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Buying a business is something that many people dream of doing. You can buy your own business and be the boss of your own life, but how do you know how to find profitable businesses?
On this episode, I’m joined by Daniel Hill, who bought over a dozen lettings agents in the UK and combined them into one regional group he sold. He tells us how he did it and talks about mergers and acquisitions, the challenges business buyers face with existing employees after acquisition, and the opportunities available for people interested in buying a business.
Key Highlights
[00:47] What Daniel Hill does
[01:46] Some interesting things Daniel has done in the world of merges
[03:48] Challenges business buyers experience with existing employees
[06:00] Why is it a challenge for people to accept change
[06:51] How Daniel found letting agents and how he consolidated them
[09:23] Structuring and financing deals
[14:20] Daniel’s primary and secondary objectives
[17:13] With private schools, are you buying from charity?
[21:27] Opportunities available for people interested in buying a business
[23:59] The best sellers who guarantee the best deals
[26:23] How to connect with Daniel
Notable Quotes
- You have to be able to understand all of the things that are going on from the emotional side of things. The strategic part In things, people are going from adult mode to parent mode to child mode. To get the deal done, you’re playing that back game, which has to do need to be really well-rounded to get it done.
- We’re talking about politics and saying that everybody votes for change, but nobody wants it. Everyone says everyone speaks like they want to change. And then when it comes in, actually, the majority will don’t like change, even if it’s for the better.
- So what we do quite often what we find is that sometimes it’s easier for the existing operating business to raise the debt it is, and it is the common buyer.
- I suppose my primary opinion is I’m looking for, so I’ve made my sort of money if you like, and then go into work thing is I’ve completed that, and I’m happy with that.
- The motivation to sell is retirement.
- There was a logic that during periods of uncertainty, not necessarily recession, because that’s not always the case. But economic uncertainty, like the pandemic, was, organizations would prefer to buy revenue than build it.
- We talk about being bold and brave. But don’t be foolish, like bold and brave is if somebody rings you up at nine in the morning and says the proverbial is about to hit the fan and they need to get a deal done, and you can roll up and get a deal done.
- Don’t be foolish if you don’t know what you’re doing. Don’t try and catch a falling knife. There are plenty of businesses for sale, but a lot of them are falling knives, and you don’t cut your fingers.
Resources
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 johnandrews.deallawyer@jmw.co.uk
To join the Fasttrack Program, you can connect with Jonathan Jay at
Website:https://www.thedealmakersacademy.com/
LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/
Youtube:https://www.youtube.com/c/TheDealmakersAcademy or get the
Webinar Training Video onwww.dealmakerspodcast.co.uk
Connect with Daniel Hill on
Official Profit Entrepreneurs Podcast:https://propertyentrepreneur.libsyn.com/108-new-season-new-schedule
Facebook:https://www.facebook.com/PropertyEntrepreneurOfficial/
Instagram:@propertyentrepreneur_
