Sellers often don’t do their due diligence on their buyers. It’s a two-way street!
John Martinka, also known as the “Escape Artist”, helps business owners exit with style, grace, and more money. He is also the author of Getting the Deal Done. As a business broker, he helps his clients find the best business deals that fit within their expertise. In this week’s episode, John talks about his process and what he looks for in a business that he wishes to acquire.
Key Takeaways:
[1:35] A little bit about John and how he became a business broker. [3:15] What types of clients does John like to work with? [5:15] John works with a lot of folks who work in corporate America. What types of businesses are they interested in acquiring? [6:15] Don’t focus on the particular business industry, look for a business where you can use your skills. [7:20] How does John find companies that want to sell? [10:15] Want to sell? You have to get rid of owner dependencies. [12:00] Not only is it important for John’s clients to be on board with a business purchase, but their spouse does too. It is a team effort, in the end. [13:20] Remember, don’t do things you know your employees can do. Delegation is key. [17:40] Sellers often don’t do their due diligence on their buyers. It’s a two-way street! [18:05] What questions should sellers be asking their buyers? [21:10] Finding a business to buy is a lot like marketing; you always have to be looking for prospects/working at it. [23:55] What should buyers consider before pulling the trigger? [26:15] You might be an expert in XYZ, but everyone has blind spots. You need an outside perspective on whether this is a good investment deal. It doesn’t matter how experienced you might be.Mentioned in This Episode:
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