From Buyer to Boss: How to Succeed in Small Business Ownership with David C. Barnett [The Opportunity Ep.126]

There's no denying the benefits of being a business owner.
It allows you to be your own boss, and have greater control over
your time. And, you have the potential to make life-changing
amounts of money. 


But there are also risks involved, and buying the wrong
business can be a costly mistake. You need to find a business
that fits your unique skills and needs, which can be
challenging.


That's where David C. Barnett comes in. David is a former
business broker who now works with buyers and sellers of small
businesses, helping them navigate the sales process and ensuring
they walk away with a good deal. 


In this episode, David walks us through the intricacies of
identifying the right business to buy. He explains why buyers
should narrow down their search criteria instead of being
industry agnostic, and reveals how to make the best return on
your investment. According to David,


"Find a business that makes money and has problems that you
know how to address. That's the best opportunity because it's
already profitable, so you've got this unending runway. Then you
can start to fix those problems and create something of greater
value. That's when you end up with a good deal."


David sheds light on the realities of being a business
owner, including why many businesses require a long period of
hands-on work before they can become passive. 


Finally, David reveals the truth behind
"no-money-down" financing, explaining how in many cases, this
means leveraging your assets and owing massive debts to
alternative lenders. These debts take years to pay off and
counteract the perceived freedom that buying an online business
gives you.


If you're thinking of buying an online business, then you
can't afford to miss out on the expert knowledge David shares in
this episode!
Topics Discussed in This Episode:


David introduces himself and his history as a business
broker (02:13)


Things that often take buyers by surprise and how buyers
can protect themselves (20:05)


The realities of running an online business that people
often underestimate (27:31)


Why there's no such thing as a "hands-of" online business
(36:39)


How to buy a local business and successfully run it
remotely (39:20)


The business models that lend themselves to being run
remotely (44:39)


The truth behind "no-money-down" financing
(45:25) 

Mentions:


Empire Flippers Podcast


Empire Flippers Marketplace


Schedule a call with our expert sales
advisors 


Create an Empire Flippers account


David's YouTube Channel


David's website



Sit back, grab a coffee, and learn how to identify the
right business to buy to help you level up!