How to Buy a Business – Joseph Wechsler

Welcome to this episode! Today, we’re privileged to be joined by Joseph Wechsler, the CEO of VirtuAlly, a leading telehealth company, and a dynamic Managing Director at Blueline Ventures, a prominent middle-market business acquisition firm. With a knack for strategy execution, organizational transformation, and program management, Joseph brings a wealth of experience to our discussion.

Join us as Joseph shares his insights into the world of business acquisition, drawing from his extensive background in leading strategic engagements across various industries, with a recent focus on healthcare providers. From small private practices to academic medical centers, Joseph has collaborated with top-tier executives, navigating the intricacies of buying and transforming businesses.

Get my new book: https://bronsonequity.com/fireyourself

See Full Transcript:

Have you been interested in buying a business? Maybe seeing small businesses in your town. We know there’s this silver tsunami of a lot of people that are getting older and they don’t know what to do with their business and a lot of these businesses are smaller where they generate a million dollars a year in profit, which sounds like a lot of money, but there’s not a lot of private equity groups that are out there actually looking to buy these businesses. 

So, you as an individual can be someone who goes and buys businesses, either going and putting them together, working on it, or being more passive in funds that go out and buy private deals like this.

It’s very interesting. They’re typically very high cash flow, often between one and three times earnings, which is incredible. So, you can buy potentially a million-dollar business for, you know, the business is producing a million dollars in cash for a million dollars.

And a lot of times you finance 85% of that or more, or even sometimes all of it. So, it’s really exceptional. So, this is a space I’ve been learning a lot about.

I love this space. I have a friend of mine, Joe Wechsler. He’s been doing this for a while.

He’s a really awesome guy. You’re going to love what he has to share here. And then we’ve got some cool things at the end I want to share with you.

So, let’s jump in. 

Bronson Hill: All right, Joe, welcome to the Mailbox Money Show. Excited to have you today, brother.

Joseph Wechsler: Bronson, how are you? Good to see you, man.

Bronson Hill: Good to see you, man. I know we connected at an event a couple of months ago, and it was a great event just talking about mergers and acquisitions, you were one of the two instructors for the event. And I loved hearing your experience of how someone can get involved with private equity just as a regular person.

Like, it doesn’t have to be somebody who either has access to millions and millions of dollars or has, you know, it’s just something that’s accessible if you know how to look and you’re willing to put in the time and effort. But can you give us a little bit of your background and kind of how you got into this? And I’m excited to talk about this topic, and I think it’s going to apply to a lot of people.

So, why don’t you give us a little bit of your background?

Joseph Wechsler: Glad to be here. Thanks again. Yeah, it was a good event.

It was one of those times when you get to talk about what you do. And I walked away thinking, man, there’s so much I’ve learned. I know more than I give myself credit for, but there’s also still a lot to learn as you go through it.

So, that’s what’s exciting about it. Yeah, so I started my career, for the most part, in management consulting, meaning I would help other businesses get better at sales, marketing, operational, efficiencies, strategy, mergers and acquisitions, and all that kind of stuff. I was with large international companies helping Fortune 500s down to my last stop in management consulting was with a boutique firm where we focused a lot on healthcare but also smaller businesses.

So, through that, I had a lot of opportunities to see a lot of different businesses from the inside and help them. I sold my firm in 2019. And that’s when I started my investing journey.

My investing journey, based on my background, was all in buying businesses rather than maybe some other more traditional routes like real estate, and things like that.

Bronson Hill: Yeah, it’s interesting. You know, about you buying businesses, and I’ve talked to you, there’s some of the real estate, I know they kind of have a background where their company goes out and buys other companies. And it’s something that it’s interesting because most people don’t get experience in it.

I think real estate is so accessible for a lot of people because most people own a house or have had some experience interacting with it. And so, they think, oh, I can go buy another house. So, it just feels more accessible.

