Buying businesses

Buying businesses is a recurring theme in several episodes of the My First Million podcast. Some insightful clips on this topic include:

1. Buying a Business Journey: In an episode featuring Sarah Moore, she discusses the challenges of evaluating businesses without prior experience. She was advised to gain experience through repetition, comparing it to dating, and eventually chose to go independent rather than taking the costly investor route 1.

2. Creative Acquisition Strategies: Jeremy Giffon shares a story of acquiring a business for next to nothing through creative deal-making, emphasizing the importance of relationships and being able to act quickly in certain situations 2.

3. Boomer Business Buyouts: Shaan Puri and Sam Parr discuss the promising market of buying businesses from retiring baby boomers. They highlight successful examples such as Permanent Equity and Enduring Ventures, which have bought various local businesses and internet service providers 3.

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     1

     Buying a Business Journey

     00:12:01
     
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     2

     Buying for Nothing

     00:29:18
     
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     3

     Business Acquisition Insights

     00:09:13
     
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     4

     Sticker Shock Explained

     00:28:01
     

4. Selling a Business: Various episodes also provide insights into selling businesses, such as how to sell without appearing desperate and understanding the economic impacts of selling. For example, insights from Michael Sonnenfeldt emphasize the importance of considering long-term earning power and tax implications before selling 4.

These insights collectively emphasize the importance of evaluating businesses, leveraging strategic acquisition opportunities, and understanding the dynamics of buying and selling businesses.