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From property investor to acquisitions entrepreneur

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

Book: https://www.amazon.com/Karma-Credits-universal-wealth-happiness-ebook/dp/B0BFZXJTH5/ref=sr_1_9?crid=25N7VP519JWOO&keywords=Karma+Credits&qid=1666764959&qu=eyJxc2MiOiIwLjAwIiwicXNhIjoiMC4wMCIsInFzcCI6IjAuMDAifQ%3D%3D&sprefix=karma+credits%2Caps%2C596&sr=8-9

Facebook:https://www.facebook.com/PropertyEntrepreneurOfficial/

Instagram:@propertyentrepreneur_

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In this short, bonus episode Jonathan talks about his upcoming zoom fast-track program, mastermind program, inner circle, and also about the first ever Dealmakers Live weekend.

The Business Acquisition FastTrack Programme
https://www.thedealmakersacademy.com/fast/

Dealmakers Live
https://www.thedealmakersacademy.com/live/

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Buying a funeral care business

Are you looking to buy a business and want some advice on how to do it, you’ve come to the right place. In this episode, I’m joined by James Gardner, who has been on the podcast before. I want to catch up with him to find out what he’s been doing and whether he’s made further acquisitions. We discuss his plans for scaling up his acquisitions and the benefits of getting the right management structure in place.

Key Highlights

[01:38] Should one start a business or buy an existing business?

[03:00] Why it is hard to find books on buying businesses

[04:17] Advantages of buying a business

[07:06] Background of James’s first acquisition and how it shaped his second acquisition

[10:11] Sectors that James has invested in

[14:12] How James financed his acquisitions

[15:51] Some of the advantages of the monthly payment

[16:30] Goals and how he plans to scale up the business

[19:14] Why people say they don’t have time to buy a business

[25:45] Benefits of building a management structure and delegation of duties

[30:18] Setting goals around business and life

Notable Quotes

• Investing in people and helping them learn and grow and develop themselves is just a wonderful thing to do.
• The acquisition of businesses is so much easier and simpler in the long run and a lot easier to do once you’ve got it over the line.
• So going into an already-made business that’s been established for many years is extremely easy. Because all of that is taken care of.
• The joy and the benefit of having a deferred consideration within the acquisition deal are that if anything comes up that it has done, that actually you can then either negotiate that take it off at the end of the day or beginning of the deferred consideration.
• In hindsight, good timing, we could spend time and focus on that was growing as well, but an interesting time for what we did.
• As with most things in life, the first time is always the most terrifying and difficult, and nerve-wracking.
• One is easier than two, yes. And three or four or five is easier than one or two because you’ve built that team around you and all the other things that come with that.
• You’ve got to free yourself from the day-to-day.
• I have no problem doing any things; not saying I’m better than anybody because I’m not; however, my skill set is different from other people’s; everyone has different roles, don’t you? My skill set will be meeting with the previous owners.

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

Amazing 3D Goals:https://www.spreaker.com/show/amazing-3d-goals 

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Persevering after six failed business acquisitions

This week we meet up again with Rob Goddard, this time about his experience of buying a business, rather than brokering sales.

Key Highlights

[01:48] Rob’s first acquisition

[05:38] Buying a distressed business

[06:48] Six failed attempts to acquire a business!

[10:20] Why the business couldn’t adapt during Covid

[11:50] Discovering unprofitable customers

[17:00] Turnaround in seven months

[18:35] Managing change and getting people on side

[22:40] Recommendations for people sitting on the fence

 

Notable Quotes

• It’s a bit like football. I may support Arsenal, but I can admire Chelsea.
• So, if you’re a top buyer, a tip for any buyers listening to this is to understand what the hot buttons are for the person you’re in front of and what matters to them most.
• I just put the owner’s name and the word ‘scam’ into a Google search.
• How can you help them get what they want by buying their business?

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 Rob Goddard on

LinkedIn: https://www.linkedin.com/in/robgoddard/?originalSubdomain=uk

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When making a business acquisition, you need an HR specialist who can guide you through the people aspects. Kelly Bater, one of my Human Resource experts, joins me on the show to share with us what has changed in HR when it came to buying a business. She shares some of the challenges people saw in businesses during the pandemic, and also talks about the essential elements business buyers should know regarding people.