Buying a business, a lot of people have not done it. Some have owned businesses, but the thought of buying or selling a business, even if you sold a business, that a lot of buying somebody else’s business can sound like a bit of an overwhelming process. So, that’s cool that you found that kind of in the work that you were doing, and then you realized, so, was there a point where you were doing that for someone else, and then you realized, gosh, I could be doing this on my own, I could be doing better, or it just kind of worked out that way, or you started doing the side, or how did you get started for you doing this yourself?

Joseph Wechsler: Yeah, I think I always kind of knew that I wanted to own my own business. The consulting, I was a partner in the consulting firm, so I technically owned part of that business, but there wasn’t anything transferable because it’s all just time, you know, you’re exchanging your time for money in the consulting world. So, when I had the opportunity to think about it, I just consumed as much information about it as I could.

I think your point about it not being super accessible is 100% correct. So, the real estate market’s pretty mature. You know where to go to look for properties.

There’s a pretty well-defined and well-understood process for buying a piece of real estate, both on the seller side and on the buying side and the financing side, and all of that’s like very well established and easy, easy to access and navigate because it happens so regularly. It’s not the case when you’re buying businesses. It’s a little bit more fragmented, less mature, a little bit of the wild, wild west, you have business brokers that act like real estate agents, but they’re not licensed and the skill sets you get are all over the board.

Right. You have business owners that don’t understand the process of selling your business, like you said, you know, a lot of cases don’t even know it’s a possibility for them. It’s not an option.

Right.

Bronson Hill: So, there’s a lot of the boomers, they’re saying, you know, the silver tsunami of all the aging boomers. And of course, that’s the big business case for that 80% of these small businesses that are just revenue of a million or less or more, it’s a lot of it is going to be shut down. And this is where I think for someone listening or watching, you can find people, maybe the dry cleaner that you go to or the plumbing company nearby, or even just restaurants, things around in your area, just to kind of put it on, I wonder who owns this and thinking about if it’s mom and pop, like would they be interested in selling?

And a lot of times some of these businesses will sell for one to three times earnings, which is just shocking to me, right? You know, you have a cap rate and multifamily where it’s like things will sell, you know, I mean, it almost be like buying a building at like a, you know, like a 30% cap rate or like a 30 cap or like something ridiculous, right, where it’s like really, really high. And even then, you don’t put a lot of money, there’s financing available, there’s the SBA loans and different things.

And it seems like, do you think that the barrier to entry with this it’s an inefficient market, so it’s hard to value exactly what something’s worth, there’s a lot of diligence, and it’s kind of because of all the work it takes to actually kind of get in through the nitty gritty. And of course, not every business you look at or you do diligence on, you’ll end up buying, but why do you think this is such an inefficient market, and you think it will always be that way?

Joseph Wechsler: Yeah, I mean, that’s exactly why I’m in it, what you just talked about. So I can I can make an investment on something and pay three times my earnings when I’m evaluating a multifamily deal that’s 30. That’s exactly the case.

So I can get my capital back pretty quickly, and then own it. And it’s producing cash flow from the beginning. Yeah, it’s hard.

It’s not passive. There’s almost nothing passive about it. You might buy a business big enough that has a team to run the day-to-day, but you still have to get into the business and understand it, establish those relationships, and learn enough about it that if something happens, you can step in and help make decisions with that context.

And there are people involved. Their personalities are always challenging. It’s my favorite part about it, but it’s a little bit different than the physical building where I mean there are people involved there, too.

But yeah, it’s hard, right? There are so many more levers that you can pull in a business to make it more profitable or make it grow. Make a profit, make the products better, make your services better.

There’s there’s so much you can do to bring value to a business and you can kind of go well above and beyond what the business is doing when you buy it, which is not possible in real estate. You know, you can increase rents and maybe do some value add, but there’s a there’s a ceiling there that businesses don’t necessarily have.

Bronson Hill: Yeah, it’s very interesting to me because for a lot of reasons it’s something a lot of people are talking about. And obviously, you could buy a business and it could have been kind of a lemon or there’d be a lot of challenge or it takes way more time than you think. This show, the Mailbox Money show, we have a lot of people that are business owners, people that have been business owners, maybe they want to sell a business.

