Let's Buy a Business

There is a lot to unpack with Amazon FBA businesses. Ty is an amazon seller expert and has helped over 100 companies launch, grow, and expand on Amazon. He jumps into what he would look for in an Amazon-only business. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Ty Roney https://www.linkedin.com/in/ty-roney/ [email protected] https://www.birdcommerce.com/

People are scared of Personal Guarantees (PG). They should be. Let me explain why you are required to sign one. Personal Guarantees are not for everyone. Neither is buying a business, BUT you're trying to jump forward 5-10 years ahead when you buy a company. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 https://buythenbuild.com/personal-guarantee

Mini Episode - I get asked "Should I buy real estate or a business?" all the time. Of course I'm going to say "Buy a business!" But there are pros and cons to both and I dive into potential returns and risks in this mini rundown. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Need some help in buying a company? - https://ryanpcondie.typeform.com/to/DO0J3s45 www.letsbuyabusiness.com/consulting

Jed has an incredible skillset in terms of branching automation and development. He has built some great businesses off automation and algorithms. For example, he built a platform that spits out custom data based off of 100's of custom Google Docs. He also built and sold his web app years ago to a competitor he met at a trade show. Sweet interview. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Need some help buying a business? - https://ryanpcondie.typeform.com/to/DO0J3s45 Connect with Jed Wood https://www.linkedin.com/in/jedwood/ [email protected]

We dive into how to use your existing 401k to invest or buy a business or real estate. Fascinating topic that is incredibly complex. Frank shoots you straight here. This is known as ROBS or Rollover as Business Start-ups. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Frank Selden [email protected] https://401krobspros.com/ http://frankseldonlaw.com/

4 pretty solid Online Business Listings I'm looking at right now. https://www.quietlightbrokerage.com/ and https://feinternational.com/ Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16

I get asked a lot about losing money in buying a business. It's never the goal and never a way to approach anything. Each opportunity is unique and here are a few things to think about to hedge your bets. Do a deep reflection on the following points. Risk Tolerance Size of Deal Your Current Skill Sets Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Quick survey to make the podcast better... https://forms.gle/RRcXpe3dK7pNGqv16

Spencer and I dive into why it's so hard to measure yourself as an entrepreneur and business owner. Spencer is brilliant (that's why he's my partner, no idea why he's partnering with me) and sheds some great light on how to measure yourself and not 'compete' with someone running a different race. You take outsized risks (not getting a normal job) with the hope of the payout being 10-1000x more than if you get a 9 to 5. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Guest's name: Spencer Peterson

Brett is the host of the podcast "Capital Gains Tax Solutions" and dives into Deferred Sales Tax Trusts. Basically, he explains how you save a ton on taxes when selling assets such as businesses or real estate. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Brett Swarts www.CapitalGainsTaxSolutions.com www.ExpertTaxSecrets.com Email - [email protected] [email protected]

I dive into 3 local businesses for sale: a Woodworking shop for commercial clients, Home Hospice, and a Gas Station. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 https://www.thefirmadv.com/listing?id=14911 https://bit.ly/3iYrZwF

Nikora Anderson wanted to expand so he looked at 10 companies that were in a similar space locally as him. He reached out to 2 of them, both of them said they were open to connecting about selling their business. Nikora drops some great knowledge on how to approach current owners on buying their businesses. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Nikora Anderson [email protected] https://www.theazalea.net/

I look at 5 businesses for sale. There are some gems in here. 3 of the 5 are pretty solid businesses. **I found these by just googling "business brokers in San Diego". Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16

I talk a lot about Walker Deibel, his book, his courses. Now we have him live. Walker is a phenomenal entrepreneur and seen incredible success through his acquisitions. He also sees 100's of businesses as a lead broker for QuietLight Brokerage. Walker talks about how to stand out as a buyer, why personal guarantees are required, and how to make sure you aren't missing any pieces to the puzzle when looking at operations. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Walker Deibel [email protected] https://buythenbuild.com/ Buy Then Build Book - https://amzn.to/2VSQrau 6 Months to CEO - https://courses.buythenbuild.com/?ref=ee4f9d Acquisition Lab - http://acquisitionlab.com/ Bio - https://www.quietlightbrokerage.com/advisors/walker-deibel/

Take what works in other industries and apply it to a new industry. Here is how I took what worked in Software Sales and applied it to Candy, the most archaic industry around. (Alright that's debatable but it's definitely in the top 5). Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 https://www.bluemoosesweets.com/collections/all Code: Candy2020

Jaryd Krause is a rockstar. From a plumber to a surfer and scuba instructor around the world to buy online companies. Jaryd drops some incredible knowledge and has walked the walk when it comes to acquiring online businesses. Enjoy. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Jaryd Krause https://buyingonlinebusinesses.com/ https://podcasts.apple.com/us/podcast/buying-online-businesses-podcast/id1455428116

It's really common to debate whether to put your money into buying a business or buying multi-family real estate. Similar structures and similar leverage. Anthony is an expert here and dives into how to find your first property and whether it's right for you. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16 Connect with Anthony Scandariato https://podcasts.apple.com/us/podcast/discovering-multifamily/id1506820688 http://redknightproperties.com/ [email protected]

Jennifer Anderson is a listener of the podcast. She's super cool and has a traditional career but on the other side has bought, built, and now SOLD an online business. Jennifer packs in the value and gold nuggets in this short episode. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Jennifer Anderson [email protected] https://forms.gle/RRcXpe3dK7pNGqv16

