510. Who looks at the numbers of the other company before a business acquisition? w Elliott Holland
Tersh talks with Elliot Holland from the Guardian Due Diligence!
"So at what point do we bring you into the conversation? Is it like, hey, I'm looking at buying this company, they've given me an NDA or a non-disclosure agreement and I've signed it, here are the numbers? Does this make sense or is it after we've already put it in the offer? Because sometimes, like especially first-time people that are buying...maybe it's like your competitor down the street is going out of business or talking about retiring and you want to acquire them and you've never done this process before. When do we bring you in?" -Tersh
Elliott has been a part of tons of HVAC and service business acquisitions, and he knows our industry better than most. This fact alone could be enough for most people to reach out to him for his services, but there is so much more to the story!
When we are looking to acquire another small business, we oftentimes take the word of the seller, more than we should, as the truth.
Sometimes we use the bank's underwriter to tell us that the numbers do not match up correctly, but who could tell us what the business number's really mean? Elliott Holland of Guardian Due Diligence is just that person!
Elliott, founder of Guardian Due Diligence is a business buying expert. He has a Harvard MBA, spent 10 years buying companies for himself and others, and now prevents his clients from losing millions buying bad businesses. He’s the guy to hire to guard your money. https://guardianduediligence.com/ will go into the background of the business that you are looking to purchase so that you will not be left with crazy surprises or a bad taste in your mouth when it comes to business acquisitions.
In today's episode, Tersh and Elliot talk about 5 reasons service business owners fail when it comes to purchasing other businesses. They both speak from personal experiences, and Tersh shares, for the first time on the podcast, his regrets of purchasing IceBound in 2018.
Our Deep Dive~
- The seller has hundreds or thousands of reasons to lie.
- The numbers don't lie.
- There are places these numbers can be hidden, and we share a few of those places...
- ...you'll have to listen to the rest of the episode for these juicy details!
"I tell people all the time you should not be betting against the seller. Somebody who's been in the business for 10 or 20 years absolutely knows it better than you."
- Reach out to Elliott Holland and his team https://guardianduediligence.com
- Schedule a time to talk with Elliott and his team on a Friday zoom call on his website.
- Learn more about Tersh by visiting https://serviceemperor.com
- Connect with Tersh on social media @tershblissett
- Have you ever wondered HOW to target your perfect client?!? It's EMOTION...EMOTION is what sells, and this link is how you learn your client's emotion for free... visit https://admanity.com/SBM/ to get this free share that I (Tersh) stand behind 100%!
"If you know how people will emotionally react, you have an advantage more valuable than all of humanity's innovations."
Thank you for listening to another episode of the Service Business Mastery Podcast!
Learn more about Tersh at https://ServiceBusinessMastery.com