Waiting for the perfect idea to come to you isn’t the only way to be an entrepreneur, acquiring a small business is a great way to become a business owner! Josh Medow did just that when he acquired his company after going through a thorough buying process which he explains in this episode. Learn how to find the right business to buy, how to approach the transition of ownership, and the positives and negatives of buying a business as opposed to starting one.
- If you are an entrepreneur, you don’t have to wait around for the “perfect” idea to come to you, buying a business is a great way to get started.
- There are 4 main benefits to buying a business rather than starting your own:
- Pre Existing Market Fit
- Existing Team in Place
- Current Customer Base
- Income & Financial Stability
- You have to do your due diligence and really learn about the business you are buying and the person you are buying from. Ideally buy from someone who is looking to retire as they are less likely to come back and compete in a space that they already know.
- Look out for companies that are entirely reliant on their current owners, this is a red flag. The owner may be doing most of the work, so look for companies where the systems or employees can manage without them.
- Transitioning from being the buyer to the owner of a business can be complex. Make sure to build a good relationship with the employees and address what they are worried about.
- The employees of a company you buy will know more than you about the company; make a strong effort to respect their experience and learn as much as you can from them.
- The Small Business Administration has “7A Loans'' available to entrepreneurs looking to start a small business.
- Be sure to advocate for yourself, don’t miss out on great opportunities waiting on someone to do it for you. No one will be a better advocate for yourself than you!
- LinkedIn: linkedin.com/in/josh-medow
- Company LinkedIn: linkedin.com/company/mercury-business-services/
- Website: shipmercury.com
- Middlesex Savings Bank
- Glenn Grant (The Earnout Myth Leadership in Action Episode #004)
Ways to Tune In:
- Apple Podcast - https://podcasts.apple.com/us/podcast/leadership-in-action/id1585042233
- Spotify - https://open.spotify.com/show/2t4Ksk4TwmZ6MSfAHXGkJI
- Stitcher - https://www.stitcher.com/show/leadership-in-action
- Google Play - https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc2hpcGluYWN0aW9uLmxpdmUvZmVlZC54bWw
- Amazon Music - https://music.amazon.com/podcasts/4263fd02-8c9b-495e-bd31-2e5aef21ff6b/leadership-in-action
- YouTube - https://youtu.be/mRQ0GELHwgo