This podcast has been a blast. Help me make it better. Fill out this 4-5 question survey for submitting topics, guests, how can I improve it, ETC! Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://forms.gle/RRcXpe3dK7pNGqv16

How to generate more ideas and be more creative, how to formulate your own opinions, and solidify your own thinking. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

My business partner, Spencer Peterson, joined for the first time! He's a rockstar and you'll see why it's good to surround yourself with smarter people than yourself. We focus on LITT. Learn. Ideate. Test. Train. Spencer has unique ways to train and onboard employees to get out of the tasks that plague entrepreneurs. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Spencer Peterson [email protected] https://www.loom.com/

Casey walks us through how he found his local business, structuring the deal and taking over from day 1. This is an incredible interview where he bet on himself with a great business even amidst the worst recession in history. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Casey Johnson https://www.linkedin.com/in/casey-johnson-23737b8/ [email protected]

I jump into 5 deals, some offline, some online. Some great ones out there. ALSO, I'm looking for some help on my site http://letsbuyabusiness.com/ DM me if you have some ideas or want to help out here. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Jason Ferguson drops some truth bombs here about getting health insurance as an entrepreneur and business owner. 15 minutes of amazingness here. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Jason Ferguson [email protected]

Ryan walks through the process of finding local businesses, working with brokers, and how to stay top of mind for local business brokers. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Ryan Wallace went from a successful Stock Broker to starting the NM Solar Group. Ups and Downs and then a $5M exit. Amazing nuggets in this story. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Ryan Wallace [email protected] https://www.linkedin.com/in/sdryanwallace/

When making decisions, make the best important decision first: Decide whether it is a 1-Way Door or a 2-Way Door decision. 1-Way Doors - You can't go back. Not reversible. 2-Way Doors - You can go back. Make these fast. Speed wins. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://www.inc.com/jeff-haden/amazon-founder-jeff-bezos-this-is-how-successful-people-make-such-smart-decisions.html

Whether you have a partner or not, you need to nail down a lot of parts of the business. Operations, Roles, Funding, Debt Paydown, etc. Spencer and I created our own Partnership Agreement to make sure we are on the same page and vision of our business. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ http://letsbuyabusiness.com/2020/09/14/68-partnership-agreements-spencer-and-i-created-our-own/

Yes, my house was hit by a 40-ft Mulberry tree and they needed a $1.5M crane to lift it off my house into the street. BTW. New podcast goal. 10 Listeners to buy a business by end of 2020. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ https://letsbuyabusiness.com/?p=1793

I get stuck all the time. You eat an elephant by one bite at a time. Take a step back and plan your next moves. AND ask for help. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Every business has problems. You need to pick which problems you want to have or want to solve. If you start with the end in mind, you can then avoid bad headaches. Knowing what problems you'll have, you can then focus your effort, hiring, and overall happiness on nailing those. THIS will save you a ton of time on your search, avoiding companies that don't fit your goals. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

I got some great love and some great hate by outlining how to make $500k in 4 years. There are other ways to make that kind of money than buying a business, but I dive into the simple version here. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Jennifer is all business: she's a listener who put an offer on a business. Also, the latest with my deal. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Write 50 things you want to do AND THEN put a price tag next to each one. You'd be shocked how inexpensive some of these things are. I spoke to a very successful individual who has seen great success at several VC-backed companies but ultimately, he just wants to live on the beach with his kids and surf. He's now pursuing buying a company because he can apply his skill sets to his own businesses and get into the lifestyle he wants. Start with the end in mind. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Pretty stellar businesses available right now. Here is how Ryan approaches looking at and evaluating these businesses. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

How do you reach out directly to an owner to buy their company? There is an art here, but keep in mind, this is hard to do. I've seen a lot of people do this but you can lose a lot of time and not get anywhere. HAVING said that, I still do it. Here are some tips/tricks. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Wow! This episode is so good! From Raleigh, leaving his high-paying corporate lawyer career, to grinding it out building Escape Rooms and Trampoline Parks. Raleigh talks about his exit and how to go about selling his company. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Raleigh Williams https://www.linkedin.com/in/raleigh-williams-32477042/ https://podcasts.apple.com/us/podcast/raleigh-g-audio-experience/id1463899267 [email protected]

Ryan spoke to a few individuals who want to buy a business in 2 to 10 years. That's great, but the issue was money. You can buy a business with investors. Here are a few thoughts on raising money from someone who has never raised money. Full Disclosure. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Quick update on my deal and the due diligence process AND putting together a partnership agreement. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Buying a company while you have a job and kids and Costco bills is hard. So is life. So is going into a job you hate. You need to figure out where you can cut expenses and activities that are a waste of time. Song was the perfect example of how to stay disciplined in his search. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

Song has an incredible story of how he did his search with a full-time job in the LA region. Song had to focus on saying no to nearly everything that didn't fit his criteria while working at 6am and again from 8pm to 1am to find a company. He bought a stellar business in March in the middle of the COVID pandemic. Song talks about what attracted him to the business, how to make quick decisions, and why you need multiple lenders. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/ Connect with Song Pettus Total Accounting and Bookkeeping Solutions www.taabs.la [email protected]

Looking for a business can be miserable. You're alone, you don't produce anything, ship anything, sell anything, talk to happy customers and you don't make any money. Keep reminding yourself of your "WHY". My, why is financial freedom, buying, and building an awesome business and having fun while doing it for my family. Episode Resources Connect with Ryan Condie http://linkedin.com/in/ryancondie http://letsbuyabusiness.com/

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

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

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

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

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

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

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

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

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