In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews August Felker, an entrepreneur with experience in buying and selling businesses, particularly insurance brokerages.

August shares his journey from starting a search fund to acquiring his first business, the challenges he faced during the negotiation process, and the emotions he experienced as a seller.

He also discusses his transition into supporting others in the acquisition process and provides insights into the importance of insurance diligence when buying a business.

Key Takeaways:

🔹Starting a search fund allows aspiring entrepreneurs to buy an existing business and become an entrepreneur without starting from scratch.

🔹The negotiation process when buying a business can be emotional, and it's important to be prepared for the different waves of emotions that come with it.

🔹Building a relationship with the seller is crucial, both during the negotiation process and after the sale, to ensure a smooth transition and ongoing success.

🔹Conducting insurance diligence before buying a business is essential to identify any coverage problems or surprises that may arise after the acquisition.

🔹Cold calling and building relationships with potential sellers can be an effective way to find proprietary deals and stand out from competitors.

In this episode:

00:00:00 | Introduction

00:01:10 | August Felker discusses his background and experience in buying businesses

00:03:04 | What is a Search Fund?

00:06:05 | August Felker on finding and acquiring his first business

00:14:07 | Deciding to sell

00:16:38 | Advice for sellers

00:20:11 | Transition from a traditional search fund model to a self-funded model

00:25:10 | Consider the seller's needs to stand out as a buyer

00:31:08 | Insurance is often at the bottom of the client's list, but they still have to deal with it

00:37:04 | August Felker on what motivates him

00:39:09:02 Closing remarks

______________________________________________________________________

If you have questions for Jared, visit JaredWJohnson.com

DISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.