573: How and When to Sell Your Business: Due Diligence, Deal Structure, and Diversification with Business Acquisition Consultant Ace Chapman

Ace Chapman is the ultimate authority when it comes to buying and selling businesses. He's back on the show to discuss creative deal-making and the latest developments in acquiring online businesses. https://www.youtube.com/watch?v=8VZeV5NVAO4 Quotes:                                                                                                                                    “If you have two very savvy people, the easiest people for me to do the best deal with is when I'm dealing with somebody who owns a $5 million business.” – Ace Chapman “The last thing you want to do is change a bunch of things at once.” - Ace Chapman “It's one thing to start at zero. It's another thing to start out behind, lower than zero, because you're losing money in a deal.” - Ace Chapman Takeaways: 04:40 Successful business acquisitions require patience and minimal initial changes. 05:50 Internet businesses are becoming more stable and less risky investments. 17:00 Treat a new business like a franchise system - follow existing successful processes. 20:16 Change only one business factor at a time to accurately measure impact. 22:51 Spend the first 6 months learning the business before attempting any modifications. Resources Ace Chapman: Business Acquisition Consultants (Official Site)