Hey Biz-Buyers,
This is where we drop insights and unlocks for Main Street biz-buyers — straight from inside our private biz-buying community.
On tap today: 2 fresh buyer lessons from the minds of our members.
Before we dive in…
BigDeal, our brand-new podcast hosted by Codie, is finally here. This next part may surprise you…
It’s not a biz-buying podcast. Butit is for those trying to take ownership.
Ownership over their lives, businesses, and impact on the people around them.
Inside: unfiltered takes on business, wealth, and personal growth. The current way of thinking is just not working. This podcast will kick you in the shin with:
- Hard truths and tactics
- Big deals
- Even bigger ideas
… all to challenge and change the narrative. So are you ready? Listen here.
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Now let’s get down to business.
Today, in 5 minutes or less:
Buyer tip: Dave’s lesson on “burning the ships”
Sometimes, the best path toward clarity in biz-buying comes from… WAY outside the realm of business.
Take Contrarian Community member Dave.
In a fitness community he’s part of, Dave recently learned of a motto that originates from the 1519 conquest of the Aztec Empire by Cortés.
“Burn the ships.”
“It really hit home after I passed on a recent deal,” Dave said.
Now, you might be wondering what the heck the 1519 conquest of the Aztec Empire by Cortés has to do with a potential acquisition of a small steel fabrication business in 2024.
“He forced his men to burn their ships when they arrived in the ‘New World,’” Dave explained.
“There was no turning back to go home. It means limiting your options, narrowing your focus, and committing all the way.”
You see, Dave was bummed about a deal he passed on. He spent months on it, only to give it up in a 1-minute conversation with a broker.
“It was the right move, but thoughts still crept in… ‘What am I doing? Is this going to work? Maybe W-2 life isn’t so bad.’”
After reflecting on it more, the hurdle invigorated him. It got him more focused, more excited to take the lessons he learned and use them on the next deal.
Lessons like:
- “Be comfortable realizing that buying your first business may take longer than you thought… Trust the process, learn from it, and be 1% better every day.”
- “If you’re going to ask people their opinion of the deal (including your spouse), be prepared for an answer you don’t like. Detach and think about it, they’re saying it for a reason.”
- “Truly understand your deal box, and be comfortable saying no quickly. I let this deal drag on much longer than I should have because I was trying to force it.”
- “If you’re probing the owners for how involved you’ll be, ask, ‘How much vacation do you take in a year?” vs. ‘How many hours a week do you work?’ and follow up with, ‘How does the business operate when you’re on vacation?’”
Bottom line, even though the deal didn’t end up moving forward, Dave learned a lot in the process.
“I pulled up on my bootstraps, dusted myself off, and just said to myself ‘burn the ships.’ There is only one way to get to my vision, and that’s buying a business. Those of you in similar situations, don’t give up. Burn the ships.”
Buyer tip: Felix’s lesson on sharing your goals
Recently, at the invitation of a friend, Contrarian Community member Felix attended a local event for entrepreneurs.
Around 15 people were in attendance. Nice and intimate.
To kick off the meeting, the group went around describing the connections they were seeking at the time.
And what happened next — if you’re an aspiring business buyer — was honestly pretty incredible.
“When it was my turn,” Felix explained, “I mentioned that an ideal connection would be someone looking to transition out of their current small business ownership.”
And just like that, following the roundtable, someone approached, interested in selling their business (but not knowing where to start).
It didn’t stop there.
Another person — a pre-approved SBA lender with a branch nearby — also introduced themselves and proposed a meeting.
“Within just 10 minutes,” Felix explained, “I had established connections with 2 individuals who could potentially propel me closer to my objective.”
While Felix certainly got lucky here, it wouldn’t have happened without expanding that luck surface area. Networking, articulating your goals clearly — these are the kinds of things that expand that area.
For Felix, the lesson was clear: “Share my goal with as many people as possible.”
Have you seen this yet?
We recently surveyed hundreds of people in our biz-buying community.
We asked them about:
- Family status
- Net worth and income
- Employment status
- Motivations for business ownership
- Target income from an acquired business
- Time & resources spent on acquisition efforts
- … and more
Then, we wrote about all of it in our 2024 Small Biz Buyer Insights report for the SMB community.
But be sure to download the report for FREE:
It’s loaded with unique and valuable insights — survey data, expert perspectives, and market research from our community, our friends at Live Oak Bank, and others.
Who’s looking to buy a biz?
A partial list of REAL people who began their Contrarian Community journey in recent weeks (and why they did), lightly edited for clarity…
🏢 A chief human resources officer
“To use as an exit strategy from corporate America, first. To create something for my family, second. And to be challenged and learn, third.”
👩⚕️ An emergency radiologist
“To provide for my family.”
🧨 A couple in the fireworks supply industry
“To find more freedom, wealth, opportunity, seniority, significance, and friends in amazing industries… We are Canadian W-2 worker bees working our way up the ranks and ready to make a move…”
🎥 A truck driver and media producer
“To be able to create because I can and not because I have to… I’m an Artist at heart. I want more time for my art and my family.”
📱 A director of product design at a tech giant
“To create a brighter future for my family.”
☢️ A scientist at a nuclear fusion startup
“To achieve financial freedom without relying on a W-2.”
🚚 A client development manager at a logistics company
“To bring my family up and set an example for future generations.”
📊 A financial advisor
“To be able to own a business that will employ extended family or friends and build generational wealth for my children.”
