DiscoverBiggerPockets Business Podcast
BiggerPockets Business Podcast
Claim Ownership

BiggerPockets Business Podcast

Author: BiggerPockets

Subscribed: 3,365Played: 53,416
Share

Description

Welcome to a real-world MBA, where entrepreneurs guide you through what it really takes to start, scale, and sell your own business.

Your hosts: J and Carol Scott, who left careers in corporate management to launch their own house-flipping business. Every Tuesday, you'll meet a new guest and learn actionable tips for hiring, firing, marketing, raising capital and more.

So whether you're looking to boost profits or bring a new idea to life, you'll come away informed and inspired. Tune in, and learn how to treat your business like a business!

59 Episodes
Reverse
We've all heard the adage about the importance of multiple streams of income. Today's guest takes that idea to a whole new level...From patents to books to real estate to businesses to licensing royalties, Tim Shiner is truly an investing and business Renaissance Man. And his most recent project is his biggest yet!On this episode, Tim tells us about how—as a "professional opportunist"—he has created dozens of income streams, how he manages his time to juggle all these projects, and most importantly, how you can start identifying opportunities in your life to do the same.Then we delve into Tim's latest project: He has purchased the exclusive rights to license dozens of products related to the "Tiger King" and Joe Exotic brands, sensationalized by the Netflix mini-series over the past several months.Tim tells us about how he hooked up with Joe Exotic's lawyers to negotiate the deal and how he's working with some of the biggest marketing companies in the world to monetize it.Make sure you listen to Tim's story about how he acquired the largest bus in the world, wrapped it in a controversial design, and drove it from Texas to Washington, D.C., to promote the brand!Are you looking for some inspiration for tackling big projects that might be a little bit out of your comfort zone? If so, this episode is for you!Check it out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How Tim came to own the marketing rights to the hit Neflix show "Tiger King" and its star Joe ExoticBuilding dozens of revenue streamsBecoming a "professional opportunist"Why Tim believes money equals freedomHis unique real estate investing strategyThe tax advantages of having a side businessInventing a beer koozie and making royaltiesThe struggles—and benefits—of working with partnersAnd SO much more!Links from the ShowBiggerPocketsTiger KingSam ZellBiggerPockets Podcast 221: Buy and Hold Real Estate—What Works and What Doesn’t with Tim ShinerCheck the full show notes here: http://biggerpockets.com/bizshow57
If you've found this show, you probably have that entrepreneurial itch... and you've probably wrestled with just how to turn that impulse into action.Well, that transition is exactly what today's show is about... so don't miss it.Our guest Dave Menz shares his journey from poverty, to a corporate career, to taking the plunge into business and turning a struggling laundromat into a cash-flowing asset producing generational wealth (then scaling up).And Dave pulled this off with no formal business training!As he says in the episode, "If you want to see me accomplish something, tell me I can't do it."Tell us what you think in a rating or review on Apple Podcasts (it takes just 30 seconds), and subscribe to the BiggerPockets Business Podcast in your favorite podcast app so you won't miss the next one.In This Episode We Cover:Overcoming "programming" from parents and school and choosing a different pathWhy Dave left his corporate career to start a businessWhy "the process" is more important than "the product"How he decided on laundromatsHow he negotiated the purchase of his first laundromatWriting a business plan and getting an SBA loanStarting a business while working full-timeHow he improved laundromat operations to become profitableScaling up and acquiring additional laundromatsCreating synergy among his businessesRelentlessly focusing on serving his community And SO much more!Links from the ShowBiggerPocketsBiggerPockets Podcast GuestBiggerPockets Podcast Check the full show notes here: http://biggerpockets.com/bizshow56
Are you looking for ways to increase your profitability while spending less on marketing and customer acquisition? Are you running a business where differentiating yourself from the competition is downright difficult? Do you feel like the only way to build your brand and business is to spend ridiculous sums of money on marketing and advertising?If so, this episode is for you!Ryan Welch—of Breezy Moving—is not a professional marketer or advertising guru. But he has used his expertise in creating relationships and focusing on his customers' needs (and their customers' needs) to generate more business than he can handle in the ultra-competitive moving industry. And he's done it all without spending a penny on marketing or advertising!Ryan shares his business secrets—including a deep dive into the financials and tips to become more competitive without spending a fortune on marketing. He tells us how he researches competitors and prices his services for maximum profit.He goes on to explain that no matter what your business is, expanding and fostering relationships is going to be one of the best ways to lower your customer acquisition costs, expand your customer reach, and grow your margins and bottom line.And make sure you listen to Ryan’s thoughts on how to hire and manage employees in an industry where there is a lot of turnover, as well as where first impressions matter most.