Key Highlights

[01:48] Challenges encountered by people buying business during the pandemic

[03:54] What one should know when making acquisitions

[04:42] Why we should let professionals carry out the entire process of business acquisition

[05:16] Challenges posed by the Furlough government directive

[10:17] Key essentials business buyers should know when it comes to people aspects

[14:40] What do business buyers do after obtaining all the necessary data from the seller

[17:00] how the world of employment has changed

[18:28] How small business owners can implement understanding culture with no huge costs

[19:50] Why hybrid is going to be the way forward for businesses

[24:29] Psychology behind the failure of the no-limit of holiday strategy.

[26:56] Advice to potential business buyers

[27:54] How to connect with Kelly

Notable Quotes

• I think people like that flexibility in their lives. But it doesn’t always suit the company.
• I think you can do one-to-one conversations on the screen. That’s fine. But when it’s the group interactions and communications, it’s it’s far more trickier.
• I think generally we look at when we’re buying a business, we look at the financial structures, the business structures, and quite often forget about how do the people fit in that.
• No matter how much money you give somebody, if they’re mentally not interested, you could pay them for that time, and not get the most out of them.
• As long as you’ve got the data, as long as it’s upfront, and as long as you prepare your communication, you should be good to go.
• Look into it, do your research, make sure it’s a business for you and look at yourself.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use John Andrews. You can phone his office at (0345) 2412494 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 Kelly on:

Website: https://www.kbaterhr.com/

Email:  kelly@kbaterhr.com

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Maximising the value of your business when exiting

In today’s episode, I’m talking to Cliff Spolander, who helps entrepreneurs to maximize the value of their business ready for sale. Cliff has spoken to more than 1,000 business owners looking to exit their business. We talk about what he’s learned from those 1,000 business owners. We also talk about how he helps business owners to maximize the value of their business and finding the problems and flaws that could put off a potential buyer.

Key Highlights

[02:08] Cliff’s conclusions after speaking to so many business owners

[03:40] What are the main types of business exit?

[06:17] How business liquidation works

[10:00] Strategies for selling to private equity-backed buyers

[12:07] Cliff’s views on owners using brokers to exit

[13:08] Alternative ways to exit

[14:38] Key things an owner needs to get ready to sell the business for the best value

[16:40] Why one should not rely on one or two individuals

[20:48] What speeds up the process of selling a business

[22:35] Quick wins business owners can implement to get the best chance of a successful exit

[25:21] How business buyer hedges against the risk of workers failing to show up at work after acquisition

[28:54] Advice to potential business buyers

[30:14] Connect with Cliff

Notable Quotes

• I think the biggest takeaway from my speaking with these owners is that they are not prepared for the exit process.
• I think unplanned liquidation is, yeah, a failure. Whereas if you don’t see it coming, yeah.
• I think if there’s open, honest communication mentioned, it’s perfectly legit and a good way of doing things, but it goes around how the owner deals with that internally and making sure that the staff is happy and motivated.
• I think the owner needs to get proper operating procedures and training manuals, get everything out of the employee’s head onto paper, and document the process because things change and evolve.
• As a consultant myself, I think it’s very important to be able to prove your value. And so if you can show the client that you’ve increased the business value by X 1000s of pounds, you’ve reduced their wealth gap by X 1000s of pounds, you reduce the risk profile in the business, you can prove and show your worth as a consultant.
• There’s more to business then than the numbers. And although they are important, but I think now the fact that comes in is to making sure that it’s a fit for both people.
• Go for it, there’s nothing holding you back; look for a good fit. Also, understand what your exit plan is, as well as know the purpose of your doing this.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use John Andrews. You can phone his office at (0345) 2412494 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 Cliff Spolander on

LinkedIn: linkedin.com/in/cliffspolander

Website:businessbydesign.co.uk

Website:saleabilitytest.com

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The truth about business brokers

This week we discuss business brokers, as I speak with Rob Goddard about what it entails to be a business broker and why first-time buyers should avoid using them. Rob also discusses how to maximise your exit value.

Key Highlights

[01:28] Rob’s first business to sell

[04:20] What it entails to be a business broker

[07:31] How competitive tension drives up the price of a business

[11:32] Rob’s opinion on people’s priorities changing as they continue with the negotiation process

[17:00] Why it is not always about money!

