Episode #517

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know.

Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes.

So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!).


Show Notes at:
https://link.chtbl.com/Money
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Codie Sanchez: These “Boring Businesses” Will Make You Rich:
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Leila and Alex Hormozi’s Unbelievably Simple Investing Advice:
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Sites to Buy Businesses:
Acquire: https://acquire.com/
BizBuySell: https://www.bizbuysell.com/
Flippa: https://flippa.com/
QuietLight: https://quietlight.com/
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Elliot’s Resources From Today’s Episode:
LOI Template: https://www.guardianduediligence.com/downloads/short-form-loi
12 Public Stories of Failed Due Diligence: https://www.guardianduediligence.com/12-public-diligence-fails
Success Stories: https://www.guardianduediligence.com/success-stories
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Connect with Elliot:
LinkedIn: https://www.linkedin.com/in/elliottholland/
X/Twitter: @ElliottEHolland or https://twitter.com/elliotteholland
Website: https://www.guardianduediligence.com/
YouTube: https://youtube.com/@guardianduediligence
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Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

01:08 Why Buy a Small Business?

04:43 SBA 7(a) Loans Explained

07:56 The Steps of Buying a Business

12:06 Who Should Buy a Business?

15:12 What to Look at BEFORE You Bid

19:15 Valuing Real Estate and Equipment

24:55 DON’T Trust the Numbers

26:04 How to Avoid a BAD Business

31:54 Losing $2M!

35:12 Becoming Financially Free

37:43 Connect with Elliot!

38:44 Before You Buy a Business