Manage episode 224678479 series 1770904
At Quiet Light, we recently sent out a survey to our buyers to get insight into what they really want to learn about the buying and selling process. Today the hosts of Quiet Light are sharing the number one thing that first-time buyers want to know about getting the inside track to a deal. How do they break into the industry if they lack the experience in acquiring?
This episode is just Joe and Mark, guest free, talking about breaking into the business for the first, second, or even the tenth time. They are sharing five things to keep in mind when shopping. There are a whole host of things you should do as well as things you should not do. Joe and Mark have built, bought, and sold businesses and have helped countless deals come to light, so you can trust that they learned all of this from hands-on experience!
- Give really good feedback.
- Review as many listing as possible in detail.
- Put time into the process. Make it a job.
- Prepare your financials.
- Get out on the conference circuit.
- Make a checklist of wants.
- Act quickly.
- Be likable to the buyer and the broker.
- Tell us what else are you doing.
- Be willing to overpay for a great business.
Mark: As you know we recently put out a survey for our buyers. And by the time this airs we’re already going to have closed on that survey … that poll and we should have some really good conclusions. Nobody at Quiet Light other than myself knows the results of the polls yet. And I’ve been maniacally hitting refresh seeing what people are saying both the good and the bad and sometimes the ugly of what’s being said. But I’ll share one thing with you, Joe, right now that has come through that we’ve heard from a number of buyers and that is wanting to know how to get the inside track on deals. Basically feeling like there is this completely competitive disadvantage if they’re a first time buyer. And there’s some truth to this right? I mean if I’ve got three buyers looking at one of my deals and I have one that we’ve done four deals with already I’m probably going to prefer that buyer just because I already know them. They’re a known quantity. We’re going to be able to go through due diligence with them. We know what to expect. We know that they’re going to not get cold feet at the 11th hour and so it’s a problem for new buyers. How do you break into this industry? How do you break into your first acquisition? How do you get the best deals when you’re competing against some guys that maybe have done three or four deals with us already? So this episode is containing no guests. We don’t have any guests. It’s just Joe and me talking about how to get the inside track to deals. And Joe I gave you an exercise at what … like 7 o’clock this morning I texted you and I told you to write some things down.
Joe: You did. But first I want to say that to those listening that are first time buyers I’ve been at this for seven years, Mark’s been at it for more than a decade, and I can only think of one buyer that has bought three listings from us. Maybe two actually if I think Shakil and 101. So there’s only a handful of people like that that have bought more than three and then maybe a few more that have bought more than two. So I think the competitive advantage is in preparation and instilling confidence. We’ve had new buyers that beat repeat buyers. So I don’t want anyone listening to feel like they’re second in line, there’s no way to break in. And that’s the purpose of this podcast correct? So yes you gave me a task this morning. Thank you. I did not sleep last night and I know I’m doing the podcast and th
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