Most Important Factors to Know When Buying a Business: Contacting the Owner
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- Опубліковано 16 вер 2024
- This is video #3 in my series Most Important Factors to Know When Buying a Business.
You know your acquisition criteria and type of business so now it is time to approach businesses.
This video walks you through this conversation and just know this is a number's game so keep going.
To learn more about Roland Frasier 👉 msha.ke/roland...
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Roland Frasier is co-founder and principal of three current Inc. Magazine fastest-growing companies and he has founded, scaled, or sold 24 different 7 to 9 figure businesses ranging from consumer products to industrial machine manufacturing companies with adjusted sales ranging from $3 million to $337 million.
Currently growing Scalable.co, DigitalMarketer.com, RivalBrands.com, and Plattr.com while advising over 150 other companies on digitally centric customer acquisition, activation, referral, retention, and revenue strategies and plan implementation.
You can also find other content by Roland on:
The Business Lunch Podcast UA-cam Channel 👉 / @businesslunchwithrola...
The War Room Mastermind 👉 / @warroom9086
Subscribe to Roland Frasier 👉 / @rolandfrasierepic
To learn more about Roland Frasier 👉 msha.ke/roland...
Connect with me on social:
🎵 TikTok: / rolandfrasier
📸 Instagram: / rolandfrasier
📱 Facebook: / rolandfrasierpage
💼 LinkedIn: / rolandfrasier
Subscribe to Roland Frasier 👉 / @rolandfrasierepic
Priceless
Really good practical information about approaching another business for acquisition!
Thanks Skip!
Again a great source of information and I really enjoy the conversational approach.
By far the most information given in one UA-cam channel! Love it!
Thank you Cody, always want to provide real value.
Loving this content right now! I was one of the original members in your EIN group many years back. Unfortunately at that time I went through some other major life changes, so instead of acquiring businesses I chose to buckle down and grow my existing company. This ended up being a HUGE blessing as it's given my family and I a great life.
I always though had this craving to get back into this. My knowledge of direct response marketing, systems/processes, and team building are my "super powers" and what I enjoy over seeing from day to day. I started doing my due diligence a few weeks back including going back through all of my old EIN materials. I've also met with a handful of local business contacts this past week to discuss what I'm looking to do and I have appointments set up every day of the week for the next 2 weeks to keep planting the seed of buying companies and if I can be of assistance in any way to the people I am meeting with.
Thank you very much Roland for putting all of this content on YT. It's really helping my confidence grow through this journey. I truly appreciate you!
Zach, that is so wonderful to hear! Thank you for sharing with me! Lmk if there’s anything that I can do to help you in any way. Cheers!
Very Helpful, i see business acquisitions very similar to approaching sellers in real estate or talking to agents, just learning a new skill here, thanks Roland! ✌
Thanks Dario. It is indeed quite similar!
Absolute gem
Roland is great at what he does he has a lot of experience and knowledge I love his energy and business approach
🙏 🙏 🙏
Love the natural dialogue
Thank you, I appreciate that!
Any videos for beginners, with no business background/knowledge experience or no money. Where should I start?
Most of my videos work for beginners, but I’ll ask the team if they would put together a couple of playlists focused for beginners. Thanks for the suggestion.
I started from scratch watching UA-cam videos. I started in 2018. Still running and growing my business every year. I can assist you
@@KylePattesonhi i would love to ask you questions on this. Do you have an email?
@kylepattereson do you have a email website
This video is so helpful, especially how this is going to be my next step.
did you try it? how'd it go?
very helpful step-by-step guide!!
Great Info, as usual Roland 💯😊👍
Thanks William!
great help on how to talk with owners.
This video was perfect thank you
Great approach Roland 👍 👏
Thank you Evericom! :)
Thank you so much for this... very informative....🙌🙏👍.... I am still trying to get your book....
Thanks Freddie. DM me and I’ll get you a link that works.
Super valuable information. Thanks Roland 💪
Welcome Abel!
Dope context thank you.
My pleasure! Thanks for the comment!
Great information. Thank you.
Thank you Shilpa!
This video is absolute gold
Thank you Cantheman29!
Great video! Simple yet Informative.
I’m looking to inquire about a rock quarry/aggregate pit near by me that is for sale. This was very helpful in getting the conversation started. I’m a small business owner that uses this particular pit on occasion, so I’m not new to the earthwork industry. Just new to the quarry business. This quarry is a MASSIVE jump for me financially so I want to ask the right questions as to have the correct answers for my investors.
What would be the best approach for the request of seller financing?
I generally start with suggesting the seller finance 80% and do an earnout for 20%. Financing I suggest at 0% interest in monthly payments over 10 years as first ask, OR I’ll ask for a 10 year balloon (all is due 10 years from now) with interest only payable monthly or quarterly until then.
Really good stuff!!!
Thank you David!
