How can I find a small business to buy?

You can find small businesses to buy by networking, using local resources like libraries, social media, and attending industry events. Online platforms like LinkedIn and Facebook can also be useful.

What are the main challenges in buying a business?

The main challenges include lack of knowledge about the opportunity, not knowing where to find businesses, and lacking funds to make a purchase.

How can I buy a business with no money?

You can buy a business with no money by using creative financing methods, such as sweat equity, partnering with other investors, or leveraging existing resources and expertise.

What mindset is needed to successfully buy a business?

A positive mindset is key; believe in your capability to buy and run a business, and be ready to work hard, adapt, and learn continuously.

Why might business owners be willing to sell their businesses?

Owners may wish to retire, might lack a successor, or could be ready for a lifestyle change. Personal circumstances often make them open to selling.

How can expertise help in acquiring a business?

Your expertise can help negotiate an ownership stake by offering skills or knowledge that add value to the business.

What role does networking play in buying a business?

Networking is crucial as it helps you find opportunities, gain insights, and connect with potential sellers or investors.

How can social media be used in business acquisition?

Social media can attract potential sellers and keep you informed about industry trends, help in networking, and source deals.

How important is persistence in buying a business?

Persistence is key; negotiating and finding the right deal may take time, and giving up too soon can result in missed opportunities.

What's a deal Sherpa?

A deal Sherpa helps identify and evaluate businesses for acquisition, often used by those willing to pay for their expertise in finding suitable investments.

Want To Get Rich, Don't Start A Business (Do This Instead)

01:18:38

https://www.youtube.com/watch?v=acEy2I7__Uc

Summary

TLDRThe video explores a non-traditional path to wealth by buying rather than starting businesses. The speaker explains that many people on the Forbes 500 list acquired their wealth this way and emphasizes buying businesses as a risk-averse method of generating income from day one. Key obstacles to this strategy include a lack of awareness, difficulty finding suitable businesses, and perceived financial barriers. The video aims to break these barriers by offering strategies and methods to find and acquire businesses, even with little to no upfront money. Emphasis is placed on adopting the right mindset, being persistent, and using creative financing options such as expertise equity, leveraging social media for networking, and utilizing local resources like libraries. The speaker shares anecdotes and personal experiences, including initial failures and successes, to illustrate the process and motivate viewers to pursue business acquisitions. The video encourages viewers to redefine their mindset towards ownership and stresses the importance of mindset, strategy, and community in achieving business acquisition and financial independence.

Takeaways

💡 Buying businesses is a viable path to wealth, often less risky than starting from scratch.
📈 The right mindset and persistence are essential to overcome obstacles in business acquisition.
🔍 Many small businesses are available for sale due to retiring owners and lack of buyers.
🤝 Networking and leveraging personal expertise can aid in acquiring businesses with little or no money.
📊 Understanding key financial documents is crucial for evaluating potential business investments.
🗣️ Social media can be a powerful tool for finding and negotiating business deals.
🏫 Local resources, like libraries, offer valuable tools for researching and contacting business owners.
🔑 Having a clear strategy and goals can streamline the business acquisition process.
📚 Continuous learning and adaptability are necessary for success in entrepreneurship.
🛠️ Creative financing techniques, like sweat equity and partnerships, can minimize the need for capital.

Timeline

00:00:00 - 00:05:00
The video begins with the speaker explaining their unconventional path to wealth by buying businesses rather than starting their own. They note the common questions about finding businesses to purchase, aiming to address them throughout the video.
00:05:00 - 00:10:00
The speaker identifies three main obstacles to buying small businesses: lack of awareness, finding businesses to buy, and the belief that one lacks the money. They promise to teach tactics using one's time and expertise to find businesses to buy.
00:10:00 - 00:15:00
Emphasis is placed on having the right mindset, including positive thinking and willingness to learn from failures. The speaker shares personal experiences of being turned down but stresses perseverance as essential for success.
00:15:00 - 00:20:00
The speaker introduces five crucial financial templates necessary for analyzing potential business acquisitions. They highlight cash flow, personal financial planning, P&L statements, and other key financial documents.
00:20:00 - 00:25:00
Common challenges such as search difficulties, outreach, competition, and evaluation are discussed. The importance of expecting challenges and focusing on self-reflection and courage is emphasized as part of an entrepreneur's mindset.
00:25:00 - 00:30:00
The speaker shares a personal story about a three-year-long acquisition process, illustrating the importance of patience. They aim to teach the audience how to achieve quicker results with the strategies provided.
00:30:00 - 00:35:00
The 'Venmo Challenge' is introduced as a tactic for identifying potential business acquisitions by examining regular payments to small businesses, then transitioning those relationships into potential ownership opportunities.
00:35:00 - 00:40:00
The speaker explains the 'Personal P&L Review' strategy, encouraging viewers to identify local businesses they spend on and assess potential for ownership, supporting their point with a successful past investment story.
00:40:00 - 00:45:00
Throughout the video, anecdotes and examples illustrate various acquisition strategies. The focus is on blending courage and taking calculated risks, along with leveraging existing relationships and expertise for successful deals.
00:45:00 - 00:50:00
The speaker suggests using social opportunities to discuss business interests. They share how networks can lead to acquisition opportunities and explore strategies like sourcing deals for others as an entrée to the business world.
00:50:00 - 00:55:00
The '9-to-5 Strategy' is detailed as a way to transition from employee to owner by exploring ownership opportunities within one's own workplace or its vendors, backed by real-life successes of individuals making such transitions.
00:55:00 - 01:00:00
Social media is highlighted as a tool for business acquisition, both for attracting potential deals and searching for them. The value of clear, targeted social media profiles and interactions are explained as ways to source opportunities.
01:00:00 - 01:05:00
Libraries and networking organizations are suggested as overlooked but valuable resources for discovering businesses. The speaker stresses persistence and adaptability to overcome obstacles and capitalize on these resources.
01:05:00 - 01:10:00
Networking organizations and local community events, like Chamber of Commerce meetings, are recommended as strategic places to find business opportunities. The role of detailed tracking for follow-ups is emphasized for nurturing potential deals.
01:10:00 - 01:18:38
The speaker outlines a comprehensive 10-step process for acquiring a business, from finding the right deal to closing it. They stress that achieving success in these steps is difficult but possible with the right mindset and strategies.

Mind Map

Video Q&A

How can I find a small business to buy?
You can find small businesses to buy by networking, using local resources like libraries, social media, and attending industry events. Online platforms like LinkedIn and Facebook can also be useful.
What are the main challenges in buying a business?
The main challenges include lack of knowledge about the opportunity, not knowing where to find businesses, and lacking funds to make a purchase.
How can I buy a business with no money?
You can buy a business with no money by using creative financing methods, such as sweat equity, partnering with other investors, or leveraging existing resources and expertise.
What mindset is needed to successfully buy a business?
A positive mindset is key; believe in your capability to buy and run a business, and be ready to work hard, adapt, and learn continuously.
Why might business owners be willing to sell their businesses?
Owners may wish to retire, might lack a successor, or could be ready for a lifestyle change. Personal circumstances often make them open to selling.
How can expertise help in acquiring a business?
Your expertise can help negotiate an ownership stake by offering skills or knowledge that add value to the business.
What role does networking play in buying a business?
Networking is crucial as it helps you find opportunities, gain insights, and connect with potential sellers or investors.
How can social media be used in business acquisition?
Social media can attract potential sellers and keep you informed about industry trends, help in networking, and source deals.
How important is persistence in buying a business?
Persistence is key; negotiating and finding the right deal may take time, and giving up too soon can result in missed opportunities.
What's a deal Sherpa?
A deal Sherpa helps identify and evaluate businesses for acquisition, often used by those willing to pay for their expertise in finding suitable investments.

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Subtitles

Auto Scroll:

