Are you tired of the same old routine? Ready for a change? Have you considered buying a business?
Buying A Business? 3 Essential Requirements To Find Your Perfect Fit
In this episode of Napkin Numbers, Scott and Rahsaan explore how self-reflection can uncover hidden passions and open doors to unexpected opportunities.
Don’t fall for these common myths: 1) You need to be an expert in the industry to succeed, 2) Passion is the only thing that matters, and 3) Your preferences can’t change over time. Listen in as we debunk these myths and reveal the truth behind identifying the right skills, passions, and preferences when buying a business. Scott and Rahsaan share their proven strategy to help you make the right choices for your entrepreneurial journey.
Napkin Numbers Talking Points
[1:10] Understanding Your Ideal Opportunity
- To find your ideal business to purchase – Answer 2 questions: What do you like to do? What are you good at?
- Identify skills that you have
- Find what you’re passionate about
- This exercise helps buyers expand their options and consider industries they may not have initially thought of.
[4:10] Turning Dreams into Realities
- An engineer completed the 2 questions, showing that the liked to cook, but wasn’t a chef. And he’s good at managing people and tasks and was open to running a restaurant.
- Need to have vision, because owning a business means your employees come first
- Discipline is essential to get you to your vision
- When you’re passionate about what you do, your discipline kicks in so you can fulfill your vision
[6:50] Keeping an Open Mind
- You never know what might be next so be open to the possibilities
- If you’re not into managing people, steer clear of businesses that do not align with that value.
- Scott & Rahsaan never thought they would own the portfolio they have now, but each of them turned out to be the perfect fit.
If you are ready to discover more about what goes into buying a business, please visit our website: freemanlundt.com/buying-a-business/.
If you are interested in selling a business, please our complimentary business evaluation calculator to discover what your business is worth.
