Confidence to buy a business

***New Video Alert!
Liam has an MBA, industry experience and a desire to own a business.
So, why does he suffer from fear and a lack of confidence to do a deal?
I’m no psychologist, but I do have some advice based on my observations over the years that might help him out.
Watch this week’s video here: • Confidence to buy a bu...
Cheers
See you over on KZbin
David C Barnett
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[@joep3494]

The book you couldn't recall the title of is called How to Fail at Almost Everything and Still Win Big by Scott Adams. And for anyone who might be turned off by Adams' political views, I promise that the book is not political at all and it actually provides a very different approach on how to find success. Good read.

[@DavidCBarnett]

Thanks. Yes, it was good and I've applied his method to some things in my own life with success.

[@DCVO]

Super good book. I try to listen to it once a year or so.

[@TheTruthSeeker756]

I watch your videos every day and feel like you’re making me smarter. Thanks David!

[@DavidCBarnett]

Glad you like them!

[@victor7530]

Thanks David. Good advice, I felt as if I 'should' be in business and be earning a huge income. I eventually realised it wasn't what I wanted. I found that I wasn't doing the things necessary to achieve the goal, so that was how I realised I didn't want it for me, but for other people.

[@jsk2083]

Thanks, it was spot on. I am working in a corporate, so I am a business person, although i am still young and with average responsibility. I am thrilled and driven by learning to analyse, make my own deals and to run the business eventually. Sometimes I have an anxiety stroke what if I make a mistake out of negligence or what if I don’t see what it takes and eventually put my whole life, time with my little kid, and night sleep down there. The next moment I foresee my secure 9-16 until end of time, and it takes the anxiety away. I am analysing the second deal now ever, starting slowly, happy I’ve found your channel just recently

[@DavidCBarnett]

The path to wealth is typically via not making mistakes. Don't be afraid to be cautious.

[@otfig896]

Always hitting the nail right on the head Dave!

[@DavidCBarnett]

Thanks OT

[@tausenti]

lol, I have been so successful, year and a half of searching, dozen or so researched and refused. I have alot of fear about the purchase, but I know this is what I want to do, I just fear missing some key information point and making a huge mistake. I maybe overthinking things a bit, but I spend alot of time imagining myself as the owner of the business and what the work would be, and how I would handle it long term. Fear of scams too, but those usually stick out.

[@DavidCBarnett]

All the things you list are best managed via deal structure. Take Business Buyer Advantage if you haven't already.

[@seanlee2278]

This is a truly amazing video! I think I fall into both the categories you mentioned. Feeling the need as a new immigrant, yet I have the confidence I can land into a decent job. However I don’t want to go back to being an employee again I just know I’m not happy as one according to my past experiences.

[@DavidCBarnett]

Yes. You know you can 'level-up.' This is great.

[@RomilCPatel]

You described two motivations to become a business buyer/owners. Out of curiosity which one of those two buckets do you fall in, David?

[@DavidCBarnett]

The first one. In my current business, I needed to earn an income while only working during school hours because I didn't want my kids in daycare. I also started this while I was working to avoid the normal startup risks. As far as buying the business brokerage back in 2009. I was in group #2 then. I wanted to level up.

[@neerajchaudhary1821]

Dear Liam, try taking a smaller bite. Don't spend $500k. Spend $50k or $25k. Get accustomed to the process. Marketing, sales, service, product development, back office, etc. $500k is a lot of money to spend. You may feel that you're "betting the farm". So, take a baby step. Even if it's in a different industry. You're gaining experience (and confidence) in running a business. The industry matters, yes, but what also matters is the process. They both matter. So try that first, and see if it works for you. With a $500k net worth, you can walk away from a $25k mistake without compromising your financial future. All the best buddy!

[@DavidCBarnett]

Yes. Putting every nickel into a deal is not a wise move. Good suggestion.

[@dvp740]

Old Hollywood movies end up with happy marriages after couple went through many difficulties , while in real life difficulties start after marriage.

[@DavidCBarnett]

Yes. I've lived that.

[@AGREATNEIGHBORHOOD]

What type of Main Street business do you think would be the best to buy into and roll up and grow, to get the attention of PE groups to sell to for a 8-9 figure exit.

[@DavidCBarnett]

One that you know how to grow and operate successfully. This question always begins with an analysis of your skills, experience and background. And if you feel you have no applicable experience, go get a job in an industry with a large number of independent businesses. That would be a criteria for any roll up effort.