Why Millennials should Buy a Business to Grow their Wealth Fast | Josh Tolley on The Sales Podcast

The Sales Podcast

https://www.thesaleswhisperer.com/p/josh-tolley-buy-a-business

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In this conversation, Wes interviews Josh Tolley, an experienced entrepreneur and author.

They discuss the misconceptions of buying and selling businesses, the importance of critical thinking and logical deduction, and the challenges of having rational discussions.

Josh shares his journey as an entrepreneur and the value of creativity and thinking outside the box. He also explains the process of buying profitable businesses and the scalability of managing multiple businesses.

The conversation highlights the importance of selling businesses at the right time and the table method for effective business management. In this conversation, Josh Tolley discusses the process of building a portfolio of businesses through acquisitions.

He emphasizes the importance of avoiding online scams and hiring a qualified broker to assist with the acquisition process.

Tolley also provides insights into considerations for location and working around SBA loan requirements. He highlights the need for thorough due diligence and research before making a purchase.

Additionally, Tolley shares his motivation for writing a book and discusses the challenges of introversion in public speaking. The conversation concludes with a discussion on negotiating price and terms, as well as the importance of engaging content.

Takeaways

Buying profitable businesses can be a faster and more successful path to entrepreneurship than starting from scratch.

Critical thinking and logical deduction are essential skills for success in business and other areas of life.

Doing what you love may not always lead to financial success, and it's important to consider the scalability and profitability of a business.

Selling a business at the right time can be more profitable than holding onto it for too long.

Managing multiple businesses requires trust in competent professionals and focusing on the key aspects of each business. Avoid online scams and hire a qualified broker when acquiring businesses.

Thorough due diligence and research are essential before making a purchase.

Consider location and work around SBA loan requirements.

Negotiate beyond price to include additional terms and benefits.

00:00 Introduction and Technical Difficulties

01:12 Josh Tolley's Background and Experience

03:29 The Number of Businesses Josh Tolley Owns

04:00 The Misconceptions of Buying and Selling Businesses

05:03 The Bonding Moments of Different Generations

06:27 The Importance of Objective Truth and Logical Deduction

09:00 The Challenges of Having Rational Discussions

11:05 The Value of Critical Thinking and Creativity

12:18 The Success of D Students in Entrepreneurship

13:22 Josh Tolley's Academic Background and Journey

15:20 The Risk and Failure in Buying Businesses

20:22 The Pitfalls of Doing What You Love

23:08 The Affordability of Buying Businesses

25:57 The Importance of Selling Businesses at the Right Time

27:36 The Challenges of Managing Multiple Businesses

30:10 The Importance of Trust and Scalability in Business Ownership

31:25 The Table Method for Business Management

32:24 Building a Portfolio of Businesses

33:05 Avoiding Online Scams

34:22 The Importance of Hiring a Qualified Broker

35:09 Considerations for Location

35:38 Working Around SBA Loan Requirements

36:06 Choosing the Right Type of Business

37:07 Due Diligence and Research

38:15 The Role of Errors and Omissions Insurance

39:20 The Dangers of Insta Experts

40:20 Motivation Behind Writing a Book

42:06 Introversion and Public Speaking

43:18 The Temptation of Living in a Remote Location

44:13 The Challenges of Socializing

45:47 Negotiating Price and Terms

46:55 The Difficulty of Acquiring a Winery

48:17 The Importance of Price in Negotiations

50:38 Negotiating Beyond Price

52:27 Josh Tolley's Website and Podcast

53:20 Website Design and User Experience

55:13 The Logical Place Podcast

56:51 The Brain on the Microphone

57:19 The Importance of Engaging Content

57:48 The Dedication of the Cartoon Version of the Book

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