America's top-ranked business broker, Trent Lee, joins us for an engaging discussion on the burgeoning trend of buying existing businesses rather than starting new ones. Trent, who has been recognized by the International Business Brokers Association for six consecutive years, sheds light on his inspiring journey from his formative years in Las Vegas to becoming a prominent figure in the business brokering world. He opens up about his father’s successful sale of a janitorial company, a pivotal event that ignited his passion for entrepreneurship, and shares invaluable lessons learned from those early experiences.

We venture into the often-overlooked For Sale By Owner market for businesses, a fragmented landscape compared to the real estate sector's centralized MLS system. Trent offers insights into the critical elements of having a "buy box" and a "buyer box," stressing the importance of experience and licensing in successful business acquisitions. He dispels the myth of being "industry agnostic" and illustrates the necessity of aligning personal expertise with business opportunities through a compelling example of an auto mechanic shop transaction.

Transparency, due diligence, and the art of exit planning are key components in the world of business brokering that we explore further with Trent. He discusses the significance of crafting businesses that thrive independently of their owners, a factor essential for a smooth transition when selling. With an eye on the future, we contemplate the challenges business leaders face in retirement and the parallels to coaching roles, alongside the strategic advantage of vertical integration and personal branding. Join us as we navigate the complex yet rewarding terrain of buying and selling businesses with Trent Lee’s expert guidance.

CHAPTERS 

(00:00) - Buying Businesses

(13:23) - Buying Businesses

(22:59) - Selling Businesses

(29:12) - Business Brokers Discuss Commission Percentages

(39:29) - Business Ownership Reflections and Due Diligence

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💯 About John Gafford: After appearing on NBC's "The Apprentice", John relocated to the Las Vegas Valley and founded several successful companies in the real estate space.

➡️ The Gafford Group at Simply Vegas, top 1% of all REALTORS nationwide in terms of production. Simply Vegas, a 500 agent brokerage with billions in annual sales Clear Title, a 7-figure full-service title and escrow company.

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Facebook ▶️ / gafford2

🎧 Stream The Escaping The Drift Podcast with John Gafford Episode here:

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