It’s really easy to get caught up in the corporate trap.
Some folks may feel stuck during that process of climbing the corporate ladder, before they realize that they are built to be more of an entrepreneur than someone that is trying to make it in the corporate world.
Many entrepreneurs (actually even those that don’t have an entrepreneurial bone in their body) want to be able to use what they’re good at with whatever they decide to do with their businesses/careers.
If you’re anything like Ace Chapman, our guest today, and you have an eye for opportunity and the understanding of what is right for you and your lifestyle, listen to the episode and learn from Ace on how you can build out your vision and straight-line to your goals.
If you’re interested in learning more about buying a business and selling them as a means to replace your income-earning job, Ace has provided some recommendations to how you can start flipping business below. Check it out!
If you’re just getting into the game of buying a business to replace your income, here’s what you should do:
- Look into finding businesses where you can work directly with the owner (best situation)
- Try and get a sense of whether the business owners are being realistic about the price
Ideally, the asking price should be 2 or 3x the earnings that their business is bringing in
- Some questions to ask the business owner:
- What are their net earnings per year…what are they pulling in?
- What do they expect to make off of the business deal?
- How long has the business been around?
- How long has the business been profitable?
- What is the turnover of employees?
- How much time does the owner spend putting into the business?
- What are some of the owners concerns about the business?
- Check to see if the business has any SOP of value. It’s a great sign if businesses have operating systems that are running smoothly
If you’re the type of person that doesn’t have that entrepreneurial vision, but you know you want to own a business, here are the first things to consider:
- Look at businesses bizbuysale.com– list sites, internet businesses/off-line deals
- Learn about different types of businesses for sale
- Look at every deal and learn something about business
- Check out business’ prospectuses
- Talks about the business…business plan based on factual past – history of business, summary of income and how business model works, financials that go back at least 3 years, marketing strategies, projections and then the future of business
- Learn more from business owners that have longstanding businesses as they are the businesses that have made it through the “entrepreneurial gauntlet”
- Valuable to learn from all entrepreneurs and download their knowledge to be able to apply tactics and strategies that worked for them and avoid those that didn’t prove successful
ABOUT ACE CHAPMAN
Ace Chapman was a born entrepreneur, at the age of 5 he sold his school pictures to make back the $20 it cost for him to take them, by the age of 19 he had bought his first business, and by the age of 21 he had made his first million.
A college dropout with an eye for opportunity, Ace Chapman found a calling in buying and selling businesses. It was with the motivation to continue enjoying his life and having the luxury of freedom to do what he wanted that he invested in this business of buying businesses.
In the past 16 years, Ace has purchased over 40 businesses and discovered unique strategies to finance businesses and continues to help other people leverage those same strategies.
RELEVANT LINKS AND RESOURCES
Check out Ace’s work at his website.
Follow Ace on Facebook
Connect with Ace on Linkedin
Follow Ace on Twitter: @acechapman
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