heads.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

Matt was the main guy going in to acquire businesses to run them. His Private Equity company bought 18 businesses in 18 months with Jared Zemp. We also breakdown how to use new tactics from online to offline businesses.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/  Connect with Matt Blackwelder https://www.linkedin.com/in/matthew-blackwelder-004a91b1/

You can't just replace your job. Be real about the opportunities for growth and if you have the skill sets or ability to grow it. If your business requires a new location (like a new restaurant location) to double capacity, be weary of this deal. You're replacing your job.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/   

Ryan found a business, moving fast...we'll see if he can get this lined up.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

It's impossible to learn everything about something before you have a business in hand that matches up with that particular business model. A friend asked how he could learn to run an e-commerce company. The answer is, just run one.   Focus on Just-In-Time learning. Learn things that you'll need at that exact moment. Ryan believes the most important thing is understanding how Cash Flow works for business models.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/ 

Scott Aaron has 18 years in the gym and personal fitness space, building his gyms and a successful exit to bankruptcy. Ryan interviews Scott, who has faced incredible adversity but keeps pushing through. He took over his father’s gym while his father was in prison. Grew it 4x and sold it! From selling for $1M to down $2.5M negative $1.5M. Scott is an awesome LinkedIn influencer and built some great side businesses that eventually led to a full-time income.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/  Connect with Scott Aaron https://www.instagram.com/scottaaronlinkedin/ https://scottaaron.net/

Franchises can be fantastic for the right person and right vision and goals. Start with the end in mind of what you want, BUT also realize that the network effect of franchises start at 3-5 locations at least.   Episode Resources Connect with Ryan Condie  http://linkedin.com/in/ryancondie  http://letsbuyabusiness.com/