Biz Buyer Tips to Stay SANE (and Positive) During a Search

One of the most impactful parts of our community:

A Slack channel called “Mindset.”

As members work EXTREMELY hard to learn about SMB dealmaking…

As they progress, fail, win…

And, most importantly, as they grow…

They leverage the Mindset channel to share bits of wisdom they attain. And Candice recently did just that. But she shared more than just 1 bit.

She shared a super-useful, personal SOP on maintaining a positive mindset and momentum through a search for a business to aquire.

“I know that finding the right business for me will take time,” she explained, “and I‘ve been reflecting on how to structure my time purposefully to navigate any mindset dips that might arise.”

Now that Candice has completed the biz-buying course, “my time allocation and focus have shifted,” she said.

“Previously, I spent 60% of my time on learning.” Now? Her search time is divided as follows (in a specific effort to manage her mindset over the long term):

1. Learning – 20%
2. Doing – 60%
3. Fun – 20%

So now you might be wondering…

“What does that actually mean for my search workflow?”

And here’s what Candice had to say:

Learning — 20%

“Learning involves consistently identifying gaps in my knowledge and actively seeking to fill them. For instance, encountering a sizable deal prompted me to inquire: How do I attract investors?”

“So I asked the Contrarian Community for help, attended webinars, consulted an investor broker, participated in office hours, and crafted a preliminary investor structure for the deal.”

Doing — 60%

“I’ve created to-do lists and activity trackers to make sure I’m spending time on the activities that will lead me to the ultimate outcome of buying a business.”

“Daily tasks include monitoring marketplace sites, handling NDAs, and engaging with the Contrarian Community.”

“Weekly routines involve attending Contrarian Community calls, browsing broker websites, and maintaining communication with contacts.”

“Monthly endeavors revolve around identifying local networking opportunities to connect with brokers, deal teams, or potential sellers. Additionally, deal-specific activities such as financial analysis and communication with brokers and sellers are integral.”

Fun — 20%

“Recognizing the necessity of maintaining morale, the ‘Fun’ aspect entails engaging in activities that bring personal fulfillment. While these activities may sometimes relate to business pursuits, they primarily serve as enjoyable endeavors.”

“For instance, my love for outdoor activities often translates into working on my garden or going for a hike where I’m simultaneously listening to a business acquisition podcast or audiobook.”

At the end of the day, what’s really important?

“Having a philosophical structure is great and all, but the actual CONSISTENT practice of it is what’s important,” Candice says. “How am I doing that?”

• Step 1: “I decide how much time I’ll spend each day on searching. Some days I spend 8 hours. Others I spend 2. But I consciously make that decision based on my life and my priorities.”
• Step 2: “I then allocate the time by the 20/60/20 percentages — never straying from it.”
• Step 3: “I calendar EVERYTHING. I create dedicated time blocks for ‘Learning,’ ‘Doing,’ and ‘Fun.’ While the duration and timing of these blocks may vary each day, their presence will remain consistent.”
• Step 4: “I maintain a prioritized to-do list for each area (Learning, Doing, Fun), focusing on the importance rather than the urgency of each to-do. That makes it easy to start doing the next item during each of my time blocks.”
• Step 5: “This is probably the most important for me — I rely on accountability circles comprising individuals who hold me responsible for my commitments. Whether through daily work sessions or regular check-ins, their support fosters discipline and motivation.”

Bottom line: “As I navigate this journey and get to know more people in the Contrarian Community, I’m amazed by our diverse approaches. While the above-structured approach may work for my work style and ‘neurospicy’ brain, I know it won’t work for everyone.”

And now we’re curious about you.

As Candice asked the group, how are you staying motivated and creating consistency during your search?

We’d love to hear your ideas…