A day in the life of a business buyer
In this episode, we talk to Dee Ludlow, where we will discuss what it takes to buy a business in terms of your mindset. We’re also talking about business buying negotiations. What new buyers worry about when they are on the brink of buying a business is also discussed in this episode. We also talk about mistakes made by new business buyers so you can avoid them when you get into deals. Dee also shares reasons business buyers should consider bigger deals over smaller ones.
[02:00] What was interesting in buying a business?
[05:08] Ludlow’s first investment in the property industry
[07:45] Working in the business rather than working on the business
[09:46] Having a successful mindset in business
[10:40] What new buyers worry about
[13:48] Reasons why people stick on some deals even when they know it is not the right thing to do
[22:28] Risk reward
[24:26] Mistakes made by new business buyers
[29:20] Advice to people interested in business buying and haven’t bought a business yet
[31:45] Why venture into bigger deals
- I think experience is the best way to learn. But you can fast-track it by having help.
- I think a lot of the time, people do look past the mindset, and they’re looking for the value. But you need that self-belief and the mindset there for you to believe it.
- No matter how much work you spend on one, I know it sounds cliche when they say some of the best deals are the ones you walk away from. But it’s true.
- Never be scared to walk away from a deal. I’ve I wish I’d walked away.
- To me, income is the most important thing, and that’s the reward you get when you buy a business as you access income.
- The biggest mistake I think I’ve underestimated is that you will need to put the time in. But the reward for that time is exponential.
- You can be the most intelligent person down the pub and everything about buying a business, but if you don’t actually get on with it, you’re never going to do it. It’s hard to once you’ve done it; it’s the best thing you’ll ever have done.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office at +03452412494 or email him at johandrew.dolawyers.jmw.co.uk.
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