The 4 Things Must Know To Succeed Buying A BusinessMar 15, 2022
The number one question I get through email, Facebook and LinkedIn is; "what should I be focusing on day to day if my goal is to go and buy a business or do a roll up"
What are the practical, black-and-white steps I need to do on a daily basis to get to this outcome?
The first thing is to have the right context of timing within your acquisitions journey.
Many entrepreneurs feel as they are not going fast enough, we are told every day by social media and various gurus that we need to get to a certain point by a specific time to be "successful".
I talk to people who literally run billion-dollar companies, and I talk to people just getting started who have nothing.
They both say the same thing "Moran I feel like I'm not growing fast enough."
Even during the roll-up where we acquired 16 companies doing $200MM in revenues, our partners said the same thing. "We are not growing fast enough!"
You simply have to take a step back and realize that your ego will always tell you you need to be better, do more and achieve more.
When you understand that there is no pot of gold at the end of the rainbow 🌈 there is only the next pot of gold to go after. You can apply context to your situation and take off some of the pressure you put on yourself.
The chase of the pot of gold is where the real reward is in this life.
#2. Alignment within your team.
Your business will always be a reflection of you, even with your team, whether its accountants, lawyers, employees.
Ultimately as an entrepreneur, it is your business and will always be a reflection of you as a person.
To get real results, you need your team to be in alignment with your vision. These people are here to amplify YOUR vision, so success is inherently tied to how strong your vision is and how well you can transfer that vision onto your team.
The secret to creating a strong impression of your vision and getting buy-in is to align your vision with theirs.
Do you know what their goals are? Where do they want to be in 1,3,5 years from now?
If you don't, you have a problem because you will not have them fully bought into creating their vision, along with yours.
Remember, the best business deals are always win-win, and your most important deal is with your team.
#3 Is an often overlooked business metric, Revenue-per-Employee
If you want to grow and scale effectively, you need to track this metric as closely as you track your cash flow or revenue.
You need to track this metric and compare it to what the best businesses in your sector are achieving.
If you neglect to prioritize these metrics, you simply are not going to make the money you need to grow and scale.
Success in hitting these metrics comes by holding each and every team member accountable to the metrics you have set for them that determine success within their specified responsibilities.
Last but not least, #4: Always do more of what is working.
So many entrepreneurs find themselves chasing the next shiny object in their business, whether it's testing a new marketing strategy, tweaking operations, or hiring new people, there is a lot of truth to the old saying "If it ain't broke, don't fix it"
Instead, ask yourself, what worked for me last year? In business, life, or really anything.
Then dive in and really explore why did it work?
What was it about that action that produced the results we desired?
Once you figure that out it simply comes down to figuring out how to do more of whatever "that" was to achieve exponential results.
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