I guess let’s let’s kind of do that. Then we’ll kind of jump into how passive it is or not passive. But if somebody owns a business, so if I’m somebody listening or watching like I have a business and I want to sell it and maybe I’m hoping to get money for it, what is the best way to sell a small business that has maybe less than three million dollars a year in profit?

Joseph Wechsler: Yeah, so if your business is that small, probably the best place to go is to look in your local community for a business broker. I’ve kind of put them down a little bit earlier, but there are good ones out there and they’ll help you prepare, help a business owner prepare to have their business sold and it takes time. So, you have to make sure your financials are clean.

Make sure you can outline all the rules that the seller does. So if the seller is leaving, what does a new buyer have to replace when they leave? Things like that.

And the good brokers will get you ready and then get you in front of some good buyers and help educate you on the process. It takes a while because there are fewer people buying businesses. That matchmaker process can be a little bit longer and you hear the phrase kiss a lot of frogs that goes both ways in business acquisitions.

Sellers want to make sure they’re handing their baby off to somebody who’s going to be a good steward of it. And buyers want to buy something that fits their specific buy box.

Bronson Hill: Yeah. And as a buyer, I guess, well, how do you navigate that? I’ve been on biz buy sell, which is one of the websites where brokers hang out, of course, maybe where deals go to die, kind of like the loop net that we talked about in real estate.

So what’s a way that like, okay, if I’m someone who’s like, I could be someone involved, I’d be interested in buying a business myself. What are some ways to get in front get to know some brokers or find deals that actually could work?

Joseph Wechsler: Yeah, as a buyer, I very rarely, if ever go on biz buy sell, I think when I first started out or if anybody’s first starting, it could be a good resource just to see what’s out there and to see how these things are represented, get some reps on analyzing the data that are generally available to buyers on businesses that are for sale. Because it’s an immature marketplace, there are many places where businesses are kind of listed or they’re not always listed is by sales, just one of them. But there are usually smaller deals there.

The other thing you can do is start networking with business brokers. What I like is networking with other professional advisors like wealth advisors, CPAs, and attorneys. And if you think about it, most business owners are going to use one of those advisors as their trusted advisor and go to them for everything, whether it’s their CPA or wealth advisor, like, hey, I need help thinking about what my tax implications for next year, or I’m thinking about retiring.

Do I have enough money? And then that person is going to be able to say, well, you own this business, what are your plans there? And if they know somebody is willing to talk to them about buying it or helping them sell it, that’s usually a pretty good referral path.

The other thing you can do is if you know exactly what kind of business you want to buy, you can do your proprietary outreach, which I know happens in real estate as well, that you can identify businesses that you think would fit what you want to own and operate and directly reach out to them and say, you want to sell your business to me?

Bronson Hill: And you know, when you were at this event, you were sharing the story, how you had a targeted like business and you sent out like, I don’t know, I get it wrong, but it’s not like 20 postcards and you got a bunch of responses, like 50% response rate. And like, you end up buying a bit, you did offers on multiple and you end up buying one, you like, what industry was that and how many cars did you send out? And like, what was it?

Everybody’s like, can we get that template? And you’re like, oh, it’s kind of basic, but like it worked obviously. So can you give a little context there?

Joseph Wechsler: Yeah, so I started small. I mean, I’ve ended up buying three businesses in 2021. One of them was through a broker that I had networked with and had a good feeling about their shop.

So that was publicly listed. But another one to your point was I knew I wanted to buy a specific kind of business and this one was a home care agency, home health, home care. Getting the list of home care providers in the region I was looking for was very easy because they all have licenses.

So they’re all, all that information is publicly available. I went through that list and narrowed it down to I think it was like twenty-four that I thought would be relevant for me to reach out to and I wrote them a letter.

Bronson Hill: Twenty-four because it was twenty-four because of the size they were or the location or kind of a combination of factors.