00:00:00
you've been told the best way to get
00:00:01
rich is to start a business I didn't get
00:00:03
rich that way I wasn't smart enough to
00:00:04
come up with the most brilliant idea I
00:00:07
did what the largest percentage of
00:00:08
people on the Forbes 500 list did to
00:00:11
make all of their money I bought
00:00:12
businesses now you could start a
00:00:14
business to ownership but I like buying
00:00:16
them because I don't like Risk and I
00:00:18
want to make money day one but people on
00:00:20
the internet have been asking me this
00:00:21
one question nonstop since I started
00:00:24
creating content 3 years ago and that is
00:00:26
where do I find businesses to buy how do
00:00:29
I get my first 10,000 in monthly income
00:00:31
or first million in monthly income from
00:00:33
buying other people's businesses if I
00:00:35
can't find them so I thought I would
00:00:37
create this video for you guys today
00:00:39
there are three things that are the main
00:00:42
reason why most people don't buy small
00:00:44
businesses they don't actually know
00:00:45
about the opportunity and have the
00:00:46
mindset to do it the second and the
00:00:48
biggest is they don't know where to find
00:00:50
them and the third is they don't feel
00:00:52
like they have the money to do it and in
00:00:53
this video we are going to break all
00:00:56
three of those things this video is the
00:00:59
most comprehensive video I have ever
00:01:01
seen on how to find businesses to buy
00:01:04
whether a part of it or all of it
00:01:06
without a ton of money without any money
00:01:08
potentially using your sweat your time
00:01:11
your expertise and other people's money
00:01:13
you probably know cuz you've heard me
00:01:15
that there are too many businesses for
00:01:16
sale and not enough buyers right now 75
00:01:19
million baby boomers retiring 10,000
00:01:22
retiring a day so we have all these
00:01:24
businesses coming for sale every day but
00:01:26
then you guys ask me on the internet I
00:01:28
don't know how to find them can you
00:01:29
teach teach me how I am going to teach
00:01:31
you exactly how to buy small businesses
00:01:34
by finding the best ones I think this
00:01:37
video could change your life now
00:01:39
normally we make people pay money for
00:01:41
this because I do believe when you pay
00:01:42
for something you value it but I'm doing
00:01:44
this all for free because I think that
00:01:46
right now in this world we need more
00:01:48
small business owners just like you we
00:01:50
are going to give you so many tactics
00:01:52
about how to buy a small business that
00:01:54
by the end of this and maybe even
00:01:56
halfway through this video you should be
00:01:57
able to get on your phone and start
00:01:59
texting small business owners in order
00:02:00
for them to tell you whether they would
00:02:02
sell you a portion of their business or
00:02:04
not and do it in a way in which you
00:02:06
don't need cash to do it the tactics
00:02:08
will be heavy on this so I want you to
00:02:09
stick with me I'm not here to be your
00:02:10
dancing bear I'm here to teach you a few
00:02:12
things hopefully learn through my many
00:02:14
many years of being in private equity
00:02:17
and investing in small businesses but
00:02:19
first before we get to the tactics the
00:02:21
number one killer of buying businesses
00:02:23
is the wrong mindset if you have
00:02:25
negative thinking and you don't think
00:02:26
that you can do this you will get stuck
00:02:28
you won't make offers and you won't do
00:02:30
the work those thoughts are the
00:02:32
Destroyers of hopes and dreams so you
00:02:35
might have some questions in your head
00:02:36
right now like can I really buy a
00:02:39
business and the answer by and large for
00:02:40
most people that aren't completely lazy
00:02:42
and incompetent is yes can I leave my W2
00:02:45
the answer is also yes I worked in four
00:02:48
W2s before I was ever willing to go out
00:02:51
and leave my W2 and you might be
00:02:53
wondering I've never operated a business
00:02:54
before do I have what it takes this part
00:02:57
I'll say maybe let's see stick with me
00:02:59
and I will tell you if you have the
00:03:01
traits needed to be a small business
00:03:03
owner and to be the master of your own
00:03:05
fate as the boss here's what a boss
00:03:07
looks like can you work hard I think it
00:03:09
can can you handle the pain of being in
00:03:11
charge are you curious and finding
00:03:13
answers to problems do you want to take
00:03:15
some shortterm pain for long-term gain
00:03:18
and are you willing to do what it takes
00:03:20
to surround yourself with other winners
00:03:21
because success is actually contagious
00:03:24
now I don't think this is going to be
00:03:25
easy but I do think you can do this you
00:03:26
need three things you need the right
00:03:28
mindset you need a strategy which you're
00:03:30
going to get today and you need to take
00:03:32
some action in my opinion you need a
00:03:35
community of people around you while you
00:03:37
do this so you got it here at this
00:03:38
YouTube video and you got it here in the
00:03:39
comments and you've got it here at our
00:03:40
free newsletter because successful
00:03:43
Acquisitions or business buying happens
00:03:45
in The Sweet Spot between those three
00:03:47
things so you will face challenges in
00:03:51
this journey and the question is will
00:03:52
you let them stop you so the real
00:03:54
question there is you now let me show
00:03:57
you what I mean by this failure in
00:03:58
finding businesses for sale is super
00:04:00
normal so I'm going to tell you the bad
00:04:02
stuff first so we can get to the juicy
00:04:04
stuff later this is a guy by the name of
00:04:06
Greg Eisenberg you can shout him out on
00:04:07
Twitter great guy I tried to buy a
00:04:09
business from Greg I wanted to do a deal
00:04:11
together we were even friends and after
00:04:13
going back and forth for a few weeks
00:04:15
Greg tells me here no so it was not just
00:04:18
Greg actually that told me no I was
00:04:20
trying to buy a marketing agency and let
00:04:21
me tell you who else told me no Greg
00:04:23
told me no Hunter said no I reviewed
00:04:25
three agencies from cold traffic no I
00:04:27
reached out to two agencies I knew they
00:04:29
said said no I reached out to two others
00:04:31
but it it wasn't the right fit I reached
00:04:32
out to 10 others they never got back to
00:04:34
me so 35 deals in one vertical to get
00:04:36
one seller financing deal done most
00:04:38
people on the internet want to lie to
00:04:40
you about how easy things are going to
00:04:41
be I'm going to tell you the opposite
00:04:43
this will be hard it is worth it and
00:04:45
this is the only way that you will have
00:04:48
massive Forbes 500 success is if you
00:04:51
understand ownership you'll never be
00:04:53
able to buy a business unless you learn
00:04:54
the basics about business and there's
00:04:56
like five crucial financial documents
00:04:58
you're going to need to know how to use
00:05:00
them read and analyze this is so you are
00:05:02
putting yourself in a position to
00:05:04
generate a positive return on investment
00:05:06
HubSpot sent me these templates for them
00:05:08
they also sponsor these videos and I
00:05:10
love these the number one is personal
00:05:12
financial planning template so you and
00:05:14
your family stay in a spot where you can
00:05:16
safely buy a business number two is the
00:05:17
cash flow statement this is so important
00:05:19
the top reason businesses fail cash flow
00:05:22
problems AK don't buy a business that
00:05:24
doesn't make money number three balance
00:05:26
sheet template so you can review the
00:05:28
full snapshot of the business you want
00:05:30
to buy number four profit and loss
00:05:32
statement what kind of Debt Service are
00:05:34
you taking on is there enough left over
00:05:36
to hire an operator this templates
00:05:37
killer and then the last one is the
00:05:39
financial projection template maybe the
00:05:41
most important document for analyzing an
00:05:43
acquisition what's going to happen after
00:05:45
you buy it Link in the description if
00:05:47
you want to download all five of these
00:05:49
for free everyone say thanks HubSpot a
00:05:52
couple acquisition obstacles that are
00:05:54
come going to come onto your journey as
00:05:56
we go first you're going to have search
00:05:59
right and search means when you're
00:06:01
reaching out to small businesses you
00:06:03
don't find any that you like there
00:06:05
aren't enough options for it the second
00:06:07
obstacle you're going to have is
00:06:08
Outreach you're like I don't know what
00:06:10
to say to this guy Cody do I just walk
00:06:11
up to him and tell him I want to buy a
00:06:13
small business that seems kind of
00:06:14
intense the second is competition well
00:06:16
they they they asked for more money you
00:06:19
know you said I could buy it for $ Zer
00:06:20
dollars they came back to me and said no
00:06:22
they didn't respond to me at all and
00:06:23
then evaluation you're overwhelmed
00:06:25
you're not sure how to read financial
00:06:27
statements and you feel like you might
00:06:29
not be ble to get past it how do we make
00:06:31
sure that you never get stuck again well
00:06:33
it really starts with what I call the 10
00:06:36
entrepreneur mindset pillars when you
00:06:38
know what to expect you don't let it
00:06:40
stop you so the first one is
00:06:42
self-reflection I want you to know what
00:06:45
you really want from this journey so we
00:06:47
have a little screenshot here you can
00:06:48
take of it of our deal Clarity
00:06:50
worksheets how do you know what you want
00:06:51
to buy how do you know what type of
00:06:53
business that's one two is a little bit
00:06:56
of Courage you got to embrace some risk
00:06:59
and and realize that it might be hard my
00:07:03
dad had the best line about
00:07:04
entrepreneurship he said you aren't in
00:07:06
the game unless you find yourself in the
00:07:07
dead of the night head in the hands
00:07:09
sitting in the dark with no idea what to
00:07:11
do next he was right you know if you run
00:07:13
a business and if you become an owner
00:07:16
the truth of the matter is at some point
00:07:18
it will be hard but take courage and do
00:07:20
it anyway the third is creativity so the
00:07:23
cool part about buying businesses is
00:07:25
it's the most creative way I think to
00:07:27
gain wealth so as long as you can see an
00:07:30
obstacle and then go hm I'm going to
00:07:31
come up with a creative way to solve it
00:07:33
you can probably win in this game an
00:07:35
example here would be this is long so
00:07:37
you can pause it and look at it for a
00:07:38
second somebody in our group talking
00:07:40
explicitly about all the different ways
00:07:42
they went through a deal and then how
00:07:44
they finally closed the deal four is
00:07:46
resilience I kind of have this belief
00:07:48
that entrepreneurship is 5% idea 5%
00:07:51
timing 10% talent and like 80% not
00:07:54
stopping so the real ingredient
00:07:56
is just grit the next one is
00:07:59
resourcefulness so basically I think
00:08:01
about this like a little monkey with its
00:08:03
tools how many different things do we
00:08:05
have that will allow us to execute on
00:08:07
this better than ever and we have a
00:08:09
bunch of these tools for you I'm going
00:08:10
to give you one of them later in this
00:08:11
video so you're going to want to stick
00:08:12
around for this six is optimism the
00:08:15
truth of the matter is optimists get
00:08:17
rich pessimists sound smart which one do
00:08:19
you want to be I know which one I want
00:08:20
to be the seventh is continuous learning
00:08:23
I loved this quote from Henry Ford he
00:08:25
said anyone who stops learning is old
00:08:27
whether at 20 or 80 anyone who keeps
00:08:29
learning stays young which is a huge
00:08:32
differentiator in this game eight is
00:08:35
like Simon syic said start with why
00:08:37
what's your why create a compelling
00:08:39
Vision that keeps coming back when you
00:08:41
get stuck so for instance I often think
00:08:44
about a dark vision and a light vision
00:08:47
my dark vision would be something like I
00:08:48
can remember when I used to work at
00:08:50
Vanguard like 15 years ago and I would
00:08:52
wait and sit and stare at the clock
00:08:54
until it crept all the way to 5:00 and I
00:08:57
could leave but because I wasn't allowed
00:08:58
to leave until until I got off my 5:00
00:09:00
shift and I could remember like how
00:09:02
awful those last 10 minutes were and
00:09:04
that I wanted to be anybody else and
00:09:07
anywhere else in the world besides there
00:09:09
that's my dark vision or my dark why my
00:09:12
light why is I looked on the opposite
00:09:14
side and I looked up to somebody who I
00:09:16
didn't even know who lived a life that
00:09:18
was so free who was their own boss and
00:09:21
who got to choose the problems that they
00:09:22
dealt with and that was my why that was
00:09:25
big enough to keep going the last two
00:09:27
things are pretty simple you you're
00:09:29
going to have to Pivot a lot because
00:09:31
adaptability is one of the main keys to
00:09:33
being a dealmaker and then if you can
00:09:35
get a little patience loaned it's not a
00:09:37
linear path it will take you longer than
00:09:39
you think but if you are able to marry
00:09:41
long-term patients and short-term
00:09:43
patients you can win just about anything
00:09:46
after seeing those 10 things the only
00:09:48
reasons why you can't be an entrepreneur
00:09:50
and why you can't buy a business is if
00:09:52
you are unwilling to do those 10 things
00:09:54
if you are willing to do those 10 things
00:09:56
then this should both scare and excite
00:09:58
you and as long as you're willing to
00:09:59
commit you can keep pushing through I
00:10:02
want to tell you a quick story there was
00:10:03
a time I did a deal that took 3 years I
00:10:07
was a part of a business I didn't own it
00:10:08
I wanted to buy my partner out in that
00:10:10
business he did not want to get bought
00:10:12
out and so it took me three years of
00:10:15
working with him proving my worth
00:10:17
building up a case until finally about
00:10:19
three years later I bought that guy out
00:10:21
for about a million dollars paid
00:10:23
overtime from the profits of the
00:10:26
business that business today does
00:10:28
somewhere between let's call it $5 to6
00:10:32
million a year so that one deal for a
00:10:35
million dollar made me Millions but it
00:10:37
took me three years to do it you need
00:10:40
