From Searcher to Seller: Lessons Learned in the Acquisition Process | Ep 27 | Before You Buy or Sell

In this episode of Before You Buy or Sell a Business, host Jared Johnson interviews August Felker, an entrepreneur with experience in buying and selling businesses, particularly insurance brokerages. August shares his journey from starting a search fund to acquiring his first business, the challenges he faced during the negotiation process, and the emotions he experienced as a seller. He also discusses his transition into supporting others in the acquisition process and provides insights into the importance of insurance diligence when buying a business.Key Takeaways:🔹Starting a search fund allows aspiring entrepreneurs to buy an existing business and become an entrepreneur without starting from scratch.🔹The negotiation process when buying a business can be emotional, and it's important to be prepared for the different waves of emotions that come with it.🔹Building a relationship with the seller is crucial, both during the negotiation process and after the sale, to ensure a smooth transition and ongoing success.🔹Conducting insurance diligence before buying a business is essential to identify any coverage problems or surprises that may arise after the acquisition.🔹Cold calling and building relationships with potential sellers can be an effective way to find proprietary deals and stand out from competitors.In this episode:00:00:00 | Introduction00:01:10 | August Felker discusses his background and experience in buying businesses00:03:04 | What is a Search Fund?00:06:05 | August Felker on finding and acquiring his first business00:14:07 | Deciding to sell00:16:38 | Advice for sellers00:20:11 | Transition from a traditional search fund model to a self-funded model00:25:10 | Consider the seller's needs to stand out as a buyer00:31:08 | Insurance is often at the bottom of the client's list, but they still have to deal with it00:37:04 | August Felker on what motivates him00:39:09:02 Closing remarks______________________________________________________________________If you have questions for Jared, visit JaredWJohnson.comDISCLAIMER: The views and opinions expressed in this program are my own and/or those of my guests. They do not necessarily reflect the views or positions of my employer.