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How Breezy Moving was bornHow they've managed to get Realtor referralsHow Ryan markets by building relationshipsWhy logistics and delivery services are not going awayHow they price their servicesCalling competitors as market researchHow their margins are better because they don’t spend a lot on marketingHis thoughts on expandingHow he keeps good employeesMoving horror storiesAnd SO much more!Links from the ShowBiggerPocketsBiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel GuisingerLarry BatesCheck the full show notes here: http://biggerpockets.com/bizshow55
Have you figured out a good business model that is consistently making money but don’t know how to expand? Itching to take your local business national? Ready to put your business on auto-pilot, generating recurring income while others do the work? If so, this episode is for you!Brennan Tolman and Nik Krohn—founders of Tolman Media—were in that same boat just a couple years ago. They had grown their local wedding photography business in Salt Lake City and were ready to expand. But they quickly decided that owning locations around the country or franchising the business wasn’t for them—too much work, too much red tape.So, they figured out an even better plan, creating an online marketplace and licensing the business to dozens of other entrepreneurs.On this episode, Brennan and Nik walk us through the process they used to scale their business and then license it all around the country—and around the world. The two were able to generate over $4M in revenue in just six months by letting others do the bulk of the work—while they simply collected the royalties.Whether you’ve already explored the idea of licensing your product or business, or you’re looking for a new tool to add to your business toolbag, Brennan and Nik walk you step by step through the process of taking your business to the next level. And making LOTS of money in the process!Make sure you stick around to the end, where Brennan and Nik tell us the single most important metric to the success of your business.Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How Brennan and Nik met and started their businessHow they solved a problem for photographersHow they solved scheduling, improved earning, and added scores in their booking appHow they made changes in their systemThe hard decision they had to makeHow they managed to expand internationallyHow they brought in entrepreneurs and went the licensing routeFranchising versus licensingHow they've set partner expectationsHow business comes down to one metric: cost per acquisitionAnd SO much more!Links from the ShowBiggerPocketsVenmoExpediaBiggerPockets Business Podcast 52: Murder Scenes, Meth Labs, and 27 Franchises with Laura SpauldingBiggerPockets Real Estate PodcastYou can check the full show notes here: http://biggerpockets.com/bizshow54
Are you overwhelmed with all the things you’re falling behind on in your business? Not sure what to do next? Have you been taught to believe that as business owners, we need to tackle all of our business issues at once?Well, it doesn’t have to be that way!Michael Michalowicz—author six books, including the newly released Fix This Next—knows firsthand what it’s like to struggle with too much to do and not enough time to do it. And on this episode, he teaches how we can evaluate and prioritize the issues in our business—and also how to FIX THEM!Mike starts with an overview of why identifying the biggest obstacles in your business is important and why so many entrepreneurs make the mistake of trying to solve too many issues at once. From there, he reveals the business hierarchy of needs—the five parts of our business that we must in order to truly put our business on autopilot and create a legacy that can be handed down. Then, he tells us how to identify the biggest obstacle in our business, and the methodology of how we can solve that problem before moving on to the next.The formula is simple, even if it’s not obvious. But Mike breaks it down step by step so that even the most frantic among us will be able to use it to get our business under control and relieve our daily headaches. He helps us realize that the biggest challenge that most of us face as entrepreneurs is figuring out what our biggest challenge is—and then helps us do that!And make sure you listen for Mike’s explanation of “the double helix” while helping business owner Carol solve the biggest business challenge she’s facing today.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:The biggest challenge entrepreneurs haveMaslow’s Hierarchy of Needs for businessWhat Survival Trap isOMEN (Objective, Measurement, Evaluation Frequency and Nurture)Why sale is not complete until delivery of the service.Actual Case StudiesTwo stages of Business: Get Stage and Give StageHow to make employees act like ownersAnd SO much more!Links from the ShowBiggerPocketsBiggerPockets Business Podcast 30: How to Guarantee Profit From Day 1 with Mike MichalowiczCheck the full show notes: http://biggerpockets.com/bizshow53