patience now I'm going to teach you how
00:10:42
to do it in 12 months as opposed to what
00:10:44
it took me which was decades to learn
00:10:47
this let's take one of our first tactics
00:10:49
here this one I call the venmo challenge
00:10:50
so let's get right into one way today
00:10:52
right now watching this video you could
00:10:54
pick up your phone you could open up
00:10:56
venmo you could reach out to a seller on
00:10:59
here and you could before this video is
00:11:01
even over start engaging with sellers in
00:11:03
order to find businesses to buy the idea
00:11:05
is simply this you turn your costs into
00:11:07
profits what if you made money every
00:11:09
time you spent that's like a paradigm
00:11:12
shift right there what if you made money
00:11:15
every time you spent what do you mean by
00:11:17
that Cody the venmo challenge basically
00:11:19
is this idea where are small businesses
00:11:22
that you already know that you already
00:11:24
spend money on that you could get to the
00:11:27
owner and the way you answer that
00:11:29
question is you open up your venmo and
00:11:32
just like this is my real venmo here you
00:11:34
see huh look I'm spending money with
00:11:37
consistently a bunch of small businesses
00:11:39
I want to grab all those small
00:11:40
businesses and I want to put them into a
00:11:42
list like this and I have my cleaning
00:11:44
lady on here I have the property manager
00:11:46
for a couple of my properties I've got
00:11:48
my handyman on here and it shows how
00:11:50
much I spend with them so I list out who
00:11:52
is it I list out what do they do for me
00:11:54
I list out how much I spend with them
00:11:57
and then the total revenue of their
00:11:58
business
00:12:00
and then I add a column for Value ad
00:12:02
what could I do to grow their business
00:12:04
now you might be going who's telling you
00:12:06
their revenue Cody what do you mean how
00:12:08
do you know what you could add value ad
00:12:10
for well here's a real conversation I
00:12:12
reached out to Laura and I said hey can
00:12:13
I get a meeting with you and Oscar maybe
00:12:15
sometime after we get back from
00:12:16
Thanksgiving I want to run an idea I
00:12:18
have past you and hear what you both
00:12:19
think about it it's about some
00:12:21
businesses that I want to buy that would
00:12:22
be cool to have you guys run and you get
00:12:24
equity and get paid for it would you be
00:12:27
open to me it at which point Laura said
00:12:30
yeah uh sure and it turns out she is
00:12:33
totally open to selling her business and
00:12:35
oh by the way she might actually want to
00:12:37
run a couple of other businesses that I
00:12:40
either already own or want to integrate
00:12:42
into her business and at this point I
00:12:46
might say something like this to her if
00:12:48
I was you imagine you're young you don't
00:12:50
have a ton of money you don't have a ton
00:12:51
of experience but what do you do have
00:12:53
you are smarter than the average small
00:12:55
business owner when it comes to
00:12:56
technology because you're on YouTube and
00:12:58
they aren't and so I might have a
00:13:00
conversation with the owner that goes
00:13:01
like this uh Laura I see you run this
00:13:03
cleaning business you do an incredible
00:13:04
job I love being a client of yours do
00:13:06
you want to grow this business oh you do
00:13:09
okay fantastic um what are you going to
00:13:11
do to grow this business are you working
00:13:12
on like getting more clients right now
00:13:14
or increasing prices or number of
00:13:15
services oh no you're not interesting
00:13:18
okay um listen I actually am trying to
00:13:21
focus on helping one small business
00:13:23
owner grow their business and by growing
00:13:27
your small business with you I take a
00:13:29
percentage of The Upside that I bring to
00:13:31
the business so I know right now you
00:13:33
don't have social media you don't have a
00:13:35
website and I have a bunch of friends
00:13:37
that need cleaning ladies but don't have
00:13:39
one right now what if I could bring you
00:13:41
new clients could I keep a percentage of
00:13:43
The Upside and just like that you're in
00:13:45
the game so the one week venmo challenge
00:13:48
goes like this how much do you spend on
00:13:50
venmo you pull up the last two months
00:13:52
then you list all of the people you pay
00:13:54
how much do you pay what do they do then
00:13:57
you add a step we haven't talked about
00:13:58
yet which is desire to own would you
00:14:00
actually want to own part of this
00:14:02
business or the whole of the business
00:14:04
and then third is the owner conversation
00:14:06
have your first conversation with them
00:14:08
like we did with Laura and ask them if
00:14:10
they're interested in growing or if
00:14:12
they're interested in selling or if
00:14:14
they're interested in cutting costs all
00:14:16
of which you could use to buy a business
00:14:18
for $0 and then you give them the offer
00:14:21
which is what I told you now we're not
00:14:22
going to obsess this video on how to
00:14:24
have the owner combo and the offer but I
00:14:26
am going to give you a ton of different
00:14:28
ways to reach out to these independent
00:14:30
business owners hit me in the comments
00:14:32
if you want an entire video watching me
00:14:35
live talk to owners and get them to sell
00:14:37
me their businesses but for now let's go
00:14:39
in to this next idea that I think is
00:14:41
very true you can measure your success
00:14:43
by the number of difficult conversations
00:14:45
you have had the more hard conversations
00:14:47
you have had the likely bigger your bank
00:14:50
account is if you liked this one one you
00:14:53
should open venmo and start messing
00:14:54
around with it right now put this video
00:14:56
on pause come back and watch the rest of
00:14:57
it or I have like nine more of these for
00:15:00
you so let's get into the next one okay
00:15:02
personal p&l review this is sort of the
00:15:04
same idea but where do you spend that
00:15:06
isn't Amazon so this is getting away
00:15:08
from venmo and looking at your bank
00:15:10
statement and your credit card statement
00:15:11
you're going to open up your credit card
00:15:13
statement like this and you're ask
00:15:14
yourself what do I spend on vendors
00:15:16
local small businesses you're going to
00:15:18
get to the owner you're going to find
00:15:19
out if they're profitable if so you're
00:15:21
going to ask yourself do you want to own
00:15:22
it you're going to start working the
00:15:24
process you do the same thing we did the
00:15:26
last time which is who do spend Revenue
00:15:29
value ad but in this version because we
00:15:31
have a wider set because it's our credit
00:15:33
card let's make it a little bit easier
00:15:35
on oursel right the parameters are this
00:15:37
it's not a publicly listed company
00:15:39
because you're not Jeff Bezos you make
00:15:41
sure you can get to the owner it's small
00:15:44
enough that you can actually contribute
00:15:46
like for the average person I think that
00:15:47
typically means somewhere below $10 to
00:15:50
$3 million in Revenue if you're a CEO
00:15:53
yourself you make a lot of money spend a
00:15:55
lot of money you have a business this
00:15:57
could work up to a much higher dollar
00:15:58
amount for you but if you're a normal
00:16:00
everyday Joe then you can do this with
00:16:02
smaller businesses and then you want to
00:16:04
make sure you'd actually want to run
00:16:06
grow or own this company now this is
00:16:09
actually how I bought almost 50% of
00:16:11
strike fire productions for
00:16:13
$10,000 I went to the founder of a
00:16:16
company that managed uh podcasts so it's
00:16:19
a podcast production company and he man
00:16:21
managed one of my podcasts at the time
00:16:23
way back in the day when I had one and I
00:16:25
went to the guy whose name was Jonathan
00:16:26
and I said hey uh are you trying to go
00:16:28
grow your business and I had the exact
00:16:30
same conversation and Jonathan Jonathan
00:16:32
said the magic words which were uh I
00:16:35
love podcast production I love the
00:16:37
operations of this company I hate sales
00:16:39
I hate marketing I hate growing this
00:16:41
business and I go I love those things if
00:16:44
I can grow the business for you can I
00:16:45
take a percentage of it and so this
00:16:47
business ended up paying me somewhere
00:16:49
between $10 and $30,000 a month every
00:16:51
month for a few years before I
00:16:53
eventually sold the business back to
00:16:55
Jonathan so for $10,000 I got hundreds
00:16:58
of thousand of dollars over the course
00:17:00
of a few years now the most interesting
00:17:03
part about this is that you can do it at
00:17:05
all levels of the game I also bought one
00:17:08
half of unconventional Acquisitions from
00:17:09
my former partner over six months I did
00:17:12
a small down payment and I backed up the
00:17:15
rest of the purchase by the company's
00:17:17
assets and I did it all by just looking
00:17:20
at my p&l and seeing where I spent so
00:17:22
download expenses list them all do I
00:17:25
want to own this bad boy have a
00:17:27
conversation with the owner you make the
00:17:29
offer now right about this time is when
00:17:32
I think the words of one of my favorite
00:17:34
billionaires Sam zel come into play
00:17:36
which is that fear and courage are very
00:17:38
closely related and anyone who does not
00:17:40
understand fear does not know courage
00:17:42
and I like the story that he tells and I
00:17:44
think it's the most significant advice
00:17:46
that I've ever seen him give
00:17:47
entrepreneurs the young man is facing
00:17:49
bankruptcy he's about to lose all his
00:17:51
money and he goes to pray to God each
00:17:53
week to let him win the lottery to save
00:17:56
his livelihood and the first week the
00:17:58
man doesn't win the second week he
00:17:59
doesn't win but the third time a
00:18:01
flashlight appears and from up high
00:18:03
comes the voice of God and says you got
00:18:05
to buy a ticket and I don't think he
00:18:07
said the word but he did say you've got
00:18:09
to buy a ticket our goal here is to help
00:18:11
you close a business or buy a business
00:18:14
that is in alignment with your personal
00:18:15
goals of making money of moving of
00:18:18
having Freedom there's a lot of ways to
00:18:20
make that happen but you have to buy the
00:18:22
ticket so I want you to pay attention in
00:18:25
this next one in particular because this
00:18:27
might be one of my favorite ways to find
00:18:30
a small business to buy that is so easy
00:18:33
and yet rarely done I call it the
00:18:36
Rolodex to Roi method so there's a lot
00:18:39
of ways that you can go out and search
00:18:42
businesses but how do you attract
00:18:45
businesses to you that are already for
00:18:47
sale well I think one of the most
00:18:49
important ways is how you define
00:18:52
yourself defines how other people see
00:18:54
you so typically you know when you're
00:18:57
engaging with somebody in a conversation
00:18:58
you ask like what do you do for a living
00:19:00
what what what's been up with you lately
00:19:02
what are you working on right and
00:19:04
normally people say oh I'm good you know
00:19:06
I'm in finance or I uh do YouTube videos
00:19:10
that's what I do what's going on with
00:19:11
you nothing new family's good right
00:19:13
that's how people answer I want you to
00:19:15
change one thing one thing nothing else
00:19:18
besides this oh uh what are you up to
00:19:21
these days I'm buying businesses I'm
00:19:23
buying businesses that are small
00:19:26
businesses located in Austin Texas that
00:19:28
I can help grow with marketing I'm
00:19:31
helping uh small business owners grow
00:19:34
their social media presence and for that
00:19:36
I take some Equity I want you to start
00:19:38
telling people that you buy businesses
00:19:41
that is step one you just tell people
00:19:43
because words have power and a wild
00:19:46
thing will happen to you when you start
00:19:48
sharing with different groups you're
00:19:51
going to realize how many owners you
00:19:52
know you might think right now that you
00:19:54
don't know anybody who wants to sell
00:19:56
their small business you might even
00:19:57
think you don't know anybody who owns a
00:19:58
small business I can pretty much
00:20:00
guarantee you very few things except
00:20:02
that that's not true so I want you to
00:20:04
start telling people hey yeah I buy
00:20:06
businesses tell that to your friends and
00:20:08
family tell that to professionals
00:20:10
attorneys accountants industry specific
00:20:12
individuals tell that to anybody who you
00:20:15
can about explaining that you are trying
00:20:18
to increase your ownership percentage
00:20:20
and you are getting equity for it now
00:20:23
one of the other best ways to get in the
00:20:26
game of buying small businesses is what
00:20:28
I call do you want to get paid for
00:20:29
bringing other people deals now this is
00:20:32
called deal sourcing or third-party deal
00:20:36
sourcing and let's say that right now
00:20:38
you're like Cody I don't know if I want
00:20:39
to buy a business myself maybe I want
00:20:40
part of it but I don't want the whole
00:20:42
thing I don't know if I want to own all
00:20:43
of that what if instead of having to own
00:20:45
or take over the business at all you
00:20:47
could just get paid for bringing people
00:20:50
businesses on what's called a success
00:20:52
fee so what that means is let's say
00:20:56
right now you brought me a business if
00:20:58
that business is something that I
00:21:00
invested in or bought I typically pay a
00:21:03
success fee for closing for like two to
00:21:06
3% of the deal size that I take down and
00:21:11
sometimes if the deals are smaller it
00:21:13
might be more like 10 or $25,000 as
00:21:15
opposed to 2% or 3% so you very quickly
00:21:19
run up the math and you can see wow if I
00:21:21
help Cody close a $3 million deal or a
00:21:24
$10 million deal I can make a lot of
00:21:25
money and if you think that this is
00:21:27
crazy that I do it just know people do
00:21:29
this all over the place this is my
00:21:31
friend Andrew Wilkinson at tiny and if
00:21:33
you send Andrew Wilkinson at tiny a deal
00:21:36
he likes he'll pay you 25,000 as the
00:21:38
base up to hundreds of thousands of
00:21:41
dollars for sourcing him deals that hit
00:21:43
his dealbox so if this is something that
00:21:47
interests you what do you do you start
00:21:49
surrounding yourself with people who buy
00:21:50
businesses you could join the contrarian
00:21:52
