How to buy the business you work for!
Rather than leave a job to create a new business, Jonathan Jay, founder of The Dealmaker’s Academy, suggests you consider buying the business you work for. In this short video, he reveals:
- The advantages of buying a business you already work in
- How to make your offer to the owner of the business
- The advantages of selling to an employee from an owner’s perspective
Prefer to read this? Here’s the transcript:
Hi, this is Jonathan Jay from The Dealmaker’s Academy.
Welcome to these top tips videos where I’m sharing with you tips on buying and selling businesses.
I’ve got an interesting one for you today.
And this is really applicable for people who work for someone else.
So you work for someone else but you’re thinking of starting your own business or think you’re buying a business which makes a whole lot of sense.
But here’s an idea for you.
How about buying the business that you work for?
How about making a proposition to your boss that you take over the business that you work for?
Now, there’s a lot going for this because you understand the company, you know what’s good about it, you know what’s bad about it.
You know what can be improved.
Maybe you can see upside that your boss doesn’t.
Maybe your boss is frustrated.
Maybe your boss isn’t ever there, is always on the golf course and isn’t really interested in the business any more.
And you know that with some TLC you can build that business up.
So, I think that if you’ve got a good relationship with your boss you should be having a chat with him and say, have you thought about any succession planning?
Have you thought about who will take over the business in the future?
Because I’d like you to consider me.
Now, the good thing is is that you’re buying something that you understand, you’re buying something that you know.
And also from your boss’s perspective, they’re selling to someone they know, like, and trust.
So it should make the deal an awful lot easier.
So that’s, to-date, a rather unusual tip for people who are working for someone else.
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