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Buying a small business is the fastest way to become a millionaire. Anyone can do it. 6 steps to buy your first business (and make $1,000,000): Step 1: Market Research. Go to "bizbuysell(dot)com." You'll find 1,000s of listings and start to notice some patterns. They'll mention: Cashflow (profit after expenses). SDE (Seller Discretionary Income). FF&E (Furniture, Fixtures, and Equipment). Revenue (money coming into the business). EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization). A few important terms to know. Mess around with the filters to match your: • Location • Price range • Ideal cashflow Get comfortable looking at the listings to see what you might like. Step 2: Engage With Lenders. You need to ask yourself: "How will I fund this acquisition?" Will I use: • My own money? • An investor? • A bank? There are many ways to get the deal done. I prefer to buy the business with little to $0 down. I teach my students the same. Step 3: Start Making Calls. Don't get discouraged at this point in the process. • Phone calls • Meetings • Zooms Things still may not work out. That's okay. Take a ton of notes and keep going till you find a business. Once you have: • The reason they're selling • 3 years of tax returns • P&L statements Consult a professional for due diligence. Sellers can fluff the numbers. And remember: NEVER become emotionally attached to a deal. Step 4: Make Your Offer. Take the average SDE (owner's total profit) from the last 3 years. Multiply that number by a 2x - 4x multiple depending on business condition. Round down your answer. Make the offer. The seller accepts. Congrats! Step 5: Structure The Purchase. What's better than buying a business with none of our own money? (answer = not much) For the sake of this example, let's use Bob's money. Bob wants to invest in a business and he loves your deal. You tell Bob that if he provides the 10% downpayment, he'll get 15% equity in the business. It's a win-win-win-win. Here's how: Win #1: Bob gets an amazing return. Win #2: The business can still grow. Win #3: You delegate daily tasks. Win #4: You can keep the rest. Then you repeat. Step 6: Due Diligence. This is by far the most critical part of the business buying process. Do this: • Hire an accountant • Talk to the employees • Find a like-minded owner • Check out their social media Final Step: Exhale & Close. You just bought your first business! Note: Anyone can do this, all you need to do is get started. I love this game... Interested? DM me to get started.

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