Joseph Wechsler: Yeah, the way I whittled it down as if they had a decent website and I thought they were a decent-looking business. That was one I was looking for an independent agency, not a franchise. I could get a sense of their size based on where they operated.

So how much of the state does their business cover if they were very local or if they had a couple of different locations? So all those factors got me down to I think it was twenty-four handwritten letters to each of them. And to your point, I think I got a couple returned to me non-deliverable because the address was wrong.

Bronson Hill: These were here. You wrote these in pen with.

Joseph Wechsler: I typed them out. I made them each a little bit unique and then I wrote something on each of them and put them in a regular, regular envelope. And yeah, I think I had six or eight conversations out of that had two that got down to an offer and one that I currently own.

Yeah, that was a pretty good, pretty good response. Right.

Bronson Hill: Yeah. But I love it. You know, the only thing I like about that, and I think for a lot of investors, no matter what you invest in, if you’re not clear on what you want, you’ll get shiny object syndrome and you’ll just be like, I’m interested in this.

So this looks great here for wholesaling or buying houses or flipping or long-term funds. I mean, there are all kinds of different things people do. And a lot of times we get distracted.

So you like got it super narrow, this geography, this type of business, this location, this area, this thing. And then you had those parameters and you just went after it with that specific sale. Can you talk a little bit to be super specific, but just about how that was structured?

Like roughly this was the buying price. This is how much I brought. This is how I financed it.

Joseph Wechsler: Yeah, happy to. Yeah, I’ll go back to your earlier comment, though. I did a lot of work.

It probably took me six months to get clear on what I was looking for. And how I could synthesize that to make my conversations more productive when I was talking to people about what I wanted to buy. When I first started, I said, I could buy anything.

I was a general, I was a generalist management consulting. You know, I don’t know any industry-specific more than I ever, but that didn’t help anybody help me when they asked what I was looking for. So I got a couple of specific theses down on paper and I could articulate them very well.

And the home care one was one of them. On that deal, it was the smallest one I’ve done. It was a million-dollar acquisition.

It was about three and a half times their earnings and a million dollars. I think I ended up putting like 15 percent down, something like that and financed the rest with an SBA loan. And the seller did not want to carry any notes on it.

So we held 20 percent escrow to protect against the new downside for 18 months. And it’s been two years and everything’s going great.

Bronson Hill: Right. OK. And so that’s amazing.

You put three and a half percent down. That’s like buying a single-family house with FHA. So you’re able to finance through SBA that much of it.

Joseph Wechsler: I put 15 percent down.

Bronson Hill: So 15 percent. OK, I got that wrong. 15 percent.

Joseph Wechsler: But yeah, still, I mean, it’s kind of ridiculous because that money’s been returned already two years then. Yeah.

So yeah, I don’t know how you do a cap rate conversion on that.

Bronson Hill: But that’s that’s amazing. Well, that’s that’s crazy. That’s great.

And I love it. Yeah, you did the work on the front end. And how did you so I guess this is one thing if somebody is interested in doing this more on the active side, because again, I imagine it’s not super once you get it going and you kind of establish, it becomes a little more passive or if you have enough management in place to do, you know, the goal is not to be doing, but it has maybe a season where you’re more hands-on and you’re going for it. What are some helpful things for investors to know like, how do I kind of qualify myself for that?

Like you said, six months of just kind of figuring out what I want and what it’s going to look like. How did you end up on home care with like or how can someone kind of go through that process for themselves?

Joseph Wechsler: Yeah, like I said, there is a lot of work upfront to understand what I was looking for, why I wanted to do this and then what the way I got there is what value that I bring to the table. So, I knew that I didn’t want to buy myself a job, which is easy to do. You can step into somebody else’s shoes and take over their business and work the 60 hours a week that they were working.

Or you can find a business that has enough meat on the bones to support a leadership team, management team, to your point. A million dollars is pretty small, but it doesn’t require a whole lot of lift there. So there was already a manager in place and I knew that I needed to learn the business to help make sure I made the right decisions, but I didn’t ever have to do anything day to day.

