You don’t need experience to be successful.
How do I know?
Because I bought 7 different businesses, in 7 different industries, with 0 experience.
(They make over $6,000,000 annually)
Here are the 2 main reasons why people think they can’t succeed with business acquisition:
1. They don’t have the experience
2. They don’t have the capital
Newsflash:
You don’t need either.
While I had 0 experience in the 7 different businesses I’ve acquired, I did have extensive knowledge in:
• Management
• Marketing
• Sales
If you understand those 3 things?
You can do well in almost any business.
But here’s where we draw the line.
You don’t need to be an EXPERT, but you will need to understand the model.
For example:
I’m not out here looking to acquire a chemistry lab (I don’t know how they work).
But I can acquire:
• CPA Firms
• Nail Salons
• ATM routes
Because I (or people I’m in contact with) understand those businesses well.
If you’re well-versed in:
• Management
• Marketing
• Sales
You can leverage those skills as the missing ingredient to acquire a business that already has a successful foundation.
Upgrades = Cash Flow.
So we busted the experience myth...
The other reason most people don’t get into business acquisition is because of assumed capital requirements.
And I get it.
Something like an SBA 7(a) loan isn’t very well understood by the average person.
But the truth is, they’re built for people who aren't already multi-millionaires.
For people just getting started.
If you do the necessary research, anyone can get into the acquisition space.
(That was me several years ago)
In my opinion…
Business acquisition is the perfect path to start building generational wealth.
If you want to learn more, follow me, Ben Kelly.
Business Bank Loans @ Capitalize
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