Imagine a business opportunity that had a 95% chance of success.
Would that interest you?
Now, what if I further told you that not only was there a 95% chance that you would make money year after year from this opportunity. But that you would also continually be building equity in a business that you could sell in the future and retire.
Well, I’m not here to tell you about a specific business opportunity like this. But I am here to tell you about an interview with someone I did who has experienced over 1,000 opportunities like these.
That person is Ed Pendarvis.
Around 30 years ago, Ed founded Sunbelt Business Brokers Network, LLC. He has since grown Sunbelt into the world’s largest business brokerage firm with approximately 300 licensed offices. Also, Ed has personally managed the sale of more than 1,000 businesses.
Few, if any, people have this level of experience and expertise. So, I was fortunate to get Ed on the line to get answers from him on key areas to help you grow a successful business.
And one of the incredible things that Ed told me was the approximately 95% of businesses which are purchased succeed.
Now, after digging a little, the reason we concluded that this happens is because there is a serious vested interest in these business.
To begin, typically with these businesses, the buyer invests all or a substantial portion of their life’s savings in buying the business. As such, they have a serious vested interest in the business’ success.
And, Pendarvis goes as far as stating that he would not buy a business if the seller didn’t provide seller financing. The result of seller financing? The seller doesn’t get paid if the business doesn’t succeed.
As a result, the seller has a vested interest in the business’ success and works to train the new owner how to expertly run the business.
Which leads to the question of “who has a serious vested interested in your business?” Obviously the more and better qualified the individuals and companies which have a vested interest in your business, the better the chance of your success.
So, if you have not done so already, get qualified personnel, advisors, joint venture partners, investors, and others who can take a vested interest in your company, and your success should skyrocket.
In the interview, Ed revealed tons of great tips and information regarding buying a business, including:
- Why the success rates of buying a business or buying a franchise are over 10 times greater than starting a business from scratch
- The key things you should look for when buying a business, and the first thing you must do
- The most qualified person in the world to teach you how to run the business you bought
- The easiest place to find ideas to grow your new business
- How to maximize the productivity of your workforce once your acquisition is complete
- The 3 places to get financing for the business you buy
- Why buying a business is so much different than buying a house
In addition to great information on buying a business, I got Ed to reveal tons of useful information for those starting a new or growing an existing business, including:
- How to build a business that makes others want to buy it at the highest price
- The common traits he has found in over 1,000 successful business owners
- The technique he used to ensure quality control as he grew Sunbelt from just one to over 300 offices
- How Ed ensures that he is as productive as possible every day