How to Buy a Business
Are you having trouble putting together the down-payment for your first business acquisition?
Having a down payment in the bank works wonders in terms of boosting your confidence level when dealing with sellers, lenders, and everyone else. It turns you into a real buyer in everyone’s eyes. Brokers use your available down payment to screen you out quickly. If the seller is asking for $50,000 as a down payment and you can only show that you have $5,000, you’re banished.
The Tycoon Playbook opens up with the elite Special Air Service Regiment’s (SAS) famous motto:
Who Dares Wins!
Early SAS unit in the Sahara during WW II.
These three words pretty much sum up the secret to success in both business and romance. Are you prepared to take smart calculated gambles?
The SAS were arguably the first true special forces of the 20th century and were instrumental in the creation of similar units such as Navy Seals, Green Berets, Delta Force, Russian Spetsnaz, etc. They initially operated in North Africa during the early days of WW II fighting against the German Afrika Korps and Italian Army.
One of my favorite YouTubers, LindyBeige, has just created a video about the unit’s creation and early days.
Click here to watch.
You can forget about goals for most things in life because they just as often serve as demotivators as motivators. What you want to do instead is create and utilize systems. Think of systems as the business version of an individual’s habits. In The Tycoon Playbook we stress building systems for wealth accumulation through acquisitions.
In this video Scott talks about how he’s used systems to become a very wealthy man. It starts off a bit slow because he’s giving a talk to a group of patients suffering from a certain affliction but quickly gets very relevant and interesting for us. Pay close attention to the story about how he and a friend approached dating back in high school to grasp the principle. Scott being goal-oriented would pick a specific girl to ask out. Then when he finally worked up the courage to approach her she would inform him at least half the time that she already had a boyfriend. As a result he didn’t meet many girls. In contrast his friend was focused on building and refining a system for simply meeting as many girls as possible. At this he succeeded spectacularly.
By the way, Scott published a book called How to Fail at Almost Everything and Still Win Big a few years ago and is publishing a new one this fall o persuasion titled How to Win Bigly.
How does the growth strategy used by Marcus in The Profit differ from that of The Tycoon Playbook?
This question comes up on a regular basis since I write about Marcus a lot. How does Marcus’s growth strategy compare and contrast with that of The Tycoon Playbook? Well, I like to use him and his shows as examples of what it’s like in the early days of employing the Tycoon Playbook strategy or “plays.”So let’s start with the similarities:
- With both approaches you will need to roll up your sleeves and do the heavy lifting personally on deals. This involves acquiring the company, getting the deal negotiated and done, and finding ways to improve it as Marcus does with his 3P approach. Later on as you grow you will be able to have a team of specialists to do this work for you. Marcus still does it because he enjoys it.
He’s back and this time it’s personal!
Marcus returns with the third season of The Profit on October 28th right after the GOP debate. After that the episodes will air on their regular day and time beginning TUESDAY, NOVEMBER 3 at 10PM ET/PT.
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