Own It! 207 | Buying a Business No Money Down

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Nicola’s thinking about buying a ready made business, online or off. Judith explains how she sold her accountancy business on the same basis.

In The Show

Nicola’s infested with flies, Judith’s doing some shopping and they swap ideas for Christmas Day games.

What’s Fuelled Their Fire?

Nicola’s having an entrepreneurial seizure about creating a business she’s seen which needs improvement. Judith’s excited to be working with a favourite client for another year and she’s paid already!

Focus Of The Week

Nicola’s thinking about buying a readymade business, online or off. She did it with The Acacia in Worthing way back and Judith gets her to remember the shape of the deal she did and how she did it. Judith explains how she sold her accountancy business on the same basis.

Nicola and Judith have studied with Rick Otton how to buy property on this options basis and the principles are the same.

How to find a motivated seller, find out what they want and work out what you do, how to take on the best bits of his business and leave the problems with him, and use the business’ own cash flow to pay for it.

It all depends on access to the vendor, good rapport and negotiation skills. It would very much suit a deal-maker. It’s all in the relationship.

Nicola asks:

  1. Why would any business owner consider it?
  2. What do you need to find out so you can evaluate the opportunity?
Words Of The Week

Nicola chooses Change and Judith picks Appreciation.

Project Updates

Nicola’s keeping on with her daily videos and pleased with the results at both YouTube and LinkedIn but not at her website yet. She feels she might need to look into her SEO to discover why.

Who Or What’s Impressed?

Dalton Harris, this years winner of the X Factor for Nicola. And Judith is impressed by the Back to 60 campaign winning the right to a historic judicial review, but specifically, anyone who finds the strength and resources to keep up a long campaign for anything where they are righting wrongs on behalf of others.

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Website: https://OwnItThePodcast.com

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