What I Wish I Knew Before Buying A Business | Don’t Make The Same Mistakes

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00:00 - What I Wish I Knew
00:31 - Keep Your Day Job
01:02 - Partnerships
02:37 - Have an Exit Plan
03:07 - Don’t Buy A Job
04:02 - Buy in Public
04:20 - Deals Take Time
05:00 - Careful with Franchises
05:32 - Bring in the Experts
06:00 - Don’t buy Turnarounds
06:36 - Only Risk 20%
06:59 - SBA Loans
07:56 - Downside Planning
08:38 - Mitigate “Go to Zero” Risk
09:16 - Don’t Fall In Love
09:55 - Valuation of Assets
10:26 - Diversify Your Risk
10:54 - Seller Financing
11:36 - Revenue and Profit Sharing
11:56 - Financial Reporting
12:27 - It’s Not Easy
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75%: That's the percentage of all small businesses that fail. I want to help you avoid the pain of that failure. And when it comes to pain, I've had more than my fair share. I lost $50,000 in my first deal and lost $75,000 in another deal. I've gotten up-close and personal with failure, I know what it looks like and what it ate for breakfast. And now you can how to avoid it by learning from my mistakes.

So what changed? One thing: instead of starting businesses, I started buying them. And in this video I'll show you the pitfalls and pain-points to avoid. Should you have a partner? What does that agreement look like? And when do you EXIT??

What about buying franchises? You'll see what red flags to look for so you can avoid turning your new business into your next job. I go over the "who" not "how" when it comes to buying a business. Unless you're a pro, you need to find a "who" to help you, until you can figure out the "how." SBA loans? Might want to think twice, and I tell you why in this video.

Working a small business can be hard, but so is a day job. You get to choose your hard. Have you decided to take the leap? What pitfalls do you wish you knew about before you started? Comment below!

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All content on the Codie Sanchez YouTube channel reflects my own opinions and should NOT be taken as legal advice, financial advice, or investment advice. Please seek out the guidance of professionally trained and licensed individuals before making any decisions. Some links in the description may be affiliate links.