Acquiring A Business For 6 Figures Earning $3,000+ Passive Income with Tim [Case Study]
Do you know what it’s like to acquire a business? Let’s hear it from Tim, who is a Buying Online Businesses graduate who works in construction, didn’t know much about how the internet worked and successfully worked his way up to buying a 6 figure online business to replace his income and achieve financial independence so he can travel and live a lifestyle of freedom. In this podcast, Tim shares his journey on why he wanted to buy an online business, the challenges he faced and the hurdles he had to overcome to do so. Tim also shared some sage advice for anybody who is looking to buy an online business. From how to mentally prepare, what you should be looking for in a business during due diligence and how to be successful in this game. If you want to know what it takes to acquire a business, then dive into this episode! Episode Highlights 03:00 - Buying an online business 10:45 - Challenges in buying a business 19:20 - Things Tim went through during due diligence 29:19 - Business acquisition 37:50 - Mindset is the biggest component of being successful Key Takeaways ➥ At first, Tim was hesitant to pursue online business due to family skepticism and the fear of scams, which made it challenging to share his aspirations. For Tim it’s important to surround oneself with supportive individuals, highlighting how others' fears and doubts can influence decision-making. Jaryd Krause reinforces the significance of avoiding negative influences and maintaining a resilient mindset on entrepreneurial journeys. ➥ Tim reflects on due diligence as a major challenge, highlighting the need to embrace the journey and focus on incremental progress. He discusses the significance of realistic expectations, acknowledging the risks associated with online business ownership amidst industry changes like Google updates. Tim underscores key due diligence practices such as verifying financials, negotiating buybacks, and assessing the seller's commitment to ensuring post-acquisition success. ➥ Tim navigated competition and successfully secured the business amidst other interested buyers. Tim attributes his success to a combination of timing, offering a clean cash deal, and building rapport with the seller. Jaryd underscores the concept of "luck" in business transactions, defined as location, understanding, connection, and knowledge, highlighting Tim's culmination of skills and preparation over the past year. About The Guest Tim is a Buying Online Businesses graduate who works in construction, didn’t know much about how the internet worked and successfully worked his way up to buying a 6 figure online business to replace his income and achieve financial independence so he can travel and live a lifestyle of freedom. Resource Links ➥ Buying Online Businesses Website - https://buyingonlinebusinesses.com ➥ Download the Due Diligence Framework - https://buyingonlinebusinesses.com/freeresources/ ➥ Sell your business to us here - https://buyingonlinebusinesses.com/sell-your-business/ ➥ Siteground (Website Hosting) - https://bit.ly/3JBEC1u ➥ Ezoic (Ad Network) - https://bit.ly/3NuVR5P ➥ Market Muse (Content Marketing Software) - https://bit.ly/3Me39L0 🔥Buy & Sell Online Businesses Here (Top Website Brokers We Use) 🔥 ➥ Empire Flippers - https://bit.ly/3RtyMkE ➥ Flippa - https://bit.ly/3wGa8r5 ➥ Motion Invest - https://bit.ly/3YmJAmO ➥ Investors Club - https://bit.ly/3ZpgioR *This post may contain affiliate links, so we may earn a small commission when you make a purchase through links on our site/posts at no additional cost to you.See omnystudio.com/listener for privacy information.