In this episode, Jonathan Jay continues his conversation with Dan, whose first acquisition was a specialist plant hire company, in an amazing eight figure deal.
Dan shares his story of transitioning his new team and transforming the business he purchased. Since Dan bought the business, he has faced numerous challenges but as you will hear he has managed to turn them into valuable opportunities.
They discuss the impact of change on the business and how Dan leveraged his experience in the military and other organizations to make strategic decisions. He reveals the importance of having the right people in the business, and how he carefully built a high-performing team that has been instrumental in the business’s turnaround.
[01:23] Transitioning to a new team
[04:16] What happened since Dan bought the business
[06:22] The impact of change on the business
[08:38] Turning the bad into value
[10:19] Changes that Dan initiated in the maintenance team
[11:00] Benefits of having the right people in the business
[12:17] How experience in the military and other organizations has influenced Dan’s decisions
[13:31] The worst thing one can have in a business
[18:16] Dan’s plans for the next 12 months
[22:07] Advice to people interested in buying a business
- One of the things about when you find something that’s not right in a business, it can be a very big opportunity.
- In a business, I suppose. When you take it over you, it’s good if you have some bad things and can turn them into value.
- The worst thing you can have on a business is fear, and if people are scared, they won’t speak up, they won’t take risks, you know that there’ll constantly be scared about making mistakes, and they all sort of hunker down, nothing happens.
- One thing I did learn from the army, which the army is good at, is if you’ve got average people in a team that’s gelled as a team, and they’re working together, they are worth twice as much as eight supermen and women in a team who don’t get on and are all competing with each other.
- If you’ve got the right team of people, and they’re empowered, and they feel they can do stuff, you know, you’re being successful when things are happening at once.
Buying a business is only the start, which is why we are now teaching what happens next on the Mastermind program. Now, if you’ve already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on email@example.com for more information.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at firstname.lastname@example.org.
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