The way you see yourself and the way you see the world shapes what you believe is possible. All business owners have periods of doubt that are caused by an inner conflict. It can stop you if you let it. Ace Chapman shares his journey today where he found it much easier to buy businesses rather than start them. This is how Ace sees the world now. Listen in to the advantages that you reap when you buy a business that has already suffered through the “lean” years.
Ace’s Target Audience: Ace help business owners who are looking to grow through acquisition or looking to come up with an exit strategy to maximize the amount of money that they can make when they sell their business.
Ace had an experience when buying his first business that lead him into the world of buying businesses. This then lead him to helping others purchase businesses. Ace admits he made the decision to buy the business out of frustration and wasn’t exactly seeking a huge opportunity. In any case, it ended up being his very first acquisition.
This experienced caused him to realized there was something to buying an already established business over STARTING his own. He now works with people going through ‘the trenches’ of trying to figure that out. He explains that a lot of people think buying a business is expensive- but it is about finding the right deal which could be worth more than starting a business from scratch.
There are of course problems you could inherit. For example, it could be difficult to assess what is going on with the employees already there involved in the business. Additionally, because many of the previous owners have already mentally ‘checked out’ certain things have been overlooked which are left for you to take care of. Ace advises you step into with the attitude and intention of being fully invested.
At the same time, Ace assures that these same problems also contain the opportunities. Ace focuses on helping his clients figure out the basics and what is usually learned within the first 2- 5 years of owning a business.
While Ace is living a passionate and satisfied life where he helps others, there was also a period where he questioned whether he was ever going to find work that he felt so passionate about. What triggered him out of his doubt was a mentor he worked with who helped him to flip his perspective. He began to draw out a vision of what his life was going to look like. This projection changed many aspects of his life- including his finances.
His mentor guided him in becoming really educated about his finances. Ace’s mindset changed into thinking about his PRESENT cash flow- not the abstract cash flow of tomorrow. He figured out that if he focused on maximizing today’s cash flow, then he’d place himself on a good situation for the long term.
In this episode we’ll cover
- How to treat the buying experience as an educational experience
- Why buying a business could be better than starting one of your own
- Problems you can inherit when buying a business
- The opportunities that lie in those very same problems
- Why putting your mental energy into TODAY’S cash flow is essential.
- How Ace transformed his doubts into a passion for helping others going through the trenches
- How having a mentor can change your perspective on multiple levels
Practical & Actionable:
Ace says there is so much value people can receive through the buying process and he encourages people to take advantage of that. He says that if you are in the market to buy a business (whether you do or not) it is an opportunity to talk to sellers. It is a chance to learn from someone who’s been where you are and done it. Use it as an opportunity to learn because in the process you may acquire valuable knowledge.
Resources and Links
- Ace’s Website
- Contact Ace for free live event 11/8/14: email@example.com
- Ace’s Twitter
- Share the LOVE and TWEET about this episode.
Do you have questions about today’s episode?
Did you know that you can apply to chat with me by phone? This is a limited time offer to help anyone that is serious about refining their business as well as developing a clear & compelling strategy that will drive them forward. Complete the questions and our team will follow up with you to schedule time for your “Vision Breakthrough Session”. These are limited to 30 minutes, completely free and oh, so valuable. Apply Now!
A Quick Favor
And lastly, please leave a rating and review for the Leaders in the Trenches on iTunes (or Stitcher) – it will help us in many ways, but it also inspires us to keep doing what we are doing here. Thank you in advance!