In today’s episode of The Art of Passive Income, Mark and Scott talk to Ace Chapman, website Ace Chapman. Ace is in the business of buying businesses and is an expert when it comes to buying established businesses. In the business for 17 years now, he knows what to look for and what to stay away from.
In college, on a scholarship studying political science to become an attorney, Ace fell into this business. He had reached out to some guys who owned a company for software that he was using. He discovered that were letting it go and after doing the math, he figured it was a great deal. He closed his very first deal at the age of 19.
A few things to consider when buying an existing business:
- Get into a business that’s already making money.
- How long has it been in business?
- Does it have systems and people already in place to run it?
[bctt tweet=”When you make that decision to buy a business, you’ve got to treat it like a business.” username=”TheLandGeek”] When buying a business, you have to dig deep into due diligence and it’s crucial that you see yourself as being in the business of buying a business.
Do you have what it takes? Listen in to find out.
TIP OF THE WEEK
Mark: Learn more about Ace, go to his website Ace Chapman
Scott: Read Ace’s book, The Ace Formula: How to Buy a Business
Ace: Go to BizBuySell and learn from the people that have already built great businesses.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?