Not happy in your current career? Looking to do something entrepreneurial but don’t know where to start? Well, maybe this is the inspiration you need to build something HUGE!Laura Spaulding is a former police officer who was ready to forge her own future. Using the experience, knowledge, and insight she got working undercover, she decided to start her own business focused on cleaning up crime scenes, meth houses, and a host of other environmental hazards that many of us don’t have the stomach for.Laura walks us through how she decided on her business path, how she financed it, and how she came to realize that the real opportunity was in expanding it through franchising. But it hasn’t all been rainbows and teddy bears—franchising created a whole host of challenges that Laura had to tackle in order to continue to grow and expand her business.And grow her business she's done! Entrepreneur Magazine recently ranked Laura's company as one of the top 10 new franchises, and Spaulding Decon has been at the forefront of the coronavirus cleanup across the U.S. over the past six weeks.If you’ve ever thought about creating your own franchise system from the ground up, this is the episode for you. Laura tells us how it’s done, how NOT to do it, how much to expect to pay, and all the good and bad that come with expanding your business nationwide.If you have a strong stomach, make sure you listen to the end, when Laura tells us some of her favorite crime scene cleanup stories...Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How she went from being a beat cop to cleaning crime scenesHow she funded and started her businessHow she drives house to house to get leadsHow her first hires were stay-at-home momsHow she got into franchisingThe lesson she learned from hiring a consultantEntrepreneur vs. franpreneurWhy brand culture mattersThe common misconception in franchisingThe biggest reason franchisees failAnd SO much more!Links from the ShowBiggerPocketsCrime Scene Cleaning Youtube ChannelChick-fil-ACheck the full show notes here: http://biggerpockets.com/bizshow52
This show is a wake-up call for young and hungry entrepreneurs.The main message: there is a massive wealth transfer underway in this country. An entire generation of business owners is reaching retirement age, and most don't have a clear succession plan in place.So... who takes over these successful businesses?Why not YOU?That's the topic of today's show with Nigel Guisinger, an Oregon-based real estate investor who's also owned an appliance store, a glass company, and a laundromat among other ventures.In this episode, you'll learn how to identify business owners who are part of this big shift (think "Millionaire Next Door" types). You'll learn how to approach them and open a conversation about succession plans. AND you'll hear Nigel's tips for buying businesses using seller financing—an effective strategy he's personally used to great effect.You'll love how passionate Nigel is when it comes to the opportunities available to hungry investors—and the real-world stories he tells to bring these concepts to life. So listen to this episode, then identify a local business you could see yourself taking over someday soon.Don't forget to subscribe to the BiggerPockets Business Podcast so you won't miss the next episode... and we'll see you next Tuesday!In This Episode We Cover:How to buy a businessNigel's "the weak zebra" business strategyThe 3 things you can negotiateWhy he thinks there is so much opportunity right nowThe first thing to check when buying a businessWhat it means to have a succession plan in your businessWhat he means by not leaving behind a single businessHow to make sellers become partnersAnd SO much more!Links from the ShowBiggerPocketsBiggerPockets ConferenceBizBuySellAARP MagazineAll The LeadsCheck the full show notes here: http://biggerpockets.com/bizshow51
Today: Everything you need to know to get YOUR slice of $349B in emergency small business loans.You'll learn which SBA disaster loans are available now, what the terms are, and -- most importantly -- how to apply ASAP.Yes, there's a lot of money out there for businesses hurt by coronavirus. But the rollout of these programs has been messy and chaotic. Banks aren't used to lending so much money, so fast... with such little due diligence.So it's crucial to know what you're doing when you apply.Our guest Angela Venti is Director of Practice Growth at the accounting firm Alloy Silverstein. Toward the end of the episode we also speak to one of Angela's clients, Mike Regina, the co-owner of a construction management firm that has applied for these loans.NOTE: This show was recorded on Friday, April 3. We're doing our best to make sure it's up-to-date but guidelines are changing in real-time. As always, work with a professional who can give you professional advice for your situation.Let us know if enjoyed this episode of the BiggerPockets Business Podcast, and be sure to check out the rest of the podcasts on the BiggerPockets network. Just search "BiggerPockets" on your favorite podcast app.
