This week Jonathan talks with Ray Burke, who started a business in the transport and haulage sector which he grew to a £500,000 turnover operation after six years. However, after three acquisitions in eighteen months, he has increased his group business turnover to £3.4 million.
[01:26] Ray Burke’s business background
[04:21] How Ray looked for and shortlisted potential business to buy
[05:05] Ray’s first acquisition
[12:01] What has changed for Ray since the first acquisition?
[13:10] The second acquisition
[18:20] The third acquisition
[20:58] The mindset of running a group rather than a single business
[27:05] What advice would Ray give to new business buyers?
- So I structured a deal that I could use invoice, finance and cash in the bank to make that completion payment.
- If you want to buy a business you need to try and buy five, and then you might end up with two or three maybe if you’re lucky.
- So the benefit of being the owner of a larger group is that you’ve now got a bigger team to do the strategy and operational stuff.
- So I suppose with growing the businesses and adding locations, sometime next year I’ll be at 5 million turnover.
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.
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