Key Points From the Interview
magine you have 250 entrepreneurs who want to buy a business.
They're serious about it. They've spent a few grand for help achieving that goal.
Now, what % of these serious entrepreneurs...actually buys a business?
Take a guess...
The Acquisition Lab is a do-it-with-you advisory service that helps you go out & buy a business.
It was founded by Walker Deibel (of Buy Then Build fame).
And of the 250 people who've gone through the Lab, 40 have closed.
So the answer to the above question is 16.
About 16 percent of people actually do it.
And that's after getting great instruction. (I know; I've gone through the Lab.)
This is hard, people.
Finding a high-quality business to acquire, and then actually doing it — it's hard. It's elite.
It doesn't have to be as hard as we make it...
Enter Chelsea Wood.
Chelsea runs the Lab. She's the one who has worked with these 250+ would-be business buyers.
And she has some observations about why people don't succeed in buying a business.
7 of them, to be precise.
It turns out to be good news, because these 7 are not external factors over which you have no control.
They are internal. They're issues of mindset.
Chelsea came on Acquiring Minds to tell me what they are.
I've bookmarked our interview on YouTube so can skip ahead to what interests you:
- The need to be an expert on every part of your acquisition
- Incessant need for more, more, MORE information
- Good ol' imposter syndrome
- You don't brand yourself (a tactical one and it's soo good)
- You're too rigid
- You're too loose, get desperate
- You don't put in the effort for deal flow (another tactical one)
Or, if you want to just watch the whole interview (which you should), start from the beginning:
If you want to ask Chelsea a question, she's: chelsea at buythenbuild dot com.
Until next week,
August Felker is a 2-time successful searcher — first with a traditional search fund; the second time around, he did a self-funded search.
Today August runs Oberle Risk Strategies, an insurance firm with a dedicated practice group for searchers and acquisition entrepreneurs like you.
If you've got a business under LOI, Oberle will provide complimentary due diligence on that business's insurance and benefits program. A great, no-risk way to get to know August & team.
They love helping searchers; they've worked with hundreds. Oberle is a specialty insurance brokerage for searchers, by a former searcher.
Check out the Search Fund Team at Oberle.