During this unprecedented, uncertain time, here's a CHALLENGE for us all to collaborate for social good TOGETHER. What are others doing during this difficult time to help their communities? What can YOU be doing to make a difference today?On this episode, Stephanie Howard—owner of How and Why—joins us today from her industrial design studio. As an international award-winning designer of wearables for companies such as Nike, New Balance, and Reebok, Stephanie started her own firm nearly a decade ago. She previously led the innovation team at Seventh Generation, a company lauded for its focus on sustainability. Her work taps into connecting a large network to design mission-based products—and the current global health crisis is no exception.Stephanie tells us how a family health scare thrust her into the world of caring for a loved one at home. These days, in the midst of COVID-19, her work has been reprioritized to lead a design challenge that each and every one of us can participate in to help others in the unfortunate event that we are faced with a similar circumstance.Huge corporations such as 3M, Nike, Tesla, and many more are making headlines for retooling and repurposing their operations to provide PPEs (personal protective equipment) to hospitals—but each of us individually, as family members, as community leaders, has the power to make an impact. As entrepreneurs and small business owners, we are innovative, resourceful problem solvers. Learn how YOU can put your expertise to use during this time of uncertainty.In This Episode We Cover:The triad of product designHow she helps companies with their innovation planningHow macro trends differ from seasonal or fashion trendsHow design has the power to move peopleHow to keep long-term relationships with clientsHow she started a DIY face shield design movementHow anyone can helpAnd SO much more!Links from the ShowBiggerPocketsNew BalanceReebokNikeTimberlandNorthfaceVansInstagram - #DIYFaceShieldLink for the sewing patterns for face masks to be used in combination with face shieldsCheck the full show notes here: http://biggerpockets.com/bizshow49
On today's episode -- a "bad business decision" that simply had to be made... and a microcosm of what's happening to small businesses across the country right now.Bret Oliverio—owner of Sup Dogs, voted the #1 college bar in the country in a Barstool Sports poll, had a bittersweet start in the restaurant business, committed to carrying on his brother’s legacy.With absolutely no experience in the space, he and his wife worked tirelessly to build a thriving business employing 120 people, encompassing two locations, and generating millions in annual revenue.Leading into the busiest season of the year, Sup Dogs was thriving. And it continued to thrive leading right up into St. Patrick’s Day weekend.Then the coronavirus health crisis hit... and although it was a tough decision from a business standpoint, Bret was proactive in closing his two locations, using his influence in the community to encourage college students to stay put -- all while providing paychecks for his large team.It hasn’t been easy, but he’s doing everything he can to maintain relationships, continue building his brand, and encourage others that with each passing day, we’re one day closer to this crisis ending.Make sure you listen to the end, when Bret shares hope and optimism around the opportunities that these difficult times will inevitably bring.In this very raw, real episode, he shares what we as family members, as business owners, as community leaders, need to be doing right now as we make our way day to day and look toward the future.In This Episode We Cover:How Bret started to operate a restaurant business with zero knowledgeHow asking dumb questions made him better in his businessHow to separate your brand from other businessesHow the COVID-19 pandemic has affected their businessHow they're managing closing for two weeksHow putting aside ego can help you make ends meetAnd SO much more!Links from the ShowBiggerPockets Check the full show notes here: https://www.biggerpockets.com/bizshow48
COVID-19 has presented challenges for all of us—not the least of whom are those who own a business or are in the process of starting, growing, or scaling a business.In order to provide as much support and insight to our listeners as possible, we recorded this episode yesterday with Andrew Sherman, a prominent Washington, D.C. attorney, business school professor, and author of 26 books on every aspect of business.Andrew shares his thoughts on where the economy goes next (will this economic event be "V-shaped" or "U-shaped"?), what business owners can do TODAY to best navigate the crises, and the crucial importance of risk management and emergency preparedness.Don't own a business quite yet? There's still value here: Andrew outlines questions to think through if you plan to start a new venture this year AND shares what