community that we have where we buy and
00:21:55
sell businesses all the time you could
00:21:57
be on our email list you could come to
00:21:59
some of our events you could go talk to
00:22:01
people in private Equity identify anyone
00:22:03
in your Professional Network who buys
00:22:06
businesses and then you want to start
00:22:08
engaging with them to see if potentially
00:22:10
you could Source them a deal now let's
00:22:12
say you want to go back to buying the
00:22:14
business yourself what kind of
00:22:16
connections matter well first of all the
00:22:18
most important connection is probably
00:22:20
you want to get around people who
00:22:22
already touch people when they're about
00:22:24
to sell a business there are two A's
00:22:27
that are number one for that attorneys
00:22:29
and accountants boring at a cocktail
00:22:31
party really useful if you want to buy
00:22:32
small businesses so I love to ask my
00:22:35
richest friends who are your best
00:22:38
lawyers and your best accountants and
00:22:40
could you introduce me to them and then
00:22:43
what you start doing is saying to them
00:22:44
hey you know I'm buying businesses in
00:22:47
this space I'm young I'm hungry I want
00:22:50
to take over somebody's business if
00:22:52
anybody comes along that is selling your
00:22:54
business I'd love you to think of me and
00:22:56
surely I will pay a referral fee for any
00:22:58
anybody that we close so this is kind of
00:23:00
interesting because then you can become
00:23:02
the person that sources them a deal
00:23:05
another great way to find businesses to
00:23:07
buy is industry specific individuals so
00:23:10
for instance this is Lloyd silver he
00:23:12
runs my community for me he's a business
00:23:14
broker and he also I taught him how to
00:23:17
buy his first laundromats and he bought
00:23:19
his first laundromat uh through with
00:23:21
creative financing and he got it through
00:23:23
an industry contract uh distributor of
00:23:26
equipment so let's say that you like
00:23:29
working out and you want to buy a gym or
00:23:30
you want to own part of a gym or you
00:23:32
want to own part of a gym equipment
00:23:33
company go where the game is played go
00:23:36
to gym Consultants go to trainers go to
00:23:38
owners of gyms go to trade Association
00:23:40
leaders go to equipment distributors and
00:23:42
gyms any industry that you want to get
00:23:44
in just start telling them the game that
00:23:46
you're playing the other way to win in
00:23:49
buying small businesses is what I call
00:23:50
the center of place strategy so a lot of
00:23:53
people talk about center of influence
00:23:55
strategy COI I talk about Center of
00:23:57
place you want to go go where the deals
00:23:58
are already happening what does this
00:24:00
mean it means private clubs nonprofit
00:24:03
organizations strategic vacation spots
00:24:06
basically anywhere where people with
00:24:08
money hang out deals are getting done
00:24:10
and people own things and so a great
00:24:12
place to be is somewhere where the
00:24:14
business owners are getting close to
00:24:16
retirement and you can be the young
00:24:17
fresh blood for them now at this point
00:24:20
you might go like Cody I ain't got the
00:24:22
money to join a golf membership nor do I
00:24:25
have the interest there's lots of ways
00:24:27
around this for inance
00:24:28
you can usually ask if there's a social
00:24:30
membership usually cheaper than the full
00:24:32
membership you can look for friends who
00:24:34
are members and ask if you can join them
00:24:35
for a future event for instance for a
00:24:37
long time you know my husband Chris was
00:24:39
in the military he didn't have the cash
00:24:41
to join a golf membership so he would
00:24:43
find people who were already members and
00:24:45
then he would you know buy the beers and
00:24:46
go with them golfing you could do the
00:24:47
same thing for deal making join onetime
00:24:51
events open to the public what's Wild is
00:24:53
how often these places want to recruit
00:24:55
and you can sneak your way in there when
00:24:57
they have the one time events open more
00:24:59
than anything I want you to to take this
00:25:01
point in in this moment I have given
00:25:03
thousands of speeches I have taught
00:25:05
thousands and thousands and thousands of
00:25:07
people how to buy businesses we have
00:25:09
people who have done millions and
00:25:10
millions of millions of dollars in deals
00:25:12
people that used to be nurses and
00:25:14
teachers I have found one truth to be
00:25:17
true every room you are in likely has an
00:25:19
owner ready to sell every single room
00:25:23
you are in and so play a game the next
00:25:25
time you are in a room with I don't know
00:25:27
10 to 20 to 50 to 100 people go around
00:25:30
and ask hey you know I buy businesses is
00:25:32
any you know you do own a business would
00:25:34
you ever be interested in selling a
00:25:35
business oh let's talk about it and
00:25:37
you're going to find them all around you
00:25:39
the old truism your network truly is
00:25:41
your net worth is so true but especially
00:25:44
if you want to think about taking over
00:25:46
somebody's already profitable already
00:25:47
cash flowing business now that said I
00:25:50
have this saying that my husband and I
00:25:52
always say back and forth to each other
00:25:54
which is that I'd rather become so good
00:25:55
they can't ignore me not Network so hard
00:25:58
finally meet them I always think owning
00:26:00
the club better than waiting in line but
00:26:02
in this particular instance until you
00:26:04
are so good that they can't ignore you
00:26:07
it's fine to network hard so that you
00:26:09
meet them so we've given you like three
00:26:11
ways to do deals where you're getting
00:26:13
your hands dirty a little bit you're
00:26:15
going out and touching deals it looks
00:26:16
like you can talk to people maybe even
00:26:17
get a business for Zer but how do you
00:26:20
press the Easy Button how would you do
00:26:23
it if you wanted to buy a business with
00:26:24
essentially one or a few clicks now in
00:26:27
Deal sour in or what's called
00:26:29
origination which is a fancy private
00:26:30
Equity term for finding businesses to
00:26:33
buy there are really two ways to buy
00:26:36
businesses there's an on-market deal and
00:26:39
an off-market deal the only way I really
00:26:42
don't want you to buy a business is this
00:26:45
what's called Spray and prey spray and
00:26:47
prey is when an investor has no real
00:26:49
plan they kind of like throw a bunch of
00:26:51
money or time at a bunch of deals by the
00:26:53
end of this video I want you to pick
00:26:55
like one two or Max three strategies you
00:26:58
want to use because hope is not a
00:27:00
strategy and too many strategies is
00:27:02
almost as bad as no strategies so all
00:27:05
the business strategies we just talked
00:27:07
about for finding businesses to buy are
00:27:09
off-market Deals off-market Deals
00:27:12
basically mean the businesses aren't
00:27:14
advertised to the public you can't
00:27:16
oneclick see them for sale and you can't
00:27:18
see all of the information about them
00:27:22
but they are probably going to be
00:27:24
cheaper often you can have better
00:27:26
negotiation you're not going to have as
00:27:28
much competition they may be harder to
00:27:30
get to with no Clear Sight to how much
00:27:33
money they make or what's going on in
00:27:35
the business but because of that you
00:27:37
might get a better deal which is why I
00:27:38
do a lot of off-market Deal Searching I
00:27:40
kind of think about it like door
00:27:42
knocking like Realtors used to do to go
00:27:43
see if you wanted to sell your house but
00:27:45
for small businesses the second way to
00:27:48
do it the oneclick way are on Market
00:27:50
deals those are businesses that are
00:27:52
already for sale the owner knows they
00:27:54
want to sell they're publicly listed
00:27:56
businesses and they're actively
00:27:58
advertise for sale just like they would
00:28:00
be on Zillow if you were going to go
00:28:01
sell a house now there's lots of Pros to
00:28:04
this visibility transparency could be
00:28:07
faster the problem with onm Market deals
00:28:09
sometimes is there's lots of other
00:28:11
people looking to buy them and it might
00:28:13
be harder to do creative structuring or
00:28:15
get deals for zero dollar or little
00:28:17
dollars so basically I think about it
00:28:18
like a teeter totter if I have more time
00:28:21
but less money I might want to go off
00:28:23
Market to find my deals if I have more
00:28:26
money less time I might want to go go on
00:28:28
Market to find deals it really doesn't
00:28:31
matter and let me tell you why because
00:28:33
unlike real estate you can make money
00:28:36
lots of ways in buying a small business
00:28:38
so if you own real estate the only way
00:28:40
you can really make money is getting a
00:28:42
good deal when you buy and waiting a
00:28:44
long time yeah you could like you know
00:28:46
redo the house you could add on to it
00:28:49
but you're really probably not going to
00:28:51
be able to 10x or 50x your return in a
00:28:55
real estate transaction unless you wait
00:28:56
a really long time for small businesses
00:28:59
that's not the case so even if you pay a
00:29:01
little bit more or even if you have to
00:29:02
work a little bit more to get the deal
00:29:04
done you have way more upside because
00:29:07
you know real estate only Grows by like
00:29:08
three to four to maybe sometimes in
00:29:11
great markets Max 10% a year whereas
00:29:13
small businesses can grow a lot more
00:29:15
than that so both work your choice the
00:29:19
real goal here is just which side of the
00:29:20
Teeter Totter do you want to be on the
00:29:22
nino5 strategy it's really good this
00:29:25
strategy is where you look around at
00:29:29
your
00:29:30
workplace and you ask yourself would I
00:29:33
want to own this business would I want
00:29:35
to own any of our vendors would I want
00:29:37
to own any of our suppliers it's
00:29:39
basically taking your employee hat and
00:29:41
thinking can you turn it into an owner
00:29:43
framework by buying part of the business
00:29:45
you work in and starting conversations
00:29:48
with your boss who is retiring now if
00:29:50
you don't think this is likely I'm going
00:29:51
to give you a few examples we've got Jay
00:29:54
who I taught personally to buy a
00:29:56
business that makes $ 1.5 million a year
00:29:58
in revenue and the seller was her former
00:30:01
coworker and he financed the whole deal
00:30:03
for her then you've also got really
00:30:05
public deals for instance one of the
00:30:07
richest billionaires in the world Wayne
00:30:09
Wayne hinga who started Waste Management
00:30:11
the trash company he bought part of his
00:30:14
very first trash company from the
00:30:16
company that he worked with at the time
00:30:18
you also have this guy Arty Moreno one
00:30:21
of the uh other richest men in the US
00:30:23
who also owns a baseball team and Ry
00:30:26
Moreno worked in an outdoor billboard
00:30:28
advertising company and then he and a
00:30:31
colleague got together Arty was the
00:30:33
sweat and the hard work the other guy
00:30:35
was the money and they bought their
00:30:36
company out from their employer now he
00:30:39
has bought billboard companies all over
00:30:41
the country if you haven't read about
00:30:43
Ted Turner this is like Ted's old now
00:30:45
but Ted is the creator of CNN and Turner
00:30:48
Broadcast News and TBS and was like the
00:30:51
creator of probably one of the biggest
00:30:53
media companies of all time and he came
00:30:55
from really nothing super blue collar
00:30:58
and then his dad right before he died
00:31:01
ran a business a Billard business that
00:31:03
Ted Turner worked at and Ted Turner's
00:31:06
dad sadly killed himself and before he
00:31:10
killed himself he sold the business to
00:31:12
somebody else and so Ted worked at the
00:31:14
business couldn't run it anymore but he
00:31:16
figured out a way to buy back the
00:31:18
business from the other guy as an
00:31:20
employee using a percentage of future
00:31:22
profits so this happens all over the
00:31:24
place now you might be asking why would
00:31:26
anybody do that well let's let's take
00:31:29
Jay's story so her old coworker
00:31:32
originally wanted her to run the company
00:31:34
for him because he already had a real
00:31:37
estate company and he and her had worked
00:31:40
together in the past and then he was
00:31:43
basically like wait a second Jay why
00:31:45
don't you just run my company for me can
00:31:47
you just run this thing and she was like
00:31:48
you know what because she had talked to
00:31:50
me she said I'm not interested in
00:31:52
running other people's companies so he
00:31:54
asked if she wanted to buy it and she
00:31:56
said yes so what's fascinating is he was
00:32:00
like listen I was going to have you run
00:32:01
it but I'm actually I'm ready to retire
00:32:03
and my wife really wants me to go ski
00:32:07
and hang out and so as soon as we're
00:32:09
ready to retire in a few years let's set
00:32:11
it up and we'll sell the business to you
00:32:12
and that's exactly what happened it took
00:32:14
them a few years to get the business
00:32:15
done but then he sold the entire
00:32:18
business to her and she didn't have to
00:32:19
put any money down which is really cool
00:32:21
I think one of the keys to doing this
00:32:23
it's so important for this generation My
00:32:25
Generation you guys to know is you want
00:32:28
to be an excellent worker in a lot of
00:32:30
ways and an excellent employee and an
00:32:32
excellent cooworker because if you the
00:32:34
type of person who reaches out to others
00:32:36
when you don't need something people
00:32:38
remember that and the the game of
00:32:40
business sales is really just a transfer
00:32:43
of trust back and forth and so make sure
00:32:46
that you are not the employee that
00:32:47
people would never sell something to if
00:32:49
you want to use the 9-to-5 strategy now
00:32:51
let me lay out for you exactly what the
00:32:55
owner profile would be for somebody who
00:32:58
is willing to sell you their business
00:33:00
and also potentially do it totally
00:33:02
creatively financed or big creative
00:33:04
Finance so you don't have to put up the
00:33:06
cash in this instance Jay had the
00:33:09
perfect seller financing Avatar so the
00:33:11
seller that would be most likely to do
00:33:12
all this the seller didn't have kids to
00:33:15
take over the business he thought about
00:33:17
selling to an employee but wasn't 100%
