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Best Advice For Buying a Business?

Survivalist

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Read Millionaire Fastlane
Sep 16, 2019
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Hi all,

I was thinking of buying a business. I was already going through some businesses for sale this morning. I've talked with my accountant about it also.

He was telling me that if you buy a business in the construction but you don't have the knowledge you're going to fail (for instance you can't read a plan or have any experience with construction itself).

Well anyway it seems i'm doubting myself now on the possibilities . Any ideas or advice i could get on this? Are there also any good sources on buying businesses?
 

broswoodwork

Gold Contributor
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Oct 16, 2015
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You have seen this one, right?


It's the talk of the town!
 

Tourmaline

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Jun 4, 2019
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What draws you to construction? How much do you know about the construction industry? @steelandchrome

Given your name, I'd hope a thing or two!
 

steelandchrome

Author of The Retail Leader Book.
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Nov 6, 2016
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What draws you to construction? How much do you know about the construction industry? @steelandchrome

Given your name, I'd hope a thing or two!
A ton, I've built homes from the ground up and have sold construction products for almost 20 years. I mentioned that specifically since the OP referenced it in his post.
 

MHP368

the man, the myth, the Pseudo-Apollodorus
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Ever hear of the "best business podcast"?
 

payingkarma

Contributor
Sep 16, 2019
30
38
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Hi all,

I was thinking of buying a business. I was already going through some businesses for sale this morning. I've talked with my accountant about it also.

He was telling me that if you buy a business in the construction but you don't have the knowledge you're going to fail (for instance you can't read a plan or have any experience with construction itself).

Well anyway it seems i'm doubting myself now on the possibilities . Any ideas or advice i could get on this? Are there also any good sources on buying businesses?
Well, I'm in the same position.

Was an IT programmer -->business analyst --> Financial Analyst --> quit 9-5 and started looking for small biz to buy...

Now I'm working on a specialty construction business deal. 99.9% I will close on that unless anything crazy happens.

The trade I chose is specialty and I'm going to learn with the current owner over 3 months transition.

A lot of the trade with the construction niche isn't rocket science. You can and will learn it in less than 3 months.

But take your situation as an advantage. Since you don't know, you will pick something that is easily learnable... yet you will have to find employees to do it for you. Which makes you better 90% of your competition just out of the gate.

why? B'coz you will find and have to use the right employees and that will let you work on the business rather than in the business.

Of course, if you want to buy an architect's biz, that would be crazy. However, a lot of niches are easy.. trust me on this.

Go moonlight with the trade you're planning to buy and you will know what I'm talking.

simple trades would be painting, carpet install etc.
 

Tourmaline

Bronze Contributor
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Jun 4, 2019
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Texas
A ton, I've built homes from the ground up and have sold construction products for almost 20 years. I mentioned that specifically since the OP referenced it in his post.
Sounds like a business in the construction industry is right up your alley then!
 

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