he believes to be the opportunities that are likely to arise over the next several months and years.We hope you enjoy this episode of the BiggerPockets Business Podcast. If you do, we encourage you to share it with a friend or family member. Stay safe, and we'll see you next week.In This Episode We Cover:Where the economy might head nextPotential government interventionsHow Andrew's clients are grappling with cash flow problemsCreative solutions in times of low customer demandWhere to turn for financing during an economic downturnWhich companies and industries have the most cash to deploy todayCreating an emergency fund to prepare for "black swan" eventsWhy this event is likely to create many entrepreneursAnd SO much more!Links from the ShowBiggerPockets‘Widespread panic is setting in among small business owners nationwide,’ banking expert cautions (CNBC)Zoom.usAndrew's Amazon PageCheck the full show notes here: http://biggerpockets.com/bizshow47
Do you feel like you’re too young to take on huge business challenges? Are you trying to figure out the best way to break into entrepreneurship but want the support of a big team behind you? Have you considered franchising but are looking for something a little bit bigger—that also won’t break the bank?After this episode, you will find that you have a whole new perspective on what’s possible with scaling up a built-for-you system.Logan Hand—master franchise developer for the new restaurant concept Mahana Fresh—learned at a young age that not only was it possible to break into franchising in a big way, but it could be done without a ton of cash in his bank account. In this episode, he teaches us how he went from real estate wholesaler and house flipper to running a four-county, 30-franchise development for an up-and-coming restaurant brand. And he explains the ins and outs of this little-known franchising concept called master franchising or area franchise development.Logan recounts his days of hustling to generate sales commissions and wholesaling fees. He came to realize, at the young age of 27, that building a business that could generate passive income—and eventually be sold—was the better path. He talks about how he decided to go the franchise route, buying a franchise that he could own and operate himself. Then, he realized that he could do the exact same thing—but on a much bigger scale. If you’ve heard of franchising and want to learn more, or if you’ve considered franchising but want to learn how to do it bigger and better, this is the episode for you. Logan tells us how we should be evaluating franchises, how we can get money to buy one (or 30), and who that one person is who can provide you the support you need to make the right decision when it comes to buying into a franchise.Make sure you listen to the end, when Logan provides some amazing tips for all the young entrepreneurs out there looking to get—and stay—motivated!Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How he got into franchisingThe parallels between real estate and franchisingSigning a franchise disclosure documentHow he recruits new franchiseesWhy location is importantHow investment cost is based on a price per person in the areaHow to work with franchise brokersWhy there's more risk in franchising than real estateHis tips for underwritingWhy you shouldn't buy into a fad or trendWhy he keeps close proximity to great peopleAnd SO much more!Links from the ShowBiggerPocketsCheck the full show notes here: http://biggerpockets.com/bizshow46
Do you dream of the day you can be your own boss? Wish you could generate full-time income from your side hustle passion project? Or do you have a small business that you want to expand to something BIG, while simultaneously allowing you the time and financial freedom you crave? Becoming a franchise owner can be an effective path to make that happen!Michelle Reed-Spitzer, owner of SIX MaidPro franchises, including the No. 1 MaidPro franchise in existence—runs her team from one central location. Meanwhile she has the freedom to travel, spend time on her boat, and zip around the Gulf Coast of sunny Florida in her shiny red convertible.In this episode, Michelle teaches us what a successful franchise model has done for her in terms of scaling a business to the next level.She tells us the story of her early days working hard cleaning houses, building up a client base, and hiring a few people to help. After "secret shopping" some new competition in town, she ultimately became a franchisee of that company, paying an initial franchise fee of just ONE DOLLAR since she brought an already-successful business to the table. Implementing MaidPro’s training, systems, and processes, she has mastered the formula to grow and expand with the help of an exceptional team.Whether you’ve already explored the concept of franchising or know nothing about it, Michelle shares her expertise with one actionable tip after another. She fills us in on how franchises work, recommends items to think about before making the leap, and discusses the advantages—as well as potential pitfalls to avoid. And perhaps most importantly, Michelle is living proof that with hard work, focus, and determination, ordinary people can do extraordinary things.Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Why you should surround yourself with the right peopleHow to "secret shop" your competitionHow franchises workWhat Right of First Refusal meansFinding the right location for your franchiseFinding your passion and figuring out the lifestyle you wantThe importance of focusing on recurring revenue streamsHow to do due diligence on the other franchiseesAnd SO much more!Links from the ShowChuck E. Cheese Check the full show notes here: http://biggerpockets.com/bizshow45
