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Looking to buy an existing business? Interested in business mergers and acquisitions?
In this video, Jonathan Jay speaks with Joanne Bell, who bought five accountancy businesses without spending a penny of her own money!
In the interview, Joanne shares her story of how she acquired her first business through networking and being a good fit in terms of customer service and pricing.
Money was not the seller's main objective; instead, he was more concerned with how his team and clients would be looked after. They agreed on a price of £500,000. Joanne needed to borrow the money for the downpayment, but the seller was more than happy to lend her what she needed - over 20 years - in return for monthly income.
Joanne shares how important it is to build rapport with the business owner, rather than just focusing on the numbers. She emphasises that it's crucial to listen more than you talk during the initial conversations with the business owner. Joanne also notes that making an offer for a business is not the same as buying a house; you should never go first on price.
Instead, she recommends asking the business owner what works for them and then negotiating based on their expectations.
Joanne also highlights the importance of having a mediation clause in every sale and purchase agreement to prevent disputes from escalating to legal action. She shares her own experience of a business purchase where there were unexpected fees, but because the contract had a warranty clause, she was able to adjust the price accordingly without needing to involve lawyers.
This video is a must-watch for anyone interested in buying an existing business or learning about acquisition in business. If you're looking to develop a successful business acquisition strategy, this video will provide valuable insights.
26 фев 2023