So I’ve never run payroll or I’ve never, you know, if I’ve talked to a client, it’s been random. Or if I’ve talked to any of the employees, it’s also by design where we’re building out culture, but not anything on the day-to-day. So, understanding what you want and understanding what you bring to the table, whether it’s industry expertise or functional expertise will help you narrow your search.

And then when you go into the conversation with the sellers, you can start to ask questions. As you’re doing the due diligence, look for those elements in the business that provide you the opportunity to bring the value that you think you can. That makes sense.

Bronson Hill: Yeah, yeah, it’s and that’s I think really in real estate investing, we talk about value add deals or what’s the really what you’re trying to do in any deal usually is to try to find some area where you can add value. And there are certain skills we all have that we may think, man, I don’t know what I can bring to this or what I can add.

But we all have skills. You know, if you’re a business person or you’re professional, you have skills and maybe you know marketing or you know about finance, there are things that you know. And if you can just figure out what would be a good fit for you.

And so the value that you thought you brought was like you said, you’re able to kind of strategically think and kind of help these guys scale, maybe find a different approach to to growth, right? To say, we want to grow and try to maybe do some unique marketing or at least the management of it. Was there some kind of value?

Joseph Wechsler: Yeah. I mean, I did. I didn’t know anything about the industry and spent a little bit of time with healthcare clients.

So I had some of the lingo, but not an expertise for sure. But I understood the economy, and economics of the business. I understood where they were in the marketplace and did enough research to learn about the industry from a global perspective that I felt comfortable with the leadership skills that I’ve had to be able to manage a team to a vision and have them build it out.

I don’t know very much about marketing and sales, but I have a partner that does. So I think it’s another important piece is I’ve done all of these with partners that fill in a gap that I don’t have, whether it’s an industry expertise or another functional expertise that I know that business would benefit from.

Bronson Hill: Yeah, that’s great. Let me ask you this as far as passive investing, we talk a lot about passive investing on this show. If somebody wants to be more passive like, hey, I don’t want to be the one that is taking six months and writing letters and doing all this stuff and managing, you know, it seems like a lot to do.

Joseph Wechsler: Yeah It’s a lot.

Bronson Hill: And yeah, what are ways people can get involved passively in something like this or more?

Joseph Wechsler: Yeah, so you’ve heard of large private equity companies that high net worth individuals or qualified purchasers might have access to and those are out there. There are probably fewer opportunities, but they’re a growing number of opportunities in the retail investment space to get involved. Actually in my next round of acquisitions have launched a fund to raise money and I’m going to go buy six to 10 businesses with with the funds that I’m raising.

It’s completely passive on the LP side and the returns are. We talked about the difference in our return and business acquisition compared to a real estate investment. The LP would get a similar return compared to a syndication investment they might make.

So there are more groups like me doing things like that where they’re putting smaller funds together. Catering more towards the accredited investor or even retail investor below that, because of the sheer number of businesses that are available, you mentioned at the top, I think it’s between 10 and 30 trillion dollars of value that needs to change hands in the next 10 years from the baby boomers retiring. It represents seven or eight million companies, individual companies that are owned by that population.

So there’s there’s going to be more and more passive opportunities. So, you can reach out to people like me who are doing it and using investor capital as part of what they bring to the table, but also there’s probably an opportunity for a passive investor to find an operator that would be interested in running the business and having them do the legwork and providing the capital. I’ve seen that work a lot, too.

Yeah, it’s not to your point. It’s not as commercially active or available as probably real estate. We have seen especially the last 10 years be accessible.

So but it’s coming, right?

Bronson Hill: And I wonder if that will change, too, because with all of the businesses that I think a lot of these businesses, the challenges, a lot of maybe shut down or maybe they’re given family members or things like that. But there’s a lot of there’s not a family member that wants to do the job or the business or whatever it is. And so I think having opportunities to get involved passively is very attractive.