Have you considered that there may be a marketing channel for your business that you’ve never taken advantage of? One that could literally provide dozens—or hundreds—of times return on the cost of it? You may not have put much thought into it before, but after this episode, you will!John Ruhlin—author of the bestselling book Giftology—knows firsthand the value of giving gifts as a way to build both your network and your bottom line. And on this episode, John gives us all the ins and outs of giving gifts in a way that will not only surprise and delight the recipients of those gifts but also catapult the success of your business in the process.John tells us his story of how—by strategically spending $10,000—he was able to create and foster a relationship that has made him and his business well into the seven-figures. And how with much lower amounts than that, you can generate the same value for your business, as well.John tells us why giving gifts in the business world is important; who we should be giving gifts to (hint: it’s not who you think!); which types of gifts we should—and SHOULDN’T—be giving to achieve maximum impact; and how often we should be giving gifts to achieve the best results.Most importantly, John explains why most of the gifts we often give to our clients, vendors, colleagues, and potential partners are not just failing to help us foster those relationships but are actually HURTING our relationships!And make sure you listen for John’s tip on how to give the most impactful gifts for the lowest cost: It’s all about picking the right categories.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Why it's all about building relationshipsThe impact of giving at unexpected timesWhy you should start sending handwritten notesHow to choose a gift that your recipient would appreciateHis Cameron Herold storyHow to ask for something by offering value firstWhy a good gift doesn’t make up for a bad service offeringHow often you should send giftsHow to handle gatekeepersThe risks of gift givingAnd SO much more!Links from the ShowBiggerPockets Business Podcast 39: Creating Your Vision and Achieving Massive Success with Cameron HeroldBusiness Gifting PlaybookCheck the full show notes here: http://biggerpockets.com/bizshow44
Do you value freedom and time above all else? Are you craving a lifestyle doing what’s truly most important to you, while financially supporting yourself, your family, your hobbies, and your adventures?Today’s guest has done just that, paving his own way and achieving freedom on many levels: financial, time, and mental. He’s taught thousands of people how to do the same. Today, he shares how you can do it, too!Yaro Starak—an online entrepreneur earning a full-time income from the internet since 2004—walks us through his evolution of multiple businesses, identifying potential opportunities, and taking steps with minimal risk to start additional ventures. He debunks myths about passive income and digs deeply into the “how” of making a “laptop lifestyle” work.Yaro gives actionable tips to identify areas in which you’re an expert, then use that expertise to earn income by sharing that information with others. He tells us the lessons he’s learned along the way: from early goals of simply making money to intentional, conscious decisions to do something you love to working with people you really enjoy.And make sure you listen for Yaro’s recommendation on how to fast-track learning the ins and outs of a business you’re passionate about, closing your gaps in knowledge, and increasing awareness of how everything works before wasting time and energy charging full-speed ahead.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How he built his "lifestyle business"Focusing on starting a 4-hour work week businessWhy entrepreneurs are always looking for opportunitiesThe 3 different types of freedomFiguring out how business worksWhy freelancing is a good starting pointHow he's able to manage his businessHis whole process in selling his courses and how you can do the sameHow to be good at the 80/20 ruleThe theory of constraints and sprintsAnd SO much more!Links from the ShowBiggerPockets PodcastBiggerPockets Forums Check the full show notes here: http://biggerpockets.com/bizshow43
