For this episode, David is joined by Kevin Henderson who is an experienced M&A lawyer, whose mission is to help people to get into the world of buying businesses. Doing so is a way to create the freedom that they want in their lives whilst also being business owners.

Kevin covers identifying the right business to buy, spotting issues with it, raising funds, taking it over and potentially selling it.

To explore how to get unstuck on your mission, put your purpose into practice and convert your ideas into impact book a discovery call with David here https://calendly.com/david-peoplewithpurpose/30min

 

KEY TAKEAWAYS

• You can make enough money from a small business to match a professional corporate wage. Plus, you are building equity.
• Most business equity in the USA and Europe is in the hands of baby boomers, who need to retire.
• Many small businesses do not use technology, so improving processes to generate far more profit is easy.
• In the USA, you now only need to buy a majority of a business to secure a SBA loan.
• Do your due diligence. 40% of businesses lie about their finances. Be careful about how they handle expenses too.
• Buying a firm with just 1 or 2 big customers is risky.
• Spend at least the first year working directly in the business.
• Be prepared to occasionally step in to cover some of the manual work.
• If you plan to sell, plan ahead and make your business more attractive. Kevin explains how.
• Be realistic running a small business is still stressful.

BEST MOMENTS

“You can bridge a very large gap with seller financing.”

“In approximately 40% of deals that he reviews …. they identify outright financial fraud.”

“Focus on what we call enduringly profitable businesses.”

 

EPISODE RESOURCES

Socials – @KHendersonCo

https://www.mundanemillionaires.com

ABOUT THE SHOW

People with purpose make a difference. Imagine a world where more people can just get their purpose out of them, into a plan and then actually make it happen. What a world that would be - People everywhere finding meaning and harnessing that to bring inspiration and energy to each and every day, changing lives for the better. But no one ever achieved anything on their own - we all have something unique to bring and that means we all have to play our part - if we want to go far, we have to go together and lead or serve towards a vision of the world we want to see. Everyone has a story to tell, and this show is where these stories come to life.

 

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

 

ARTWORK CREDIT

Penny Roberts - https://www.instagram.com/penpennypencils

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798  

Instagram - https://www.instagram.com/davidcroberts_ 

Email - [email protected]