In this episode of the UNCENT$ORED Show, I sat down with the founder of the travel blog, Travel Noire, to discuss what it takes to build, sell, and acquire businesses for wealth building and true freedom.
When asking Zim what it’s like to sell your business as an entrepreneur, she let us know that it’s definitely a tough journey to endure.
“I had to ask myself, how can I decouple who I am in my own identity from this business that is separate?”
Since having sold Travel Noire, Zim and her husband have set their sights on acquiring businesses. She shared valuable tips for anyone who’s interested in acquiring businesses:
1. Do Your Research
It may seem daunting, but make sure that you do as much research as possible on the industry, the businesses’ profit & loss, the market it’s serving, and even the seller and their desires before making an offer.
2. Educate Yourself on what it takes to Run a Business
You don’t need an MBA to buy a business, but you do need knowledge and experience so that your investment is worthwhile.
3. Know what your motives are:
Are you wanting to buy a business for private equity or for passive income? This depends on the types of changes you foresee making in the company.
4. Start your search:
Look for businesses that align with your interests but that also have some type of operational deficiencies.
5. Know your options:
You don’t have to be a extremely wealthy to acquire a business. Just like there are financing options for automobiles and homes —there are financing options for businesses too.
To learn more Zim, visit her website here.
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