Have you ever wondered how businesses are bought and sold? Or have you considered buying a business but don’t know where to start? Or maybe you've considered selling a business—or are starting a business that you’re hoping to sell at some point in the future.Buying and selling a business seems complicated... but it doesn’t have to be that way!David Barnett, business broker and author of six books including How to Sell My Own Business, knows firsthand how important it is that you build, structure, and manage a business in a way that will allow you to eventually sell it—even if that’s not your plan A. In this episode, he tells us why sometimes we have to sell even if we don’t expect to and how we can be certain to get top dollar if and when that time comes.In addition, David helps us understand how businesses are valued, the most common reasons why business owners sell, the types of terms that can be negotiated when buying or selling a business, and why most businesses sell for less than you’d think.And make sure you listen for David’s advice on how to handle situations where a seller is telling you one thing, but his financial statements are telling you another.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:The difference between business broker and real estate brokerWhy the business marketplace is a secretHow business brokers work with buyers to get financingHow brokers are often dual agentsSome of the online marketplaces for business salesWhy businesses sell for a lot less than you thinkThe reasons people sell their businessesHow the value of a business depends on cash flowAnd SO much more!Links from the ShowBizBuySellbusinessesforsale.comCheck the full show notes here: http://biggerpockets.com/bizshow42
Intrigued by the concept of virtual assistants? Understandably so—the time commitment and expense of office space and in-house employees can be intimidating. Luckily, there are alternatives…Nathan Hirsch—serial entrepreneur and outsourcing expert—knows firsthand how difficult it can be to manage an office with lots of employees. And not only did he figure out a way to avoid it, he’s built several companies to help others do it, as well.As founder of his previous company FreeeUp.com, Nathan created a marketplace of remote workers and virtual assistants to help entrepreneurs grow their businesses without the need for local employees. And as a follow-up, Nathan has created OutsourceSchool.com, an educational platform where business owners can learn how to manage their businesses efficiently and effectively by using remote employees.In this episode, Nathan brings his expertise in outsourcing to our listeners, providing tons of actionable tips and ideas for how we can build our businesses without the overhead of office space and local employees. Nathan tells us how he built his Amazon store to over $25M in gross revenue and how he built and sold FreeeUp without a staff of local employees—only hiring remote help. He shares how we can do the same.Make sure you listen for Nathan’s four-step process for harnessing the power of remote employees.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Why he treats his remote team like they're in a real officeHow he built another freelancer marketplace to cater to his needsHow he makes customer service his competitive advantageWhy he may never hire someone in person againThe 4-step process to dealing with remote employeesHow to get on the same page with expectationsThe traits of virtual assistants that you want to look forWhy Nathan prefers to outsource in the Philippines3 different levels of people you hire: followers, doers, and expertsThe 90-day ruleAnd SO much more!Links from the ShowBiggerPockets Real Estate PodcastUpworkFiverrFreeUpSlack Check the full show notes here: http://biggerpockets.com/bizshow41
Have you ever considered buying a business but were terrified of paying more than the business is worth? Have you ever wondered what you can do to help ensure that a business you buy today will generate the numbers promised by the previous owner?Well, today’s guest answers both those questions, helping us to minimize our financial risk when buying a small business!Brit Foshee—real estate investor and small business owner—walks us through the process he used to buy his first five landscaping companies, how he consolidated them into one big company to increase their value, and how he did it all with minimal financial risk. And he tells us how we can do the same thing if we decide we want to go the route of buying a small business.Brit tells us how he finds the businesses he buys, how he evaluates them, how he recruits partners to run them, and most importantly, how he gets the owners to all but guarantee their financial success. And for you real estate investors out there, you’ll be amazed at how similar buying a business is to buying real estate!And make sure you listen for Brit’s recommendations on using “claw backs”—a way to literally guarantee that a business owner doesn’t misrepresent the numbers when selling you a business.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Brit's story from buying a property to buying businessesHow people underestimate what it takes to get a business off the groundHow he finds available businesses on the marketSimilarities between his business model and buying real estateHow a business with $1M in revenue is likely sustainable without the ownerWhy he made a partner a part-ownerCome work "with me" vs. come work "for me"Why he recommends the owner financing route when buying a businessHow he reduces expenses and increases income right after buyingWhy he thinks employees are #1The top mistake owners makeAnd SO much more!Links from the ShowBiggerPockets Real Estate PodcastBRRRR StrategyBizBuySellCraigslistBiggerPockets Business Podcast 37: Choosing the Right Niche—Follow a Business Startup Journey From Day 1 with J ScottCheck the full show notes here: http://biggerpockets.com/bizshow40
