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So, I happen to be buying another business right now. You know how it came to be? I heard (from a friend) that the owner was b!tching about it. He didn't like the hours and the low income. What he doesn't see is that his customer service is atrocious....the worst I have ever seen in a functioning business.
And that's where I come in. I "see" the problem. So I made him an offer. An offer that would allow him to avoid those hours and low income to pursue whatever he wants....because I know there is a deal there.
Money - I don't want to take any of my money away from my fastlane business to buy this thing. I don't want to mess with banks either. So I asked for seller financing with an attractive interest rate that will give the owner "mailbox money". He wanted a downpayment. So I called a friend that likes this industry. Told him I have a deal and he knows my track record. He agreed to put up the downpayment for a small percentage. No money from me is involved at this point.
Experience - I don't have any in this business but guess what? I have a friend that is a genius at this...and he is temporarily out of work. Deal made...now I don't have to run the day-to-day.
Growth - I called another friend who works in another industry. I asked him what he thought about adding his specialty to this existing business. He loved it, and it will triple the income. I gave him a small share also.
Exit plan - When I get this business fixed, the friends listed above will "see" the value. I fully expect them to buy me out at that point.
So I am buying a business with no money or industry experience. All because I "saw" something nobody else did. Once you get the mindset right you can see these things pretty easily.
And that's where I come in. I "see" the problem. So I made him an offer. An offer that would allow him to avoid those hours and low income to pursue whatever he wants....because I know there is a deal there.
Money - I don't want to take any of my money away from my fastlane business to buy this thing. I don't want to mess with banks either. So I asked for seller financing with an attractive interest rate that will give the owner "mailbox money". He wanted a downpayment. So I called a friend that likes this industry. Told him I have a deal and he knows my track record. He agreed to put up the downpayment for a small percentage. No money from me is involved at this point.
Experience - I don't have any in this business but guess what? I have a friend that is a genius at this...and he is temporarily out of work. Deal made...now I don't have to run the day-to-day.
Growth - I called another friend who works in another industry. I asked him what he thought about adding his specialty to this existing business. He loved it, and it will triple the income. I gave him a small share also.
Exit plan - When I get this business fixed, the friends listed above will "see" the value. I fully expect them to buy me out at that point.
So I am buying a business with no money or industry experience. All because I "saw" something nobody else did. Once you get the mindset right you can see these things pretty easily.