In This Episode
One of the most overlooked opportunities for growth in the small business world is that of acquiring other companies. This could mean buying out competitors or perhaps adding new products or services to your current offerings. It could also be a way of expanding your geography or finding some good new customers or team members. There are many benefits of growing through acquisition which we discuss during the show today.
We have found several factors holding small business owners back from pursuing growth through acquisition. The biggest of these factors is the lack of understanding when it comes to financial statements. Most small business owners aren’t facile with their own financials statements and likely wouldn’t know what to do with the financials of another company.
Here are just a few of the items we covered in the show today when it comes to pulling together your own plan to grow your business through acquisition:
- Meet with competitors
- Look at online web sites
- Tell people in your network
- Talk with other owners you know who have made acquisitions
- Discuss options with your advisors
Like most things in life it starts with a decision. In this case it’s a decision you as a business owner make to grow your business through acquisitions. If you decide this is a route for you then you’ll start to notice opportunities. During the show today we shared different stories of clients who have grown through acquisition and how to go about implementing a similar plan for your business.
People, Companies and Resources We Mentioned in the Show
- I’m OK—You’re OK book (https://en.wikipedia.org/wiki/I%27m_OK_–_You%27re_OK)
- How Did Jack Buy His First Company Podcast Dec 20, 2018 (https://dirtysecretsofsmallbusiness.com/episode/how-did-jack-buy-his-first-company/)