00:33:19
sure the other guy could run the company
00:33:21
the business had very few prospective
00:33:23
buyers nobody wanted to buy the thing he
00:33:25
was kind of tired burned out ready to ex
00:33:27
it about to retire a little older now he
00:33:30
could have sold to a private Equity
00:33:31
company but he wanted his employees to
00:33:34
be taken care of and he wasn't sure how
00:33:36
much work the private Equity deal would
00:33:37
be this happens more than you ever know
00:33:40
if you are young right now and watching
00:33:42
this video and you are hungry and
00:33:43
hardworking let me tell you because I
00:33:45
own many businesses I have given a
00:33:48
business back to one of the people that
00:33:50
worked with me in it because the
00:33:52
business was too small for me but they
00:33:54
were super hardworking I want you to
00:33:56
open your your aperture to think
00:33:58
differently about the fact that not
00:34:00
everything has to be a monetary
00:34:01
transaction Jay was able to take over
00:34:03
this business using an agreement to pay
00:34:05
the owner back over 10 years using
00:34:07
profits of the business which is really
00:34:08
really cool the nineo fivr strategy
00:34:11
basically has five points that look very
00:34:13
similar to the other strategies we talk
00:34:15
about first you look at your company and
00:34:16
you ask is this a company that's small
00:34:19
enough for me to potentially buy it does
00:34:21
the owner fit the seller financing
00:34:23
seller Avatar then you look at your
00:34:25
co-workers and you're like hm what other
00:34:27
other companies opportunities vendors
00:34:31
might these co-workers have of mine list
00:34:33
them out then you ask yourself but I
00:34:36
want to own any of these companies the
00:34:37
one I work for the ones my co-workers
00:34:39
have on the side then you have a
00:34:41
conversation with the owner of the
00:34:42
business you work for maybe some of your
00:34:44
vendors and finally you put together the
00:34:45
offer five steps to you turning your 9
00:34:48
to-5 into hopefully five figures a month
00:34:51
or more the next strategy you guys
00:34:53
should know about because we're here on
00:34:54
YouTube right now it's it's called
00:34:56
social media the number number one
00:34:58
reason that I create YouTubes non-stop
00:35:00
if you haven't seen me say this before
00:35:02
is because I am increasing deal flow of
00:35:04
small businesses to me I create content
00:35:07
so that for free everywhere like all
00:35:11
over the place we we spend hundreds of
00:35:12
thousands of dollars a month creating
00:35:14
free content about how to buy and sell
00:35:15
businesses why so that people who are
00:35:18
selling their business will come and
00:35:19
sell them to me and also so if I want to
00:35:22
sell a business I have built-in
00:35:24
investors and buyers and simultaneously
00:35:26
because I do believe that more of you
00:35:28
should own your small community you
00:35:30
should own the businesses in your
00:35:32
community not Starbucks Walmart Target
00:35:35
own everything and so social media is
00:35:38
really interesting because unlike
00:35:41
sometimes how I use it social media
00:35:43
isn't just for cat videos you can
00:35:46
actually attract things to you and a
00:35:48
perfect example would be look at a
00:35:50
couple of these videos we had that are
00:35:52
about small businesses that I actually
00:35:54
got asked to invest in or found the deal
00:35:56
because of social media
00:35:58
so what I want you to do first is super
00:35:59
super easy you'd optimize your profile
00:36:01
so if you really want to buy a business
00:36:03
make sure your profile says that I buy
00:36:05
businesses that are X or Y or Z that's
00:36:08
it I want you to then post updates about
00:36:11
your acquisition Journey tag me in them
00:36:13
I'll reshare them to see if you can get
00:36:15
more people focusing on what you're
00:36:17
doing all I want you to do is clearly
00:36:19
articulate what type of businesses you
00:36:22
want to buy and that you are looking to
00:36:24
buy small businesses that's it something
00:36:26
like this LinkedIn a great place to do
00:36:28
it so is Facebook actually I know like I
00:36:31
kind of thought Facebook was dead but
00:36:33
space Facebook is perfect because the
00:36:34
average small business owner is 65 plus
00:36:37
years old which means that they are
00:36:39
perfect in the Facebook sphere because
00:36:41
the average Facebook user is like 45
00:36:43
plus so LinkedIn Facebook amazing now
00:36:46
that's going to have people get
00:36:47
attracted to you that's the first step
00:36:50
of acquisition the second step is search
00:36:54
now uh I thought LinkedIn was kind of
00:36:57
dead I really don't do much on LinkedIn
00:37:00
personally I post content on there but I
00:37:02
wasn't hanging out on LinkedIn but then
00:37:04
I started realizing that you can
00:37:06
actually go and find sellers of
00:37:08
businesses all over LinkedIn for
00:37:10
instance I was looking to buy a
00:37:12
landscaping company and look what I did
00:37:13
I just typed in landscaping company
00:37:16
located in uh New Jersey or
00:37:18
Massachusetts and what happened a bunch
00:37:21
of presidents and owners of landscaping
00:37:23
companies popped up these people want to
00:37:25
be found by customers and now they're
00:37:27
going to be found by you the potential
00:37:29
buyer this is a guy by the name of
00:37:32
Aubrey who's in our community and um and
00:37:34
it was perfect he basically said one of
00:37:37
his posts on LinkedIn was found by a
00:37:41
family office that has a couple billion
00:37:43
dollars under management and he wants to
00:37:46
invest in his next deal which is huge so
00:37:50
post on LinkedIn and you might be
00:37:52
surprised who comes along at this point
00:37:54
people typically ask okay well now that
00:37:56
I found the businesses to reach out to
00:37:58
even on LinkedIn what do I say maybe
00:37:59
I'll do an entire video on this let me
00:38:01
know in the comments if you want a full
00:38:03
video on how to reach out specifically
00:38:04
to sellers but let me give you one exact
00:38:07
template first here's an exact template
00:38:09
I have used on LinkedIn to reach out to
00:38:11
people okay the direct message kind of
00:38:14
goes like this hi thanks for the
00:38:16
connection I love seeing you share about
00:38:18
your landscaping business how long have
00:38:20
you been in business so it's like I'm
00:38:22
not asking for anything uh he sees that
00:38:24
I'm seeing the stuff that he posts I'm
00:38:26
kind of hands off on it then the next
00:38:29
interaction might be something like
00:38:31
that's amazing uh I also own a
00:38:33
landscaping business or I work in a
00:38:35
landscaping business or I'm buying a
00:38:37
landscaping business have you ever
00:38:38
thought about selling you know I'd love
00:38:40
to talk to you about it we could always
00:38:42
get together and I could tell you kind
00:38:43
of what I've found in the space since
00:38:44
I'm looking at a ton of businesses just
00:38:46
like yours that's it short and sweet
00:38:51
another secret hack is to explore
00:38:53
Facebook business listings or Pages look
00:38:56
at these if you Google Facebook
00:38:59
Landscaping groups you're going to find
00:39:01
a ton of them and you can direct message
00:39:05
them and they respond because they're
00:39:06
looking for customers and so here
00:39:08
Gonzalez Landscaping quick little follow
00:39:12
little DM and you might be able to get
00:39:13
right to the owner another sneaky way
00:39:15
that one of our members did it in the
00:39:16
community that I loved was once you
00:39:19
become kind of a pro at this so let's
00:39:20
say you've started reaching out maybe
00:39:22
you've done your first deal or two you
00:39:24
can host webinars or live sessions to
00:39:26
kind of talk about here's how I grow
00:39:28
Landscaping businesses or if you're ever
00:39:30
thinking about selling a business here's
00:39:32
how I talk to people about how to
00:39:34
increase the price of a business for
00:39:36
sale now this is a little 202 level but
00:39:38
I know some of you watching right now
00:39:40
are 202 level and so this is really
00:39:43
fascinating because you don't need very
00:39:44
many people to show up you need the
00:39:46
right people to show up and who is going
00:39:48
to show up for a webinar on how to sell
00:39:51
your landscaping business probably
00:39:53
Landscaping Company owners which might
00:39:55
be what you want to buy I think that
00:39:58
attention is the new currency nval ravan
00:40:01
said if you want to be rich in the 1800s
00:40:03
you did it with labor in the 1900s with
00:40:06
capital now you do it with code I'd add
00:40:08
in the two 2000s you do it with audience
00:40:12
and social media can attract all the
00:40:14
things to you and also allow you to
00:40:16
search which is super super important
00:40:19
there's actually a database that is so
00:40:23
useful yet free that I wish more people
00:40:26
talked about and nobody does and also
00:40:28
secret hack way better to work at than a
00:40:30
Starbucks and it is your local library
00:40:33
what's Wild is your local library has
00:40:35
access to digital databases where you
00:40:37
can go in or access them online one of
00:40:40
the most important ones in my mind are
00:40:43
databases like this reference Solutions
00:40:46
which basically has a toz resources on
00:40:49
varying Industries and businesses and
00:40:51
you get it for free these business
00:40:54
directories usually come from the
00:40:56
government and are really EXP expensive
00:40:57
to get into but you can go to your local
00:40:59
library and have a list of all the
00:41:01
companies within your target area and
00:41:03
then reach out to them individually like
00:41:05
cold calling the reason why I like this
00:41:08
is because think about it this way like
00:41:10
lots of people online on YouTube talk
00:41:11
about um cold calling and growing your
00:41:14
business through cold calling or through
00:41:17
cold email or through Twitter yeah you
00:41:20
could do that and you could cold call in
00:41:22
order to grow your small startup or you
00:41:25
could make one phone call that could
00:41:27
make you Millions because you are cold
00:41:30
calling for a business to buy totally
00:41:33
different game maybe one of my most
00:41:35
frequently asked questions besides where
00:41:37
do I find a business to buy is how do I
00:41:40
find a mentor how do I find a mentor to
00:41:43
help me I think that there's a little
00:41:46
bit of a wrong question there I think
00:41:48
you need three types of mentors you need
00:41:50
an up andc Comer with hustle I think L
00:41:52
youth teaches you a lot especially with
00:41:54
technology today you need a same level
00:41:57
player so that you can learn together
00:41:59
and you need a billionaire to your
00:42:00
millionaire you need somebody who's like
00:42:02
a few steps ahead of you wherever you're
00:42:03
at and so one I would say you don't need
00:42:06
one Mentor you need three and the best
00:42:09
way to find mentors is go where people
00:42:11
are already buying businesses I would
00:42:13
probably go to our Facebook page where
00:42:15
we have a Facebook page all about buying
00:42:17
businesses if you have a serious intent
00:42:20
to buy a business I would click the link
00:42:22
below and you can figure out if you
00:42:24
should maybe take one of our courses on
00:42:26
it maybe join in the community or if you
00:42:28
want to do it all for free there's a
00:42:29
free newsletter below too that is all
00:42:31
about how to buy a small business every
00:42:33
single week information comes out on it
00:42:36
if you want to be rich hang out with the
00:42:38
rich it turns out success is contagious
00:42:40
if you want to buy a business hang out
00:42:42
with people who own businesses or have
00:42:43
already bought businesses it's not
00:42:45
rocket science but we don't do it that
00:42:47
often I think stealing people's 10,000
00:42:49
hours helps you collapse decades into
00:42:52
days and anytime you can do that life
00:42:55
gets a little bit easier the last
00:42:57
two are so important in a way I hate
00:43:00
this word but it's really necessary and
00:43:03
that word is networking so how do you
00:43:06
not just Network though but how do you
00:43:08
leverage networking organizations to
00:43:10
find off-market deals so good that you
00:43:13
feel a little guilty for getting access
00:43:15
to them that's the idea here let me tell
00:43:17
you a hard truth the way you do this is
00:43:19
by going to networking organizations
00:43:21
that you're going to think are boring
00:43:22
these are not fun parties there's no I
00:43:25
took a bill pill and a Visa here we not
00:43:27
hanging out at some cool coffee shop the
00:43:30
average small business owner is 65 plus
00:43:32
you got to go where they hang out and uh
00:43:34
it's typically Not a Hipster Cafe so I
00:43:37
like going to Chamber of Commerce events
00:43:39
you can become a member if you own a
00:43:41
small business but you could also just
00:43:42
jump in and out of the events mixers and
00:43:44
networking sessions there's a lot of
00:43:46
them they're in almost every city in the
00:43:48
US and in most of the world and because
00:43:51
they have these little events that are
00:43:53
pretty poorly attended usually you can
00:43:56
really infiltrate and just start doing
00:43:58
what I said in the beginning you define
00:44:00
who you are with the words that you
00:44:02
speak and so make sure you're telling
00:44:04
people that you're looking for
00:44:05
businesses to buy now you will be bored
00:44:09
but billions are found in the boring so
00:44:10
I think you're going to be okay a couple
00:44:12
other cool things the Chamber of
00:44:14
Commerce does that you would probably
00:44:15
never think of attending but actually
00:44:17
has a ton of small business owners go to
00:44:19
ribbon cutting Ceremonies for new
00:44:21
businesses in your area these events
00:44:23
provide sort of an informal setting to
00:44:25
make connections but you can also so
00:44:27
then access the chamber's member
00:44:29
directories if you join or if you become
00:44:31
friends with a member just ask to kind
00:44:33
of see who else is in the group and you
00:44:35
can have access to a list of all the
00:44:37
local small business owners by you then
00:44:41
you narrow down the people you want to
00:44:42
speak to depending on what kind of
00:44:44
business you want to buy the second uh
00:44:47
organization that's interesting to think