Just let’s spend a little bit of time on this, and then we’ll kind of get into kind of a couple of things at the end here. But as far as going through the process, it’s not just I mean, obviously talk about a six-month process and you can go through a process of actually making offers. And then there’s can you talk a little bit about, let’s say you find an ideal business they’re saying, yeah, we want to sell and you’re like, yeah, I want to buy.

But it’s not just that simple. There’s quite a bit of you’re looking at earnings, looking at how everything’s structured, kind of weeks or months of work and diligence and expenses. Can you talk just a little bit about some of that process?

That’s something that kind of stood out to me at the conference or at the event as well, is just that there’s quite a bit that goes into whether you close or not, a cost and time and effort that we can touch base on that.

Joseph Wechsler: Yeah. So let’s say you’ve gone through the process of identifying your investment thesis so you know what you’re looking for. You’ve gone out and done your search and found dozens and dozens of businesses that fit it.

You narrow it down. You make an offer. That probably takes that process.

I just mentioned that probably takes several months, six to 12 months, I would say, on average for for somebody to start. And then you go under LOI. At this point, you’ve already looked at high-level financials.

You have kind of a cursory view of what the business is, but not all the details yet. You’ve agreed on a price based on what you understand to date and you have a nonbinding LOI that says, OK, I want to buy your business for three million dollars. You want to sell it to me for three million dollars.

We’re going to make that exclusive for the next 90 to maybe like the longest I’ve seen is 150 days. We have an exclusive LOI, meaning the seller cannot market it to anybody else or entertain offers from somebody else. And they are agreeing to provide you with all the details of their business.

So the detailed monthly financials, their payroll reports, all of their operating agreements, and any vendor contracts that they have. You’re in this due diligence process, you’re doing legal due diligence, making sure there are no outstanding issues on that side. You’re understanding how the business works.

So operationally, what are the nuts and bolts? What systems do they use? What processes do they have in place?

Financially, looking at their accounts receivable, accounts payable, their balance sheet, understanding what their assets are and what their working capital requirements are, all of that. So you’re getting a full picture in the meantime, you’re setting up your financing. So you’re going to figure out how you’re going to pay for it.

Were you going to write a check for cash? If the seller is going to provide a loan for you to buy the business, if you’re going to use bank financing, you’re lining all that up. And it’s a lot.

And you’re working on the actual definitive purchase agreement that says when we sign this, it’s mine. It’s no longer yours, which is a pretty hefty document, usually. So you have attorneys involved.

And then, yeah, within 90 days is kind of a quick process to get that done. Usually bleeds over a little bit. And hopefully, you’ve had good enough time to put together a pretty good transition plan for what your first 30, 60, 90 days as the owner is going to look like, what the role of the seller is after selling, because you’re going to need that person to help with the continuity of the business.

And then you sign that line and go for it. Hope you grow it.

Bronson Hill: Yeah, it sounds like it’s a lot of work to get it done, but once it’s done, it’s very rewarding. What are some books or resources you suggest to people?

And you mentioned you read everything you could. What are some things that really impactful for you or what you suggest people should get ahold of to learn about this?

Joseph Wechsler: Yeah, what I found for me at the time was the most the best framework for what I was trying to accomplish was a book called Buy Then Build by Walker Deibel. It’s a really good one. And then I mean, Harvard Business School has a book.

I think it’s just a small business acquisition or something like that. That’s also a good kind of high-level framework. There are a couple of podcasts on the topic that have been good, but honestly, most of the episodes I thought were the most useful were Walker was on it.

What was most applicable to what I was doing? He also teaches a class in his community. That’s pretty good, I think.

There’s there’s one or two others like that, but his that my size and what I was trying to accomplish the most.

Bronson Hill: Yeah, that’s good. There’s also the book. I read some of it, Adam Coffey, The Private Equity Playbook, I think it was or something.

Joseph Wechsler: Which is one private equity coffee? There’s one like. I think it’s the M&A For Dummies one is fine.

