Mistakes to Avoid When Buying Your First Business With Elliott Holland

Entrepreneurial statistics underscore a significant shift toward independent work. According to census data that dates back to 2004, Americans applied for a record-breaking 5.3 million business ID numbers in 2021, and 2022 is already on track to be a record-breaking year as well, according to projections from QuickBooks. What many future entrepreneurs may not know is there is ample opportunity to become a business owner through acquisition of an existing company. In this episode of The Agent of Wealth Podcast, host Marc Bautis is joined by Elliott Holland, founder of Guardian Due Diligence, a company that specializes in helping everyday people acquire businesses as investments to optimize ROI and create new millionaires. Together, they walk through the process of acquiring a business through the lens of a first-time buyer.In this episode, you will learn:Where to locate businesses that are for sale.How to put in an offer on a business, including tips for business valuations.How first-time business buyers can secure funding for the acquisition.The do’s and don’ts of becoming a business owner.And more!Resources:Episode Transcript & Blog | Exclusive Offer from Elliott Holland, Guardian Due Diligence: offerfromelliott.com | guardianduediligence.com | Bautis Financial: 7 N Mountain Ave Montclair, New Jersey 07042 (862) 205-5000Timestamps:0:32 - Introduction to Guest Elliott Holland1:22 - What is Guardian Due Diligence?3:16 - How to Locate a Business for Sale4:43 - Recommendations for a First-Time Buyer6:43 - The Acquisition Process8:46 - How to Value a Business16:12 - How to Obtain Financing / Financing Options22:57 - Is There Such Thing As Passive Income?27:03 - The Do’s and Don’ts in Buying a Business