Thanks Roland! The content is very practical! The key points are what is the company and who is the owner. English is not my native langurage, I watched and paused to make sure I understand exactly. Valuble information! Thank you❤ After the first chat/approach, what is our next step?
Thank you. Next step would be to gather data about the business.
@@RolandFrasierEPIC Thank you! Do you have an episode explaining the data we look into? Looking forward to watching
@@RolandFrasierEPIC I wonder if you would be my mentor. I will rearch you via Linkedin
@@Mei-q7p I’m not sure if they’ve posted something like that for me yet Mei, but you can get the whole thing in one place in my free challenge at GetEpicChallenge.com
Love it!
Hi Roland, Love your channel! I work at Costco. Currently we outsource a local Small business street sweeping service to clean our parking lot at night. The owner most nights does a poor job and my management is unhappy with him. As a thorough person, I believe I could complete the job better and more efficiently than him. So I'm interested in acquiring his buisness and expanding it. Do you think it's better to buy Similar equipment and just Offer Costco my services Or Try the acquisition route?
I always recommend acquisition over starting a new business. They've figured out what works and already have the assets you need to get started. Sounds like this could be a good avenue for you.
Hey Roland, great video! I’m curious, how do you research these companies and figure out what their revenue / profit is if they aren’t public companies? Thanks!
Hey Luke, you can use services like ZoomInfo that have the data about companies that can be searched using criteria like revenue, years in business, number of employees, etc. This is secondary data that helps you identify a group of businesses that generally meets your acquisition criteria. You then conduct bulk outreach campaigns to the list and have direct conversations to gain primary data to confirm that they do in fact meet your particular criteria.
Good stuff.
Can you do a video about OPM ( Other people's Money)
What do you say when the owner says Investment what are we talking about here money, etc? Some owners can get very aggressive and want you to get straight to the point because they are busy. If you then say you are looking to acquire their business they can then shutdown. While it's less aggressive upfront to cone from the Investment angle sometimes its also good to get straight to the point but in a non aggressive way.
or they ask what is your background?
When I find a viable business to consider for acquisition, do you have capacity to analyze the numbers and give a "gut check" before I move forward? In life I have found it wise to take counsel with qualified individuals when contemplating business/life endeavours.
Steve
Thank you for your consideration.
Steven we do this in our Epic coaching program. I do weekly live deal-breakdown and analysis calls myself and our experienced acquisition coaches are available live pretty much every day of the week to provide guidance and answers as well. You can find out more about that at EthicallyProfit.com
@@RolandFrasierEPIC Roland, thank you for the heads up on that. I will be checking it out. Hey, I know that you are a musician/business man (so am I, Housing) I thought you would dig this song I wrote and recorded for the Automotive industry. Steven
ua-cam.com/video/sojac_zhHbw/v-deo.htmlsi=ey-Ml00MopeCN95Y
Can we get that data sheet you talked about?
Then they ask do you have any experience in the industry
Recruit an expert
What do you say if you call up a company and the person that answers the phone isn’t the owner? Let’s say it’s an employee, or desk person, that answers.
Just ask for the owner. Tell them you have a confidential issue to discuss only with the owner.
@@RolandFrasierEPIC thanks, you’re the greatest Roland.
This is lowkey social engineering
dear ronald,
If I can't analyze a business and I have money, can I pay a professional business analyzer to analyze that business for me that I want to buy?
The Business that i want to buy and hold it forever to have a income .
Yes 100%. A good acquisitions attorney and accountant could do that for you.
Avoid the peter piper *personality types*
😃
That's amazing. I did anything right. The sales advisors were against me and through the nda I was not allowed to contact the owner anymore. He gave us his contact informations, his business card and he was ready to lead the company a few years by his own because of his vision. He wanted to give a sellerscredit and he were not caring about the costs and prices about the business. This sales advisors can break it all. So I try now to contact such advisors at first and make a deal with them, before I visit the next business to buy. It's always that numbersgame. That advisors don't understand that financial intelligence is a very important point and they just want to have high prices for their provisions and if the owner like in this example is saying that he don't care about the price, they break up the deal with all manipulations they could have. They said I would be not the guy for that... My experiences aren't enought in that business area.. And I told them the owner will lead it and I will hire a few managers because I am a visionair and use synergy and other teams out of other company's I buy, to shoot the businesses at all up to the sky. I make history! But the most people in that employment relationship are not underatanding what business is and this is what is messing me up brutally... What should I do if such idiots are infront of me and the owner is totally on my side?
Priceless information, but try speaking faster
Why do you need him to speak faster?
"The Principles of Scamming People 101".
Kind of hard to scam people when you are reaching out to those who would like to sell their business with offers to buy their business. Just sayin’ :)
I disagree about the financial statements. If you don't know this figures, and verify them some how, how can you know profitability....
MARCEDRIC KIRBY FOUNDER CEO.
MARCEDRIC KIRBY INC.
Another waste of time watching this
Thanks for commenting Jay, now you know exactly where to come any time you have extra time to waste. :)