Crash and Burn Business Part #4 Business Buying Secret.

 

It is hard to beat the feeling of watching the sunrise while surfing. I was in the water with Shane, talking about the random things and enjoying life, when out of the blue he asked me, “Do you want to by my striping business?” Most of you probably are thinking of scantily clad girls and brass poles. Even though striping does install poles, it focuses on installing signs and painting parking lots. Shane was moving and wanted $6,000 for the business; basically the cost of the equipment. I asked for some details and did a couple jobs with Shane to check out the business. That little business working a few times per week added $50,000 to my total business portfolio. What a sweet little gig for only three days training! I had another friend who was moving out of state and offered his construction business for $75,000. I think he eventually sold his phone number . . .

Some things to note from these two examples:

  • Both business owners were moving out of state,
  • Both were anxious to sell so as to get something out of their sweat equity
  • Both business owners were part of my network, and offered an opportunity to me and others.

I call this “Opportunity Entrepreneurship”, where an opportunity manifests itself through your network. If you can nurture your network both professionally and socially, opportunity may come knocking when you least expect it. If it does knock, make sure to study the business before you acquire it. Sometimes, the value of the business is tied to the owner.  If that is the case, you may want to ask yourself if you have the same personal capital as the previous owner did to carry the business forward.

If you’re an opportunity entrepreneur look for business owners moving out of state.  This little secret has been has served me well.

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