00:44:49
about joining are varying types of
00:44:51
service organizations so think like
00:44:53
rotary or Social Service volunteer type
00:44:56
organizations Church organizations great
00:44:59
way to connect with other leaders in
00:45:00
your community typically if they're
00:45:02
leaders in the church or in rotary or in
00:45:04
service that means they have some extra
00:45:05
spare time it also means that they're
00:45:07
willing to do the hard work which has a
00:45:09
high likelihood of them being an owner
00:45:11
or knowing a bunch of local owners in
00:45:13
the community this is a very specific
00:45:15
one it's called BNI business Network
00:45:17
International it's I mean look at this
00:45:19
picture it's got clip bar all over it
00:45:21
the website's not pretty and yet it is
00:45:24
huge for business relationships you can
00:45:27
actually schedule one-on-one meetings as
00:45:29
a member and because of that they have
00:45:31
this referral system to exchange
00:45:33
business leads you can do workshops and
00:45:35
trainings and there's a bunch of other
00:45:37
organizations like this there's one
00:45:39
called YPO young professionals
00:45:41
organization we have one called the
00:45:42
contrarian Community there's EO which is
00:45:45
entrepreneurs organization if you're
00:45:46
super rich you can join tiger 21 where
00:45:49
to be a member you have to have at least
00:45:51
a $20 million net worth all of these are
00:45:53
going to be filled with owners and they
00:45:55
might just be your perfect to off Market
00:45:58
deals all I'll say here is when you go
00:46:00
in just be cool try to never use the
00:46:02
word networking it's it's lame I think
00:46:04
this is my favorite so you guys are
00:46:06
going to want to stick for this one I
00:46:08
call this expertise to equity and I have
00:46:11
an entire video that I'm thinking of
00:46:13
putting together on top of this if if
00:46:14
you guys want now what do I mean by
00:46:16
expertise to equity there's three ways
00:46:18
to buy a business in my opinion you can
00:46:20
use money uh the most common way people
00:46:22
think to buy a business either your
00:46:23
money or somebody else's you can use
00:46:26
time time so that's like Sweat Equity
00:46:28
like I'll do all the stuff you don't
00:46:29
want to do I'll work hard for you and
00:46:31
then there's expertise and expertise is
00:46:34
a little bit better than sweat because
00:46:36
there's some leverage associated with it
00:46:38
for instance when I bought part of
00:46:40
strike fire Productions it wasn't my
00:46:42
sweat I was using I knew a couple of
00:46:44
people that if I hooked him up with
00:46:46
certain Partnerships he would grow the
00:46:47
business that's using my expertise to
00:46:50
get equity in his business and I'm not
00:46:52
alone in this karun who's part of our
00:46:55
contrarian community said this about it
00:46:57
he basically has now bought seven law
00:47:00
firms located in Australia and he was
00:47:02
like how did I do it while not using
00:47:05
much at all of my own money step one
00:47:07
he's like I became indispensable to my
00:47:10
own business and then with an owner that
00:47:12
was ready to retire I asked to take over
00:47:14
the business then I did the same thing
00:47:16
in another business I became
00:47:17
indispensable to them in some way then I
00:47:19
asked for Equity then I signed the
00:47:21
paperwork and we also had Ross Crandle
00:47:24
do the same thing so you know this story
00:47:26
is fascina he basically had a friend of
00:47:28
his looking for someone to help Drive
00:47:30
sales and Ross is like you need to do
00:47:33
more online marketing and his friend was
00:47:35
you know like well you know do you want
00:47:37
to do it and Ross wasn't sure took a
00:47:40
moment which is smart to figure out what
00:47:42
the deal exactly would be but then a few
00:47:45
weeks later he said yes and the way he
00:47:47
split it was super interesting so
00:47:50
basically Ross owns 50% of the business
00:47:53
the guy runs an ebike shop and Retail
00:47:55
location so Ross doesn't get any of that
00:47:58
revenue or cash flow but Ross gets to
00:48:01
own 50% of the business because he owns
00:48:04
the online store so if you buy anything
00:48:06
online Ross gets 100% on that if you buy
00:48:09
anything in person the other guy gets
00:48:11
100% on that which is super interesting
00:48:13
what's interesting overall is because
00:48:16
the sales are split right down the
00:48:17
middle you get to share expenses but he
00:48:21
you know pays most if not all of it this
00:48:22
is just one way to structure an
00:48:24
expertise to equity deal now you've got
00:48:26
all these ways to buy a business but
00:48:28
let's think about how do we create the
00:48:29
right habits to do this consistently
00:48:31
until you guys buy a business and
00:48:33
eventually an Empire and a eventually
00:48:35
more businesses and you become like this
00:48:37
guy who's the richest guy in the world
00:48:39
who by the way this guy do you know how
00:48:41
he made all his money this is Bernardo
00:48:42
not he is the CEO and owner of lvmh
00:48:46
Louis Vuitton moette Hennessy and he did
00:48:49
not start any of these businesses he
00:48:51
bought them he bought sort of defunct
00:48:53
businesses like Christian Dior that
00:48:55
weren't doing very good compiled them
00:48:57
all together and made an Empire and he
00:48:59
did that by having the right habits
00:49:01
continuously for deal sourcing I think
00:49:04
that if you want to have real success in
00:49:07
life you have to figure out the deal
00:49:10
origination process you have to figure
00:49:11
out how to continuously get better deals
00:49:14
to you you don't need to do that for
00:49:15
your first $10,000 in monthly Revenue
00:49:18
you can just do one deal with one deal
00:49:20
you can get $10,000 a monthly income
00:49:22
I've definitely done that but if you
00:49:23
want to hit those seven figures
00:49:25
consistently you're going to need to
00:49:27
look at hundreds of deals and do this
00:49:30
often so it's not like a one-time thing
00:49:32
just like you can't sell something once
00:49:34
in a business and expect to never sell
00:49:35
anything again and you'll be worth
00:49:37
millions you're going to have to be
00:49:39
active so I use a couple of different
00:49:41
things in order to do that this one is
00:49:44
nothing more than a little app so
00:49:46
basically you can see here I use an app
00:49:48
on my phone right here and the app looks
00:49:51
something like this it just monitors
00:49:53
your daily habits and I hit the circle
00:49:56
for every day that I do the habits that
00:49:58
I want so right now those habits for me
00:50:00
are am I looking for a certain business
00:50:02
every day I click on the circle the
00:50:04
second that I've done that continuously
00:50:06
um have I read up on the industry every
00:50:09
single day I click the circle as soon as
00:50:10
that's done I have some health stuff on
00:50:12
there too but apps monitor habits what
00:50:15
gets monitored gets managed what gets
00:50:17
managed gets executed on the second way
00:50:19
this is pretty cool uh I found this from
00:50:21
a guy on Twitter and we have our own
00:50:23
version of it is just an activity
00:50:25
tracker so if you guys have ever on
00:50:26
sales right you track like the number of
00:50:28
phone calls that you made the number of
00:50:30
phone calls that picked up how long
00:50:32
maybe you were on the phone for back
00:50:34
when I was in sales I had to do that
00:50:35
aggressively well they do the same thing
00:50:38
with tracking deals so basically how
00:50:40
many phone calls have they made how many
00:50:42
have been connected how many emails have
00:50:44
been set how many intro meetings have
00:50:47
been had all the way to how many deals
00:50:49
have been closed and what was our
00:50:51
success rate and I find that if you are
00:50:54
able to keep a scorecard in the things
00:50:56
that you car care about in life your
00:50:58
score goes up you know just like in
00:51:00
sports if we didn't keep score we
00:51:02
probably wouldn't try to win that much
00:51:05
and so just keep a scorecard I think
00:51:07
finding businesses is one of the most
00:51:09
timec consuming steps of the entire
00:51:11
process because you want to find the
00:51:13
right deal but now you have so many
00:51:15
Tools in your toolkit to do it I just
00:51:18
want you to be consistent with your
00:51:20
search there's a famous saying from
00:51:22
Charlie Munger who says uh you can't get
00:51:25
a baby in one month by getting nine
00:51:27
women pregnant doesn't work with that
00:51:30
you have to have the patients to take
00:51:33
nine months or get what we call in
00:51:35
finance the saying is pregnant with a
00:51:37
deal and the stages of pregnancy kind of
00:51:40
do go like this in the beginning you're
00:51:41
like woo this kind of sounds like a lot
00:51:44
and then at the end you're like oh my
00:51:45
gosh we have a baby I can't believe I
00:51:48
ever doubted this it's the best thing
00:51:50
that ever happen to me and that's the
00:51:51
same thing with doing deals so regular
00:51:54
Deal Searching equals a full pipeline I
00:51:57
ask myself this question a lot when I
00:51:59
don't want to do something and the
00:52:02
question is simply this do you want to
00:52:03
have fun or do you want to be rich in
00:52:05
this moment now I tend to think that the
00:52:08
person who has the most fun in life wins
00:52:11
over time and that no amount of money
00:52:13
will be enough but I also kind of
00:52:15
chuckle and go well let's get the money
00:52:16
first and then we'll figure it out and I
00:52:18
have found that after you make your
00:52:19
first
00:52:20
$500,000 your happiness kind of it
00:52:23
tapers off but that first $500,000 is
00:52:27
lifechanging and I think you should
00:52:28
unapologetically chase after it with
00:52:30
everything you got I want you to have
00:52:32
really clear goals clearly defined goals
00:52:35
lead to clearly met expectations so you
00:52:39
can use our goal tracker we actually
00:52:41
have this here for you which lists the
00:52:44
number of businesses you want to find
00:52:47
per week the number of business listings
00:52:49
you've reviewed and this is important
00:52:51
because in the beginning you want to get
00:52:52
lots of reps in you know just like you
00:52:54
don't expect to sell something on the
00:52:55
first cold call right so you're going to
00:52:57
start identifying some patterns and then
00:52:59
I want you to keep a list of how many
00:53:01
deals fall into a deal that would be
00:53:04
interesting for you so it's not just
00:53:06
like oh yeah I found a business for sale
00:53:07
but it's a trash business in Kentucky I
00:53:10
don't want that that doesn't count as
00:53:11
that type of business so you can use our
00:53:13
goal tracker for that then I want you to
00:53:16
have a number for how many follow-ups
00:53:19
when Brokers or sellers don't respond to
00:53:22
you you know just like if you want to
00:53:23
get married and find the perfect partner
00:53:26
for you you don't expect that person to
00:53:28
probably say yes to getting married day
00:53:29
one maybe they don't even say yes to a
00:53:31
date on day one so you're going to have
00:53:32
to have some follow-up items as well and
00:53:35
it looks like this it's super simple we
00:53:37
use a notion tracker but the the goal
00:53:40
here is be consistent measure your work
00:53:43
and you will meet your expectations or
00:53:45
outcome the other thing I want to keep
00:53:47
as real in your head is sometimes it
00:53:50
helps to look at failures of those who
00:53:52
have had a lot of success not just those
00:53:54
who have won continuously like for
00:53:57
instance Emily shared the other day that
00:53:59
she actually passed on a business it was
00:54:01
too risky you know they didn't like the
00:54:04
the numbers that they found they had a
00:54:06
bunch of people in the mix the
00:54:08
financials didn't seem right and I like
00:54:11
them sharing their are quote unquote
00:54:13
failures like this because when the win
00:54:16
happens you kind of look back on all of
00:54:18
this and it's a mark of appreciation for
00:54:21
how hard you'd work you've worked but
00:54:23
you also need to celebrate the most
00:54:25
important thing which is uh Warren
00:54:26
Buffett always said the best deals I
00:54:28
ever did were some of the deals I didn't
00:54:30
do and so remembering that you learning
00:54:32
what a good business looks like and a
00:54:34
bad business looks like is really
00:54:35
important too I remember a billion years
00:54:38
ago I met Tony Robbins and um he said
00:54:41
this line to me that has stuck with me
00:54:44
and the line was if you say that won't
00:54:46
work for me it won't and so I've always
00:54:49
changed it to how could that work for me
00:54:53
because then it might work for you and
00:54:55
so I want you to think about how can we
00:54:58
do what most people will not do which is
00:55:01
put in the work past when it's hard past
00:55:04
when you don't want to pass when you
00:55:06
feel like you might not be able to
00:55:07
accomplish it you're probably not where
00:55:09
you want to be because you haven't done
00:55:10
what is necessary yet it's a very hard
00:55:13
truth there's very few problems because
00:55:15
of other people and many problems
00:55:16
because of you and many problems because
00:55:18
of me for myself so accountability
00:55:21
really matters so we gave you a bunch of
00:55:23
methods for how to find a business to
00:55:25
buy but one of my favorite things to do
00:55:28
is track what I have been doing I think
00:55:31
keeping track of your deal flow is what
00:55:33
separates people who win and people who
00:55:35
lose over time so I use something called
00:55:37
the contrarian deal flow funnel and it
00:55:39
kind of looks like this you have the
00:55:41
initial Outreach that's the top of the
00:55:43
funnel where you review potential
00:55:45
businesses then you sign an NDA what's a
00:55:49
non-disclosure agreement then you kind
00:55:50
of analyze what the business looks like
00:55:52
under the hood then you make an offer
00:55:54
and then finally your offer gets
00:55:56
accepted and the deal gets closed so as
00:55:58
you can imagine you start with a lot at
00:56:00
the top but then the more deals you look
00:56:02
at you have a very small number at the
00:56:04
bottom until you finally get the deal
00:56:05
that is perfect for you the secret here
00:56:08
is when you have the right volume of
00:56:09