Bronson Hill: Like, yeah, one of the ways you laugh about that, I have besides the shaming title, those dummies books are really good. I first one of the first books ever read on commercial real estate was Commercial Real Estate Investing for Dummies. And it was great because it just like breaks everything down for you.

So then you have this framework where you’re like, OK, now I like to understand all these terms mean and what things are doing and like it’s really great. So it’s kind of that’s a great book to start with. You can get beyond the feeling a little embarrassed like reading out in public or something.

It’s kind of fun. It’s good marketing, but it’s interesting. So well, Joe, I just want to celebrate you.

I appreciate you sharing your knowledge. This is a lot of this information I found in private equity. There’s so much money.

I mean, billions and trillions of dollars sloshing around in here. And a lot of people don’t talk about it. So I love that you’re somebody who’s kind of put yourself out there to educate and really help others even give people an opportunity to follow and invest and do different things as well.

So I love that you’re doing all that and providing value to your community. How can people reach out to you if they want to connect?

Joseph Wechsler: Yeah, appreciate that. I’m trying to make it more accessible because it is that private equity is historically in those bigger kinds of ivory tower locations, but it’s getting smaller and smaller. So, yeah, my firm is called Blueline Ventures.

The website’s blueline-ventures.com. You can find me on LinkedIn. It’s probably the only place I’m really active socially. My email and phone number are you’re welcome to put in the show and I’ll see you later.

And I’m happy to be a resource as people are thinking about this, whether it’s for their own personal journey to go by business or understanding how to do it passively. Both of those things are emerging as opportunities for the common man.

Bronson Hill: Yeah, absolutely. Awesome. Well, Joe, I appreciate you being on here and I hope people reach out to Joe Wechsler, a great guy, and look forward to hopefully having you back on the show again in the future.

Joseph Wechsler: Yeah, appreciate it, Bronson. Good seeing you. Thanks, man.

Bronson Hill: Good seeing you. 

OK, so I love this interview with Joe. A very understated guy. Just kind of here’s what you see is what you get.

But he’s been doing this for a number of years and has a background in it. And I love the idea of finding really what your niche is and going for it. And that can really apply to anybody in any sort of investing experience.

If you have money or lots of money or time, you know, when I started, I didn’t have money, but I had time and I was able to leverage my time to be able to create money and create value for people. If you have more money than you have time, which is a lot of people that are retired or getting close to retirement or have a business, maybe you have a business you’re preparing to sell or you’re kind of figuring out how you’re going to make money when you stop working as a professional or as a physician or as a CPA. Those are big issues, right?

I was a medical sales guy. I realized like, how can I start to create these passive income streams? And so this is an opportunity.

So some people, if you have time and space, could find a way to create more income for yourself by buying a business. And then you talked about taking that process of six months, a long time, to just really narrow down what it is he was looking for and using some kind of unorthodox methods of just writing handwritten letters to those specific people. And he got a bunch of leads from that, right?

Out of 20 or 25 and these 24 places he sent that to, he got six or seven phone calls and he got a couple, he made a couple offers on deals. And so this is a space that again, it’s an inefficient market. It’s not the stock market where you know what a share of Apple is worth or you know what this particular financial asset’s worth is a lot of it is that people don’t know what these are worth.

And so you can come and really find something creative that works for both parties and so that’s something I really recommend you do. So I hope you enjoyed this episode. I really enjoyed it.

It was a lot of fun. And thanks for taking the time to educate yourself. It really inspires me a lot.

Look forward to connecting with you in the future and staying focused on your goals. 

And we’ll see you on the next episode of the Mailbox Money Show. 

Outro: You’ve been listening to the Mailbox Money podcast.

For more free resources, articles and videos, go to bronsonequity.com. There you can download your copy of the special report, the single best investment strategy during and after a pandemic. 

None of the information shared here is an offer to buy a specific investment and this is for educational purposes only.

Consult your financial, legal and tax professionals and use your own common sense before making any investment decisions. 

Thanks for joining us and be sure to tune in next time for more Mailbox Money.