I know what you are thinking…
If I buy a business… and I don’t want (or know how) to operate it… then who will?
There are three possible solutions to this dilemma:
- Promote someone credible inside the business to be your new general manager (GM)
- Hire someone externally to be your new GM (that person can even help you with the deal)
- Keep the owner in the business to run it for you.
The latter is exactly what Tyrone C. did when he acquired his engineering business in New Jersey.
A great, no-cash-down deal.
Tyrone is an IT consultant in Los Angeles.
He wasn’t going to run the business. He didn’t know how to…
And it’s nearly 2,500 miles away from his home.
The owner was desperate to stay and run the business.
So why did he sell it?
Some business owners just want to relinquish ownership.
He didn’t want to do the financial work, the sales or the marketing. He just wanted to engineer components (which is what the business does).
So Tyrone outsourced the financial work.
He also outsourced the marketing… and hired a sales rep to drive new business.
Everyone is happy, especially Tyrone.
Are you going to be like him?
Until then, bye for now.
Editor and co-founder, Dealmaker Wealth Society