Does the book, “Vivid Vision” sound familiar? Brandon Turner (host of the BiggerPockets Real Estate Podcast) raved about it when he we interviewed him on the show last year. Brandon credited the book with helping him overcome his vague thinking, providing him the insight to hone his goals and putting him on the path to massive success with real estate syndications.In fact, Brandon raved so much about the book that we knew we had to have the book’s author on the show to provide our listeners a first-hand education on why creating a vision is important and how we should be doing it. And that’s what we’re doing today...Cameron Herold -- best-selling author, founder of The COO Alliance and the operational brain behind several behemoth companies, including 1-800-GOT-JUNK -- is here to help you learn how to clearly define your business and life vision in a way that will put both you and your team on the path to success. Cameron breaks down the steps for defining your vision, documenting your vision (hint: it’s a lot more fun than you think), and then sharing that vision with your partners, employees and prospective employees to ensure that the entire team is aligned with YOUR vision for success.And, for those of you who like to think about things from an analytical perspective, make sure to listen for Cameron’s mathematical formula for success…Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:Cameron's incredible backstoryDifference between CEO and COOHow vision impacts your businessCreative ways to relay your visionThe craziest vivid vision storyHow vision helps you attract or repel the right peopleThe miracle morning for entrepreneursCameron's secret formula to successAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Business Podcast 18: How to “Have It All” by Living with Intention with Brandon TurnerTED Talk: Cameron Herold: Let's raise kids to be entrepreneursAsanaBasecampThe Genius NetworkTim FerrissUber Check the full show notes here: http://biggerpockets.com/bizshow39
Do you hate marketing? Do you hate sales? Do you wish there was an easy way to grow your customer base and your profits without relying on all the old bread-and-butter sales and marketing techniques that everyone else is using? Today’s guest provides us a path to business growth that doesn’t hinge on being a professional marketer or salesperson.David Meerman Scott—bestselling author of 11 books, including the just released Fanocracy—explains to us why the most powerful marketing force on the planet isn’t social media, television commercials, or any other traditional marketing technique. Instead, it is the ability to convert our customers into loyal fans. And he tells us how we can convert customers in our businesses into super-fans, helping us to scale and grow our business in ways that we’ve never considered.David uses everything from neuroscience research to the band Grateful Dead to show us how we can convert our customers into brand ambassadors for our businesses. Whether your business is a product or a service, whether you have a recurring relationship with your customers or you only engage with them once in a lifetime, David’s techniques will provide you the tools you need to get your customers to grow your business for you.And make sure to listen for David’s suggestion on using selfies to grow your business! It's brilliant.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover:How to create fandoms to grow your businessDiscover how the 4 levels of proximity could help you get noticedWhy you should take more selfiesCharacteristics that make a true fanHow to convert your customers into loyal fansA story that turned David into a fan of a companyGiving freely vs. giving with the expectation of receiving somethingWhy you shouldn't pay for attentionAnd SO much more!Links from the ShowBiggerPockets ForumsThe Grateful DeadHagerty Youtube ChannelCheck the full show notes here: http://biggerpockets.com/bizshow38
loading
Comments (6)

Sean Sante

Awesome podcast! I just started my first business on Feb 1st of this year, talk about poor timing. Guess I need to pivot quickly.

Mar 18th
Reply

Justin Weeter

What an amazing podcast. Keep it up J & Carol!

Jan 2nd
Reply (1)

Jamie Hanks

I love BP Business podcast. It is extremely educational for a budding entrepreneur or a seasoned one, because the guests they interview have so many insights from industries across the spectrum. Thank you for the content!

Oct 21st
Reply

Jon Penton

Loved this Interview! Employ a governor on your time commitments: “my business partner is my spouse, let me run this by her before I commit” or you can use your calendar: “I’ll need to consult my calendar to make sure I’m available”

Aug 21st
Reply

Adrian North

love this episode!!!!!

Jul 28th
Reply
Download from Google Play
Download from App Store