[19:00] Why first-time buyers should not use brokers

[21:05] What serious investors do

[28:48] How to maximize one’s exit value

[30:19] The benefit of employing people rather than working for yourself

[33:58] The only number that matters for a seller

[35:46] Connect with Rob on LinkedIn

Notable Quotes

• The highest bidder isn’t necessarily the best bidder; it might be number two or three because there’s a bit of fit.
• So, if you’re a top buyer, a tip for any buyers listening to this is to understand what the hot buttons are for the person you’re in front of and what matters to them most.
• Competitive tension can drive up prices.
• There are always two multiples; I’ve always taught this as two multiples on any deal. There are multiple sellers and buyers multiples; they’re often not the same number.
• Think about the exit before you’ve bought a business and sunk any time and money into it after the best time to think about your exits before you’ve bought one.

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 Rob Goddard on

LinkedIn: https://www.linkedin.com/in/robgoddard/?originalSubdomain=uk

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Jo Bell’s first five business acquisitions

In this episode, Jo Bell joins us to talk about her business acquisition journey and the lessons that she has learnt. We talk about how being a doer impacts the business and how it can affect your next acquisition. Jo explains that looking at deals as pure numbers can be extremely helpful when you are not sure what a business is worth. She also discusses some of the ways sellers sometimes lie about deals or place too much emphasis on things that really don’t matter in terms of pricing your business correctly. Jo also shares some words of advice to potential business buyers.

Key Highlights

[01:42] Jo’s interesting business acquisition

[02:38] Impacts of being a doer in the business

[09:04] Do you feel that people believe in you?

[10:20] Driving the business and getting onboard with the structure

[11:51] Buying the perfect business

[12:34] What was the next deal?

[15:09] Perfect way of earning money without spending yours

[20:51] Business sellers fabricating customer lists

[23:03] What business buyers should look for when buying a business

[24:12] Seeing deals in factual numbers

[27:27] Balancing positive personalities and realities of business buying

[31:40] Things that business sellers don’t tell you

[32:53] How do you keep yourself positive

[37:06] Advice to people thinking of buying a business

[40:25] Bell’s next plans

Notable Quotes

• I think learning for me is just to do a lot more due diligence actually because I think, where I’d always gone for the model of buying goodwill and assets, not companies, I didn’t see the need to do as much goodwill.
• Over the years, I’ve become a lot more selective; you know, I’ve realized that there are a lot of practices out there for sale and many businesses for sale. And it’s more about the ones who say no than the ones who say yes, whereas maybe previously, I just saw everything as an opportunity.
• You know, I’m a fixer. So I enjoy the challenge of fixing something, but you then have to question why, you know, when there’s stuff there that doesn’t need fixing, maybe just needs tweaking or just improving.
• No matter whether you’re buying goodwill and assets or companies do that, due diligence and an accountant can help.
• So I think, first and foremost, its profitability. That’s ultimately the reason why we’re all doing this. So you want to ensure that if it’s not profitable, now, you sure as hell know how you’ll get it profitable.

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 on

Website: https://www.thedealmakersacademy.com/

 LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/

Youtube: https://www.youtube.com/c/TheDealmakersAcademy

Firms

Bells Accountants: https://www.bellsaccountants.co.uk/

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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.

Key Highlights

[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

Notable Quotes

• 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.

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 johandrew.dolawyers.jmw.co.uk.

To join the Fasttrack Program, you can connect with Jonathan Jay on

Website: https://www.thedealmakersacademy.com/

 LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/

Youtube: https://www.youtube.com/c/TheDealmakersAcademy

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EP# 199- A Day in the Life of a Business Buyer

In this episode, Jonathan speaks to Nick, one of his mastermind clients, to get to know how his recent acquisitions have transformed his existing business. Nick joins us to share what his normal day is like. Nick talks about the lessons he has learned since he made his first acquisition. We also understand how Nick’s thinking has changed since this acquisition.

Key Highlights

[05:12] The history of the company

[07:05] About the acquisition of the balloon company

[08:27] How did the acquisition make changes to the sales process

[10:07] Lessons learned from past acquisitions

[12:53] where was the business size and client base before you bought it?

[15:38] Points when one starts losing clients

[16:42] How Nick’s thinking has changed since the acquisition

Notable Quotes

• I think one of the main things I’ve learned is about the first acquisition; for meI love to do things the hard way; I tend to throw myself into the deep end.
• It’s challenging to get into many clients because they can buy it if we’ve sent it cheaper. So you have to add a lot of value at that point. And it’s quite a hard sell.

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 on

Website: https://www.thedealmakersacademy.com/

 LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/

Youtube: https://www.youtube.com/c/TheDealmakersAcademy