This week Jonathan talks with Akram Abdullah, who started a successful insurance brokerage with his brother, fell out of love with it, and sold it. Then, in the space of just eight months he acquired a commercial cleaning business, fixed it, and then sold it to the manager he had recruited to run it for him.
[01:05] Akram talks about his career to date
[01:48] Deciding to sell his insurance broker business
[03:30] Deciding to acquire a business rather than start a new one
[04:20] What sort of business was Akram looking for?
[06:00] The first meeting with the seller
[07:20] How the negotiations for the deal went through
[12:30] The fixes that were needed
[15:40] Selling the business on
[20:20] Tips and advice for would-be business buyers
- And then all of a sudden I’ve got a business and this recurring revenue that I had been so interested in, I could now see it coming through.
- The most important thing is the seller’s motivation. That is crucial.
- So for me, I don’t believe I will ever start a business from scratch again. I would only look to acquire.
- You need to do it. It’s as simple as that. You need to take that first step.
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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