This week is one of our regular highlights episodes where we look back at some of the insights and interesting conversations I’ve had over the most recent episodes.
I talk with Andrew Norton, who bought five businesses in just over 15 months. Starting out in the childcare sector, Andrew acquired several training businesses, and his consolidated group now trains childcare providers.
Next, I speak with Gavin Page, who since joining Mastermind has bought nine businesses. In fact, he was crowned deal maker of the year at our annual awards and dinner in December last year.
Next up is Darren Jacobs, who since joining my business buying courses, bought 25 businesses and sold four of them, and has an ambitious target to do 100 deals.
And lastly, I talk with Alexis Kingsbury, about the importance of introducing processes into business acquisitions. We look at some examples of where and how processes have benefited their owners and how processes can create efficiencies and reduce headcount.
[01:04] Andrew Norton (Childcare and training) – From episode 214
[09:50] Gavin Page (Print sector) – From episodes 215 and 216
[20:17] Find out about Jonathan’s lawyer, John Andrews
[20:54] Darren Jacobs (Hair care) – From episodes 217 and 218
[30:05] Alexis Kingbury (Implementing processes to create efficiencies) – From episodes 219 and 220
- I thought, you know what, I’m going to target all three sectors and see what comes back. And it was the training sector that got the most interesting results.
- The training sector can ride more waves, I think, than some of the others in times of recession.
- We’ve diversified really nicely. We’re merging the procurement and supply in with the engineering and manufacturing – so we’ve got similar customer bases, and higher level training courses.
- So we were getting many more responses to the letters we send out, just because we’ve already made an acquisition, even though it was a tiny one.
- When you’re in your twenties, you’ve got nothing to lose. But when you’re in your fifties, and you have a family, you have a responsibility to others.
- Get your pen out, get your computer out and do something. Type some letters. That’s all it was initially. Without sending those letters, you’ve not got a chance, you know?
- Sure, you make mistakes obviously, and you think, oh, I should have done that better afterwards. But you refine your script, you refine the questions over time.
- In comparison to buying an IT business, buying a hair salon was ridiculously easy.
- One of the assumptions I made was this is a recession proof sector. When these doors open, we are going to have a flood of customers door to get their haircut.
- Once you see it and you shine that spotlight, a lot of these things become obvious. And I would say that 99.9% of businesses don’t have this.
- You have to be adding value on an ongoing basis. One way to do that is by providing the operating system that actually generates the results.
- Putting those processes in place with the sales team was what helped us to get results from building the sales.
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.
If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at:
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