How You Can Buy a Business That Pays You $10,000 a Month in the Next 90 Days
Money not required.
How you can buy a business that pays you $10,000 a month in the next 90 days.
Money not required.
The Opportunity:
10,000 baby boomers are retiring daily.
20% own businesses.
730,000 business a year are up for grabs.
Spoiler: there aren't that many buyers.
Step 1: Narrow your search focus
Many people waste time looking at everything
- Industry: Ideally something you have experience in
- Location: Easier to manage nearby
- Size: You want enough seller discretionary earnings (takehome cash before debt service) to be worth it $200k+
Step 2: Find a business
BizBuySell is the biggest listing site.
Here's a local landscaping company that looks interesting.
$1.6m in revenue and $372,000 in cash flow.
50% from renewable work.
Step 3: Finance the Deal
You want this in order before talking with sellers.
Options:
- SBA bank loan
- Personal cash
- Investor money
The SBA loan lets you be greedy and keep all the equity while putting down as little as 5% of the purchase price. Start relationships early.
Step 4: Make Calls
Call a lot of owners and take notes.
You will learn what a good deal looks like a ton about the industry.
Step 5: Make Offers
Eventually you will find some good businesses. Start making offers.
Most will be turned down. You just need one.
Step 6: Structure the Deal
- seller side financing
- rev/profit share
- earn outs
Some ideas to get a deal done in a downturn:
Step 7: Grow the Business
- Get more from existing customers
- Get more customers
- Get better cash flow
If you want to buy your first cash-flowing business and join a tight-knit peer group to do it while being coached the entire way, sign up for my upcoming cohort-based course today!
