Harvard Secrets For Purchasing A Business, with Ahron Oddman

The Entrepreneurial You: Empowering Entrepreneurs with insights on Business, Leadership and Succes

Have you ever wanted to ask a CEO and Harvard MBA all your burning business questions? What about spending an hour with the smartest person you know? April interviews Ahron Oddman, CEO of PSS, a former colleague, and client, and gets to do both! You don’t want to miss all the gems from the man who inspired April to start her company and introduced her to the term “Pouring In”.
This week I am pleased to be partnering with my very good friend April Shprintz of the Pouring Into Your Business podcast for an episode swap. April has been a guest on The Entrepreneurial You Podcast and I have also been a guest on her Pouring Into Your Business podcast. When we first spoke I fell in love with her story of generosity which is what episode199 of The Entrepreneurial You podcast was all about.
In this episode, April speaks with Ahron Oddman about Harvard Secrets for Purchasing a Business.
In this episode, you’ll discover—
The most powerful way for you to impact 2021 personally and in business
How to research and buy a successful business to grow
Why your gut sometimes trumps all the data in the world
Resources
Think Big Buy Small available on Amazon!
Pouring Into Yourself & Your Business Highlights
Ahron Shares What He Learned In Business School About Acquiring a Business-
Ahron shares that he went to business school with no real expectations in it otherwise from technology.
He pointed out that during grad school he had two professors, one of which yelled for over 20 minutes that “You guys are all supposed to be smart because you’re here in grad school but you guys are chasing the dumbest opportunities possible. What are the odds that any one of you will invent any one of these unicorn type companies.”
He shared that based on that discussion he stopped and reflected
Ahron also points out that 75% of the battle is won or lost in what company you buy along with what price you pay for it.
He also highlights that in buying a business, the closing process can take up to six months; the buyer and seller have to come to mutual terms and agreements.
Ahron shares that with COVID-19 came a massive amount of opportunities for business growth. He speaks that obstacles/challenges that come your way can present opportunities for your business to thrive in new ways.
Criteria for What Type Of Business To Look For When Buying-
Look for businesses that are profitable
Look at the financial benchmarks; learn about the businesses’ finances
Establish customer base
Take into consideration whether there is a future market for the product/service that the company provides.
Consider where and how that business impacts the world
Having The Right Mindset In Business-
Focus on self-development
Map out your goals both short and long-term
Create a mission worth spending your life on
Accept challenges
Be proactive
Be passionate about your business
You don't need permission to be an entrepreneur
Business Advice from Ahron Oddman
Guard your mindset; Now your rather our responsibility as leaders and those who know better is to go out and inspire others to take stock of their mindset and for us to influence with really positive ideas and impact other peoples’…Click To Tweet
3 Powerful Quotes from This Episode
“Take a stop and look back at the mountains that got you where you are, because in some ways they helped to define who you are today”
“Being a great leader isn’t something we should take for granted”
“75% of the battle is won or lost in what company you buy along with what price you pay for it.”