deal flow you'll need to manage that
00:56:12
properly but when you have the right
00:56:14
volume it's very likely that you will
00:56:16
have the right success so this is what's
00:56:18
called a numbers game the higher your
00:56:19
activity level the higher your success
00:56:22
level would be now there's not a lot you
00:56:24
need to keep track of at this stage but
00:56:27
I want to show you some of them so at
00:56:29
the very top stage the early two stages
00:56:33
let's say you want to keep track of like
00:56:35
what's the name of the business what
00:56:36
industry is it in is an on or off Market
00:56:39
deal how much money does it make and how
00:56:42
much do you think you're going to offer
00:56:43
for it or how are you going to finance
00:56:44
the deal and how much cash flow is it
00:56:46
going to give you in your pocket that's
00:56:48
all I'd keep track of you know five or
00:56:50
six things at the end stages there's
00:56:52
going to be more details you're going to
00:56:53
have kind of your notes back and forth
00:56:55
you're going to want to to understand
00:56:56
the customer base you're going to want
00:56:58
to understand how the business runs
00:56:59
you're going to want to understand how
00:57:01
many employees they have maybe profit
00:57:03
and loss statement so all the financials
00:57:05
of the business so in the beginning you
00:57:07
don't need all that you need five things
00:57:09
and then as you get farther along you
00:57:11
can have a longer list of what's called
00:57:13
due diligence material or things that
00:57:14
you need consistently over time most
00:57:16
deals die at the altar of no followup
00:57:21
and so just like you know persistence is
00:57:23
really hard to beat actually I think if
00:57:26
I could have one skill set magically
00:57:29
placed upon anybody who works with me
00:57:32
and myself in order to have success it
00:57:34
would be persistence it would be like do
00:57:36
they just not give up and so if you can
00:57:38
have a process for following up with all
00:57:40
the people that you are potentially
00:57:41
interested in buying a business from you
00:57:43
won't need to have so many people in
00:57:45
your pipeline because persistence
00:57:47
usually wins the game you can steal my
00:57:49
homework which is your contrarian deal
00:57:52
sourcing CRM right here and this CRM is
00:57:56
very simple notion tracker of everything
00:57:58
I think you need in order to close a
00:58:00
small business but then most people ask
00:58:02
me how long will it actually take to
00:58:05
acquire a business so I broke it down
00:58:07
for you explicitly I know everybody is
00:58:10
always like how fast can I do this can I
00:58:11
do this immediately I'm ready right now
00:58:14
there isn't just one typical path to
00:58:16
follow some people in our group have
00:58:18
found a business that's right for them
00:58:19
in three months some people have found a
00:58:21
business that's right for them in a day
00:58:23
others have taken a year until they find
00:58:25
the right fit I think of this a little
00:58:27
bit like a three-year MBA year one you
00:58:30
buy a business year two you scale or
00:58:32
grow that business year three you do
00:58:35
your second or third deal and you
00:58:37
hopefully are getting into the seven
00:58:38
figure Club it's based on a lot of
00:58:40
different factors but it is a 100%
00:58:42
reasonable that you can be an owner of a
00:58:45
business within 12 months if you have
00:58:47
all the things we've talked about in
00:58:48
this video mindset deal Clarity time and
00:58:51
patience and you go after deals here's
00:58:54
the time range that I like to think of
00:58:55
it as 1 to 3 months learn how to buy a
00:58:58
business 1 to six months learn how to
00:59:00
search for deals and start searching for
00:59:02
deals 1 to 3 months make offers get one
00:59:05
accepted two to four months close on the
00:59:08
deal and get a deal accepted if no Bank
00:59:11
it could actually be a lot faster
00:59:12
especially if you're just doing a Sweat
00:59:14
Equity deal or if you're doing an
00:59:15
expertise for Equity deal this means
00:59:19
that the fastest deals could get done is
00:59:21
probably about 3 months and the longest
00:59:23
deals could take 12 to 18 month mons to
00:59:26
get done but it could also be a lot
00:59:28
longer if a deal falls through so I
00:59:30
always like to have like lots of irons
00:59:31
in the fire I know you're not supposed
00:59:33
to do this in dating but they call it
00:59:35
monkey barring so you hold on to one uh
00:59:37
handle on the Monkey Bar and you reach
00:59:39
with the other one but you're still
00:59:40
holding on to this one before you let go
00:59:42
and grab the other one that's what I
00:59:43
like to do in business buying too in our
00:59:45
community of like 1300 business buyers
00:59:47
the average buyer looks at about 30
00:59:49
businesses before making an offer so I
00:59:52
think you need to kind of get a few reps
00:59:54
in before you do the exact same thing
00:59:56
and one of the ways that we do that the
00:59:58
most is we have a whole Channel
00:59:59
dedicated to deal reviews so I want to
01:00:01
break something down for you guys that I
01:00:03
don't think I've ever done before on
01:00:04
YouTube which is this people ask me Cody
01:00:07
I'm located in Indonesia I'm in Africa
01:00:11
I'm in Latin America I'm in Canada I'm
01:00:13
in the UK can this work for me there or
01:00:16
how would I do it there so I pulled a
01:00:18
couple specific case studies for you
01:00:20
guys so that we could see if we could
01:00:22
apply it to where you are in the world
01:00:24
the first one that I think about is Arun
01:00:27
who owns a uh law firm and now five to
01:00:30
seven law firms I can't remember his
01:00:32
exact number um from Acquisitions so
01:00:35
what happened I started talking to Arun
01:00:38
two years ago and Arun was an attorney
01:00:41
he worked at a law firm but he knew that
01:00:43
the person who was running his Law Firm
01:00:45
at the time was getting ready to retire
01:00:47
he was older he wanted to move on to
01:00:48
something else so he made an offer to
01:00:51
buy that business by paying him out
01:00:53
overtime from the profits of the
01:00:54
business AKA sellers financing and he
01:00:57
bought that law firm and then he kept
01:00:58
adding more companies on top of it more
01:01:01
companies on top of it he did this all
01:01:03
without any government entity like the
01:01:05
Small Business Association which is
01:01:07
where we do deals here in the US and get
01:01:09
loans for them and he did it in
01:01:11
Australia so we know that it can be done
01:01:13
in Australia then we have another member
01:01:16
who I'm going to leave unnamed because I
01:01:17
didn't get a chance to ask if she was
01:01:19
okay with it or not who was located in
01:01:21
Canada this one's kind of interesting
01:01:23
because she was in real estate so she'
01:01:24
had done deals in real estate before but
01:01:26
she wanted to buy a property management
01:01:28
company so had done a bunch of real
01:01:29
estate deals like single family homes
01:01:31
had bought them fixed them up flipped
01:01:33
them and then was wondering gosh I have
01:01:36
a bunch of these uh deals I'm doing what
01:01:38
if I kept more of them and I had
01:01:39
somebody manage my properties and so she
01:01:42
ended up buying a property management
01:01:43
company and then on top of the property
01:01:45
management company she ended up buying
01:01:47
one for Airbnb and one for single family
01:01:49
long-term rentals and now she owns two
01:01:52
she did that with seller financing in
01:01:54
Canada so you could do the exact same
01:01:56
thing then this one was interesting she
01:01:58
worked in a garden company in Canada too
01:02:01
so like a a flowering Garden Store
01:02:04
basically and loved the business uh but
01:02:06
in Canada it's cold and so for half of
01:02:09
the year you know they couldn't uh
01:02:11
couldn't grow anything they basically
01:02:12
kind of shutter The Doors during that
01:02:13
time period And she was like gosh what
01:02:15
if what if I talk to the owners about
01:02:18
could we buy another site that had an
01:02:20
indoor grow so that we could sell
01:02:23
flowers all year round I'm going to go
01:02:25
and try to find one that does that and
01:02:27
so she found a deal went to the owner of
01:02:31
her business and said hey what if we
01:02:33
could grow our business from this
01:02:34
acquisition sell flowers all year round
01:02:36
you do the deal you put the money down
01:02:38
you put the risk down but I will help do
01:02:40
the transaction and run this other
01:02:43
business and can I get a percentage of
01:02:44
the equity and so she did and then she
01:02:47
had an idea with the same owner to not
01:02:49
just sell the flowers out of their shop
01:02:51
like a normal retail store with where
01:02:53
people come back and forth with you she
01:02:55
was like what if we create a
01:02:56
subscription model so they have these
01:02:58
beautiful flowers They're called
01:02:59
ranunculas they're kind of expensive and
01:03:02
she's like people love to get them in
01:03:03
bouquet they ship well let's create a
01:03:06
subscription model where people can buy
01:03:08
these for their loved ones or themselves
01:03:10
month after month after month and sell
01:03:12
them continuously and she did exactly
01:03:14
that and so she ended up getting a
01:03:15
portion of this company that started out
01:03:18
kind of small but then became bigger
01:03:19
with three aspects of it because of her
01:03:22
transaction so that's how I would do it
01:03:23
that way now let's say
01:03:26
that you are in more of a a third world
01:03:29
country let's say so I used to run a
01:03:31
business I don't know if I've ever told
01:03:32
you guys this before I used to run a
01:03:33
business called First Trust in Latin
01:03:35
America and I grew our business at First
01:03:38
Trust through acquisition so I actually
01:03:40
did a lot of joint ventures I didn't
01:03:41
have any money to work with uh from the
01:03:43
firm's perspective so I had to talk
01:03:45
people in different countries into doing
01:03:47
a deal with me where they would
01:03:50
distribute they would sell my financial
01:03:52
or investment products they would take a
01:03:54
cut of the business uh that they sold
01:03:57
from a fee perspective and I would um
01:04:00
get a bigger you know pot to sell into
01:04:03
and so I did a a joint venture which
01:04:05
basically means a partial acquisition
01:04:07
deal of a company in Chile I did one in
01:04:10
Mexico I did one in Colombia and I was
01:04:13
finishing one in Brazil before I left
01:04:15
the company and so I've done business in
01:04:17
a bunch of these countries and the first
01:04:20
deal I did uh was with a company in in
01:04:24
Chile and basically we created a joint
01:04:26
venture where they uh sold this product
01:04:29
for me and anything they sold they got a
01:04:31
cut of so I actually proactively went to
01:04:33
them and said will you buy part of my
01:04:35
business in Chile you can buy it with
01:04:38
future profits of this business and uh
01:04:41
and you get a percentage of these Cuts
01:04:43
forever for as as long as this entity
01:04:45
exists and that's how I did my first
01:04:47
deal and then I did one just like that
01:04:49
in Mexico then interestingly enough the
01:04:51
company that I did it with in Mexico
01:04:53
that's called acting uh they wanted to
01:04:55
do a deal in the US so they had their
01:04:57
own products and they said wow this
01:04:59
worked really well for us here in Mexico
01:05:02
what if we did the same exact thing but
01:05:03
in the US would you help us do a deal
01:05:06
with First Trust in the US and you own
01:05:09
our distribution arm in the US and take
01:05:12
a cut of the percentage of sales for the
01:05:14
products we will sell in the US uh and
01:05:16
you own part of that entity so we ended
01:05:19
up doing a deal where we owned like 51%
01:05:22
of the sales entity in the US and they
01:05:25
owned 49% of it and then we owned a
01:05:28
percentage in Mexico I don't remember
01:05:29
the exact percentage I built that
01:05:31
business up overall in all of Latin
01:05:33
America to over a billion dollars and I
01:05:36
did that largely through smart deals and
01:05:39
Partnerships therein now that's
01:05:41
obviously a high level but if you were I
01:05:44
don't know I saw a comment on one of the
01:05:45
other prior videos and it basically said
01:05:48
you know I'm located in Africa would
01:05:50
this work in Nigeria and I thought that
01:05:51
was interesting so let's say you're in
01:05:53
Nigeria and you want to acquire a
01:05:55
company
01:05:56
can you do that can you buy businesses
01:05:58
in the same way well let's look at the
01:05:59
big dogs what are they doing I looked at
01:06:01
the last couple of years of Acquisitions
01:06:03
in Nigeria and there's a ton you got htn
01:06:06
towers that was acquired as a company in
01:06:09
logos in the communications sector you
01:06:11
have a reinsurance company African uh
01:06:14
reur reinsurance company you have easy
01:06:17
appetite which is internet software you
01:06:19
have Atlas cement retail you got Diamond
01:06:21
Bank Financial so these are just like
01:06:23
the first few Acquisitions I see that
01:06:25
there one of the things that's wild is
01:06:27
people always think that it's different
01:06:29
in their country in order to buy
01:06:30
businesses it's actually not one of the
01:06:33
incredible Parts about Nigeria that I
01:06:34
was reading about is how much
01:06:36
entrepreneurship is located there and
01:06:39
actually sometimes in emerging countries
01:06:42
there are less laws and regulations that
01:06:44
you have to start in the US for instance
01:06:46
when you sell a business and when you
01:06:48
start a business we have almost more
01:06:51
regulations and expenses than any other
01:06:53
country in the world we're like top 10
01:06:56
for how expensive it is to start or sell
01:06:59
or register a company in Nigeria you are
01:07:02
actually one of the cheapest and so it
01:07:04
turns out that in order to do deals in
01:07:06
some of these other countries you might
01:07:08
have it a lot easier than you think so
01:07:10
next time you're walking like last time
01:07:12
I was in Nigeria I noticed for in
01:07:14
instance that there are huge open
01:07:16
markets every single one of those stalls
01:07:18
is a business you could buy it for its
01:07:21
inventory you could help them grow
01:07:23
independently I also noticed there's is
01:07:25
