Thanks David. A good combination of detailed advice and good old common sense. I did your business buyer advantage course and it helped me to understand what kind of businesses to avoid because they wouldn't suit me personally.
Lot's of deals done off market! Currently I'm pending to buy a book of business with no one involved except the lawyer. IMO to find a deal it's not a matter of time, but a matter of results. Looking for 18 months and only talking to a few sellers is not great. You need to talk to a lot of sellers! When I was in the flipping land business it was normal for 2,000 letters per deal. We would talk to 20 people from those letters and only buy one.
Thanks for the great video! I have one question: I found this business that I want to buy on a website. Am I allowed to reach out to the owner directly if I can? Or if I go on a broker route, how can I ensure that the broker is really qualified and will do the right thing for a good deal? I’m in Canada by the way.
In my experience, if a broker is helping a buyer then they want to be compensated for their time. IE a search fee and maybe have expenses reimbursed on an on-going basis AND THEN when you buy, some small success fee. I've never heard of a buy-side broker working entirely on a commission. 9/10 searchers don't become buyers.
There is incredible value in this channel. Thank you for all of your hard work, David.
I appreciate that Clayton, thanks.
Thanks David. A good combination of detailed advice and good old common sense. I did your business buyer advantage course and it helped me to understand what kind of businesses to avoid because they wouldn't suit me personally.
Thanks Victor.
Lot's of deals done off market! Currently I'm pending to buy a book of business with no one involved except the lawyer.
IMO to find a deal it's not a matter of time, but a matter of results. Looking for 18 months and only talking to a few sellers is not great. You need to talk to a lot of sellers!
When I was in the flipping land business it was normal for 2,000 letters per deal. We would talk to 20 people from those letters and only buy one.
Yes, you're right. The searchers who I work with that are successful are networking with a lot of owners as fast as they can.
Very valuable info. Sticking to one industry is very helpful.
Absolutely!
Thanks for the great video!
I have one question: I found this business that I want to buy on a website. Am I allowed to reach out to the owner directly if I can? Or if I go on a broker route, how can I ensure that the broker is really qualified and will do the right thing for a good deal? I’m in Canada by the way.
This is a great questiion for a video. I'm adding it to the list.
You should inquire via the method advertised on the website.
Great content!
Thanks GWB.
How do you decide what business is right for you?
Great question. We'll add this to the list.
Thanks Dave.
Thanks for sending in the question Eric. I think it's something that every searcher wonders at some point.
Do buyer brokers charge a commission?
In my experience, if a broker is helping a buyer then they want to be compensated for their time. IE a search fee and maybe have expenses reimbursed on an on-going basis AND THEN when you buy, some small success fee. I've never heard of a buy-side broker working entirely on a commission. 9/10 searchers don't become buyers.