Today, we have a very interesting topic as I talk with Ace Chapman who runs a business of buying and selling businesses. He actually started his own business at a very young age of 19 until he found more success in buying existing businesses and building his vision on top of them when it’s already profitable as opposed to starting from scratch. He also talks about the importance of buying whole business at the right time.
Here are the highlights of my conversation with Ace:
Strategies in running a successful business of buying and selling businesses:
- Understand the cycles.
There are cycles in how businesses go up and down. Understand that you can be at whim of the economy going up and down. It’s not seeing the future but seeing the past.
- Buy something at the right time.
Consider if the asset is salable making sure you’re able to get in and out of that.
Selling a business vs. selling a product or service:
- Understand the buyer’s purpose.
- Understand the buyer’s skill set.
- Understand what they’re worried about.
More strategies to become successful in your business:
- Alleviate concerns.
A lot of people try to sell something based on what they think the person is worried about instead of just asking. Ask them what their concerns are and show them that you can alleviate it.
- Leverage testimonials.
Don’t just make stuff up. Be real with them. Put something in front of them in a way that can hold them and just get more of those involved in alleviating their concern.
- Have SOPs in place.
Having processes in place is critical to the success of your business. Also delegate some tasks to people who know how to do it.
- Agree with them.
It’s not necessarily about agreeing with the fact that it’s a problem but agree with the fact that you can see why they see it as a concern.
- Think outside the box.
Creativity is key to get you to the next level.
- Focus on what you want.
Many people focus on the tool that’s going to get them what they want instead of focusing on what they want. Be clear about your goal.
Things that motivate salespeople:
Ace’s Major Takeaway:
Do not take any aspect of it personal. Otherwise, it takes the focus off the process and what you can control, change, and improve.
Connect with Ace on www.acechapman.com or send him an email at firstname.lastname@example.org.
Check out Ace’s book on Amazon called The Ace Formula
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