How To Find Success When Buying Existing Businesses

Real estate investor, liquor store owner, and successful entrepreneur, Timothy Delaney comes in today to share how to grow your own business.

From living in Ireland, joining the Peace Corps, and becoming a school teacher in South America, Tim has a lot of interesting stories and plenty of insights from his experiences to tell.

Find out how Buffalo, NY-born Tim gave up his dream of working at Wall Street to be an upstanding man in the business industry–ultimately growing a $35,000 investment to a million-dollar asset.

Don’t Forget To Reach Out To Tim Delaney:

Instagram: https://www.instagram.com/timtdelaney/

Linkedin: https://www.linkedin.com/in/timothytdelaney/

Website: powerofbiz.com/chasingfreedom

Quotes
“Take what life gives you, and make the most of it.”

“Growing up in a business family rather than the traditional 9-5 working parents. That’s probably what drove me away from working on Wall Street as well. Realizing that 80-hour work weeks were not necessarily what I wanted to do.”

“I was a little industry-agnostic. I was willing to take on anything. I knew my strengths at the time.”

“At the beginning, you’re gonna be working a lot. You have to put in that effort. I don’t like to sugarcoat it at all.”

“Essentially, what you’re looking for is revenue [for your business]. The cost of goods, subtract that to get your gross margins and gross profit. And then look at the other expenses that are coming out.”

“[On taxes] It also indicates to me that you’re willing to cheat and steal. So what else are you willing to cheat and steal in this deal? The numbers are numbers.”

“Having a customer dominate a big part of the revenue [is a red flag in buying a business].”

“Find those win-win scenarios. And you’ll be able to drive more revenue, better customer satisfaction, and drive a better gross margin.”

“Those of us who can attain early retirement are those who probably never will.”

Concepts
When you think you already figured out what you want to do, sometimes another opportunity might open up. And you should be ready to decide if you want to take on that role or not.
When an opportunity arises, do not immediately turn it down. Instead, give it a chance–look at the data and possibilities. Work your way up from there.
Your plans might not always play out the way you want them to. But that’s alright, take it as a learning experience until you find the right business for you.
Some of the best deals can come unexpectedly regardless of your plans.
Networking with tons of people is crucial if you want to be successful in business.
There are many opportunities out there. All you have to do is seek them out.
Growing a business takes a lot of effort. And if you want to be successful, you need to figure out how to improve the inner workings of it.
Stick to your numbers especially when paying taxes because you never know when it’s going to bite you from behind.
Clean up your books to get the most value for your business. Run it the best way you can.
Ask for help or consult with more experienced business underwriters when looking at deals.
To overcome objections in sales financing and loans, having connections and proving your capability through your clean track record help.
Knowing your inventory, finding products with a higher gross margin, training staff, and upgrading your systems in tracking business are some ways to drive your business to success.

Time Stamps
0:00 Introduction
0:40 That’s not my cat
2:57 Tim’s unbelievable beginnings
4:35 Overcoming the dislike of being a school teacher
5:50 Family in business
7:00 After Peace Corps ventures
8:10 Insights on economic growth in Ethiopia during a recession
10:00 Moving back to Buffalo
12:00 Starting a consulting service for small businesses
13:00 Working with brokers
15:00 Navigating decisions around your life
16:40 Buying businesses for profit
19:35 Growing your 35k to a million
21:00 Putting the effort into your new business
22:40 Starting in business vs real estate
24:25 Underwriting a business
26:52 Pay your taxes right
28:00 Keep your business clean and running the way it should be
29:00 Red flags in buying a business
30:30 Deciding on taking up a business
32:00 SBA loans
33:30 Sales financing
36:10 Evaluating and working out a deal
38:40 What is the upside?
41:20 Mcdonald’s structure
43:20 Finding your freedom
45:00 Vision for the next 12 months

Sources Mentioned -
Business spreadsheet at powerofbiz.com/chasingfreedom
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