From Searcher to Seller: Lessons Learned in the Acquisition Process | Ep 27 | Before You Buy or Sell
Before You Buy or Sell a Business · Jared W. Johnson
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Show Notes
In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews August Felker, an entrepreneur with experience in buying and selling businesses, particularly insurance brokerages.
August shares his journey from starting a search fund to acquiring his first business, the challenges he faced during the negotiation process, and the emotions he experienced as a seller.
He also discusses his transition into supporting others in the acquisition process and provides insights into the importance of insurance diligence when buying a business.
Key Takeaways:
🔹Starting a search fund allows aspiring entrepreneurs to buy an existing business and become an entrepreneur without starting from scratch.
🔹The negotiation process when buying a business can be emotional, and it's important to be prepared for the different waves of emotions that come with it.
🔹Building a relationship with the seller is crucial, both during the negotiation process and after the sale, to ensure a smooth transition and ongoing success.
🔹Conducting insurance diligence before buying a business is essential to identify any coverage problems or surprises that may arise after the acquisition.
🔹Cold calling and building relationships with potential sellers can be an effective way to find proprietary deals and stand out from competitors.
In this episode:
00:00:00 | Introduction
00:01:10 | August Felker discusses his background and experience in buying businesses
00:03:04 | What is a Search Fund?
00:06:05 | August Felker on finding and acquiring his first business
00:14:07 | Deciding to sell
00:16:38 | Advice for sellers
00:20:11 | Transition from a traditional search fund model to a self-funded model
00:25:10 | Consider the seller's needs to stand out as a buyer
00:31:08 | Insurance is often at the bottom of the client's list, but they still have to deal with it
00:37:04 | August Felker on what motivates him
00:39:09:02 Closing remarks
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DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.