a huge textile industry in Nigeria so if
01:07:29
you see a local retail storefront you
01:07:31
could go and do a transaction with a
01:07:33
local retail storefront um in every
01:07:35
country in the around the world I have
01:07:37
not yet found one where you cannot buy a
01:07:40
small business and expecially do it with
01:07:42
creative financing in a world like the
01:07:44
US where you have a huge banking sector
01:07:48
and lots of financing available it
01:07:50
actually means that we have it harder in
01:07:51
some ways sometimes people in the US
01:07:53
want us to give them cash UPF front
01:07:56
because it's so easy to come by in
01:07:58
countries where cash and uh loans and
01:08:01
banking aren't as normalized they're not
01:08:03
as easy to access it's actually easier
01:08:05
for you to talk the seller into selling
01:08:07
to you let's say you have a ton of cash
01:08:08
you want to hear how the people do it
01:08:09
who are super rich and they do it a lot
01:08:11
faster this way there's something called
01:08:13
a deal Sherpa who basically is a buy
01:08:16
side broker you give them what type of
01:08:18
business you want to buy how much you
01:08:20
want to spend what industry you want it
01:08:23
in what sector everything that's located
01:08:25
here here in what I call my dealbox they
01:08:27
go out and they put a team of vas and
01:08:30
cold callers on it and go give you a
01:08:33
list of businesses to potentially buy
01:08:35
from this deal Sherpa though is
01:08:37
expensive typically this will cost
01:08:39
something like $5 to $110,000 a month
01:08:42
for you to have somebody else do your
01:08:44
search for you and then they will help
01:08:46
you determine which businesses fit your
01:08:48
parameters so you're basically
01:08:50
Outsourcing Consulting for which
01:08:52
business to buy now we offer something
01:08:55
like this a contrarian Community we have
01:08:56
a few individuals in the community who
01:08:58
are deal Sherpas they go out and help
01:09:00
people individually close deals in
01:09:02
private Equity this is a whole team a
01:09:03
whole origination team this is all they
01:09:05
do they make millions of dollars a year
01:09:07
doing it the interesting part about this
01:09:09
I think is that it really doesn't make
01:09:10
sense if you're not going to do a deal
01:09:12
that's like $5 million and above but I
01:09:14
want you guys to see behind the curtain
01:09:16
I don't want you gatee kept most people
01:09:18
don't tell you what happens with these
01:09:20
big deals and this channel is different
01:09:22
we try to share the stuff even if it
01:09:23
seems past you right now just because
01:09:25
something seems Out Of Reach doesn't
01:09:27
mean you shouldn't know it's there for
01:09:28
once you get there and so I want you to
01:09:30
keep in the back of your mind that you
01:09:32
can always say uh hey if somebody wants
01:09:35
to help you know Finance your search
01:09:38
that you guys could probably go to
01:09:39
somebody at contan thinking.com there's
01:09:42
also other services like dilio where
01:09:45
they could help you close a deal but it
01:09:47
would be a lot more expensive somewhere
01:09:48
between five and 10K a month in order to
01:09:50
give you a hand selected group of
01:09:51
businesses that have been vetted and are
01:09:53
open to speaking to you but that a
01:09:55
little bit of the rich man's hack which
01:09:57
Lord knows they got enough of them in
01:09:58
order to find a business you sometimes
01:10:00
got to know what you don't want so I
01:10:02
have a couple rules for you super super
01:10:04
important rule number one As Told by
01:10:06
Warren Buffett the sage himself never
01:10:08
invest in a business you can't
01:10:10
understand sort of funny back in the day
01:10:12
I bought part of a company that built
01:10:14
autonomous ships which sounds really
01:10:16
cool right you know I invested a couple
01:10:19
hundred, um I was really excited it was
01:10:21
on the cover of Forbes it was going to
01:10:23
be AI with these huge ships out in the
01:10:27
world you know they would be tanking
01:10:29
tankers everywhere and uh and I thought
01:10:32
this was a great idea but actually the
01:10:33
problem with this is it was a terrible
01:10:35
idea and I should have gone straight to
01:10:37
jail for this because we actually invest
01:10:40
in businesses that do not do things like
01:10:43
AI we're the opposite of the internet
01:10:45
and Twitter right now and I also bought
01:10:48
a company uh that fuels athletes using
01:10:50
new protein synthesis techniques which
01:10:52
sounds super cool as well it was this
01:10:54
like new
01:10:55
kind of squishy gel fluid using a ton of
01:11:00
fancy ingredients in order for athletes
01:11:02
to run faster and harder I happen to
01:11:05
know nothing uh about consumer packaged
01:11:08
Foods food in general protein synthesis
01:11:12
most definitely and so also believe it
01:11:14
or not straight to jail terrible mood
01:11:17
because what we should actually do is we
01:11:20
should realize that we want to buy
01:11:21
businesses our first go round that are
01:11:23
so simple you can explain it to grandma
01:11:25
and if you can't explain it to Grandma
01:11:27
you should definitely not be buying the
01:11:29
business once you become a pro you can
01:11:31
buy the complex business you can do the
01:11:34
crazy deal but unless you're already an
01:11:35
engineer already a protein synthesist
01:11:38
scientist and you understand this game
01:11:40
you probably shouldn't play it and so I
01:11:42
I say this because in order to find a
01:11:43
deal you have to know what you're
01:11:44
looking for right it's called targeting
01:11:46
if you want to date somebody that you
01:11:48
like you've got to know well I kind of
01:11:50
like men that are you know have dark
01:11:52
hair are funny um 6ot to make $200,000
01:11:57
whatever chicks want on the internet
01:11:58
these days um and if you don't know that
01:12:00
then you're not going to be able to find
01:12:01
it when it hits you in the face so your
01:12:02
biggest business buying problem is
01:12:04
actually when you think you're smart but
01:12:07
you're not and you get too complicated
01:12:10
that grandma can't understand it and you
01:12:13
don't even actually know what you're
01:12:14
looking for and so your first small
01:12:17
business should be so simple that it's
01:12:20
obvious to you it would be hard for you
01:12:22
to mess up the understanding of the
01:12:24
business you could mess up sort of the
01:12:25
deal and buying it but if you're already
01:12:27
a realator and you know all about real
01:12:29
estate and then you go to buy a real
01:12:31
estate business or if you already are a
01:12:33
salesperson and you go to buy part of a
01:12:35
sales business um that's probably hard
01:12:38
for you to mess up because you already
01:12:39
know how to do it in some way shape or
01:12:40
form that's why I like to think about
01:12:43
you know if I was in real estate or if I
01:12:46
was a graphic designer what would be the
01:12:48
businesses that I would own and I think
01:12:50
about the businesses that would be right
01:12:52
around my core overarching business I
01:12:54
call these my core satellite businesses
01:12:56
so if I was in real estate I might buy
01:12:58
something like one of these companies I
01:13:00
could understand them I probably already
01:13:02
use those companies I'm familiar with
01:13:04
them I'm not going from Real Estate to
01:13:06
protein synthesis like Cody the idiot
01:13:08
did like steal my 10,000 hours that is
01:13:10
one of the smartest hacks you can do is
01:13:12
let other people lose money and make
01:13:14
mistakes and then you learn from them
01:13:15
losing money and making mistakes and you
01:13:17
never have to make the mistake yourself
01:13:19
so these are satellites that you could
01:13:21
already understand if you're in real
01:13:22
estate now cuz you guys are on YouTube I
01:13:24
want to show you you some satellites
01:13:26
around media I think a lot of young
01:13:28
people on here are particularly good at
01:13:30
buying these types of businesses or
01:13:32
getting a piece of equity in these types
01:13:33
of businesses my mom has no idea what
01:13:36
SEO services are but I bet you do I bet
01:13:39
you also know a lot about Tik Tok and
01:13:40
you know about video creation and you
01:13:42
might know about how to growth hack
01:13:45
emails or newsletter lists the goal is
01:13:47
you want to lock in your wants with your
01:13:49
desires and that's how you get closer to
01:13:52
having less mistakes because you have
01:13:54
tools that keep you honest and focused
01:13:56
on the simple not the sexy we've been
01:13:59
over kind of a lot today and this is all
01:14:02
just one step of buying a business this
01:14:05
step is called origination or deal
01:14:07
sourcing or step three in the 10-step
01:14:10
process to buy a small business so it
01:14:12
starts with Foundation understanding
01:14:15
that there are businesses to buy and
01:14:16
it's possible then it gets to what kind
01:14:18
of business is right for you then it
01:14:20
gets to Cody how do I find a business to
01:14:22
buy that was today then it's the fourth
01:14:24
step is Outreach how do I talk to the
01:14:26
business owner once I find them how do I
01:14:28
get them to engage with me the fifth is
01:14:31
do I really want to own this business
01:14:33
like what is this business really worth
01:14:35
how much money can I make from it the
01:14:37
sixth is offer a negotiation what should
01:14:40
I what should I offer for this business
01:14:41
how should I kind of structure that um
01:14:44
how do I negotiate to get what I want
01:14:46
out of this deal the seventh is called
01:14:49
due diligence but what really means is
01:14:50
like are they lying to me or not are
01:14:51
they telling me the truth about the
01:14:54
business eighth is financing Cody you've
01:14:56
told me that I could buy a business
01:14:58
using a bunch of creative methods this
01:14:59
is where we talk about all of those
01:15:01
methods what are all the ways that you
01:15:02
can buy a business without a lot of risk
01:15:04
or cash or with that if that's what
01:15:06
you're interested in and then nine is
01:15:08
closing what about the paperwork what
01:15:10
about you know the next steps how do I
01:15:13
actually take keys from the owner now
01:15:15
that I own this bad boy and then finally
01:15:17
10 is what we call Day Zero which is the
01:15:19
day where for the next 90 days you ramp
01:15:22
up to be one of the few which is a
01:15:25
Builder and an owner in a world of
01:15:26
renters and consumers what I'll leave
01:15:28
you with here is the story I think that
01:15:31
happiness is typically found through
01:15:33
misery and struggle and that if we
01:15:35
really want to achieve success we have
01:15:37
to go through the really hard things in
01:15:38
order to do it and so right now you
01:15:41
might look at me and my portfolio and
01:15:43
see us at contrarian thinking capital
01:15:45
and Main Street hold Co and you're like
01:15:47
you know you have like 25 businesses and
01:15:50
you have invested in 17 startups you
01:15:52
know just this last year and you must be
01:15:55
nice Cody but what you guys don't see is
01:15:58
where I started which is very similar to
01:16:00
all of you I'm sure I remember the
01:16:02
beginning and the beginning was selling
01:16:05
South one of my very first companies
01:16:06
that I bought and then tried to build
01:16:08
failing the struggle isn't real podcast
01:16:10
which I left out there and it's super
01:16:12
embarrassing and it still exists failed
01:16:14
I had to give it up otherwise I was
01:16:16
going to get fired from my company um
01:16:18
failed in a real estate transaction
01:16:20
early on uh a company that I invested in
01:16:24
a cpg company company failed uh another
01:16:27
company acting which was a company in
01:16:28
Mexico of failure so it was like failure
01:16:31
failure failure failure failure until
01:16:33
eventually I learned so much from those
01:16:36
failures that I was able to create a
01:16:38
portfolio so big that I get to leave
01:16:40
something behind as a legacy but it
01:16:41
didn't start out that way it started out
01:16:43
with a lot of pain and so I want to make
01:16:45
sure that I tell you the truth which is
01:16:46
that this is hard and that all of your
01:16:48
dreams are possible but probably not at
01:16:50
once that having expectations is more
01:16:53
important than anything else and
01:16:55
yes you can buy a business yes it is
01:16:59
possible to get money day one and doing
01:17:01
a deal yes it is possible for you to
01:17:03
achieve just about everything you want
01:17:04
in life but it will be through a lot of
01:17:07
difficulty and I hope this video was
01:17:09
really comprehensive in a bunch of ways
01:17:11
that normal humans could do what used to
01:17:13
be only possible for the big private
01:17:15
Equity guys which is own our small
01:17:18
businesses own our communities and take
01:17:20
control of our financial freedom and
01:17:23
that's what I hope you learned today
01:17:24
weird thing happens as you become an
01:17:27
entrepreneur first you have to make a
01:17:29
decision to do something to take action
01:17:32
that's really hard right this decision
01:17:35
takes forever and then eventually that
01:17:38
decision becomes a habit and so you
01:17:40
decide to take that decision every
01:17:42
single day and replicate it which is
01:17:44
what a habit is a habit is a decision
01:17:46
compounded continuously day after day
01:17:48
over time and after you have done that
01:17:50
for a period of time you accumulate
01:17:52
what's called a skill right those are
01:17:54
decisions and habits paired together to
01:17:57
become something that you become so good
01:17:58
at and so normalized that you consider
01:18:02
yourself skilled and what I want you to
01:18:04
do is make the decision today to become
01:18:06
an owner so that you can turn it into a
01:18:08
habit to find things to own and then you
01:18:11
can have a skill of increasing ownership
01:18:14
because ownership is the only thing that
01:18:15
leads to freedom and that is how you buy
01:18:20
businesses how you find businesses for
01:18:22
sale and if I didn't cover something hit
01:18:24
me in the comments because we are going
01:18:26
to put out an entire video on some of
01:18:28
the things you tell us in the comments
01:18:30
today from expertise to equity to
01:18:32
creative financing and Beyond oh and
01:18:34
also if you liked this video you're
01:18:36
definitely going to like this video