How can you, as an entrepreneur, take your first steps toward buying and selling businesses? 

Do you agree, like my guest, that most businesses should never be owned longer than six years? 

In this episode, Bill Gallagher talks with Josh Tolley, an expert in flipping businesses. Josh is the chairman of a business brokerage company that buys, builds, operates, and sells companies in finance, spirits, birthing centers, professional sports, and other industries. 

Key topics that Bill and Josh explore in this episode: 

- Josh shares insights from his recent book, Acquisition of Wealth, on creating life-changing prosperity.

- The importance of perseverance and learning from failures in acquiring business success.

- Saving vs. investing for wealth, with a focus on business ownership. 

- Why saving your way to wealth can become like chasing a moving target.

- The power of buying businesses for profit over real estate.

- Buying vs starting a business. 

- The distinction between small business owners and entrepreneurs. 

- Why buying an existing business is often more efficient than starting one from scratch.

- Flipping businesses, using  Warren Buffett as an example. 

- Warren Buffett invests in companies, keeps profits for himself.

- Acquiring a 20-year-old business with a skilled employee as CEO can yield higher returns than starting a new venture.

- Flipping businesses every 5-7 years is more profitable than holding onto one.

- Equity gained from flipping a business can be used to buy a more valuable business.

- Josh advises against listening to “Instagram experts” who recommend buying, say, a laundromat or car wash. 

- Common mistakes business owners make when selling their companies. 

- Business owners often lack a clear exit strategy, leading to problems when it's time to sell.

- Entrepreneurs must set up their businesses to run without them. 

- Entrepreneurs struggle with identity issues when their businesses fail or they sell them.

Thanks to Josh Tolley for being on the show! 

Learn more about Josh: https://www.joshtolley.com 

Get Josh’s book: Acquisitional Wealth: The Fastest, Most Proven Way to Create Life-Changing Prosperity: https://amzn.to/3UbD560 

Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth. 

Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop 

Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/

Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach 

Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth. 

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This episode was produced by Story On Media & Marketing: https://www.successwithstories.com