March 3, 2023

11 Things We Learned About Buying Businesses, From Interviewing Arturo Henriquez of businessactionnow.com

11 Things We Learned About Buying Businesses, From Interviewing Arturo Henriquez of businessactionnow.com

11 Things We learned About Buying Businesses From Interviewing Arturo Henriquez of Businessactionnow.com Watch Here

 

 

Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit crude, you're reading our notes, so. yeah. -Ron

 

 

Concept 1: Take Risks to Succeed

Success is something that everyone strives for, but it is not always easy to achieve. One of the key elements to achieving success is taking risks. Taking risks can be scary, but without them, it is difficult to reach success. This is something that Arturo Henriquez, a serial entrepreneur, knows all too well. 

Arturo had a great corporate career, but he also had the entrepreneur itch. At the age of 22, he and a few friends decided to go into the tequila space. They created a tequila company and brand, and were making headway until the larger companies muscled them out. Arturo and his team didn't know what to do, and the business only lasted a year. 

After that, Arturo decided to take more risks. He started a few other companies, including an import-export business and a nightclub. He invested all of his money into the nightclub, but ran out of money. Despite the failure, Arturo kept going. He was determined to reach success and he eventually did. 

Arturo's story is a great example of the power of taking risks. Without taking risks, it is difficult to reach success. Of course, it is important to be smart about the risks you take and to prepare yourself as much as possible. But if you never take risks, you will never know what you are capable of. 

Taking risks is something that many successful people have done. It can be intimidating and sometimes it doesn't pay off. But if you are willing to take risks and work hard, it is possible to reach success. Arturo's story is a great example of how taking risks can lead to success.

Concept 2: Fear The Unknown

Arturo started his entrepreneurial journey by starting his own business. He was young and had to take a lot of risks. He invested his money, time, and emotions into the business. Despite his efforts, the business didn't do as well as he had hoped. Arturo then decided to take a different approach and started buying businesses. This allowed him to mitigate the risks he had taken before. He was able to pay two to three times the earnings for the business, less than what the original owner had invested. Arturo has now bought over 55 businesses and is still actively involved.

Arturo's story is a great example of how fear of the unknown can hold you back from success. He was scared of starting a business in the dot-com boom because he didn't know what the outcome would be. He was also scared of starting an online dating service because he didn't know if it would be successful. Despite his fear, he took risks and tried his best. Unfortunately, his efforts didn't pay off and he had to learn the lesson the hard way.

Fear of the unknown can be a powerful force, but it doesn't have to be the end of the story. It is possible to take risks and be successful. Arturo's story shows that it is possible to take risks and be successful. It is important to remember that even if something doesn't work out, you can still learn from it and use it to your advantage. Fear of the unknown doesn't have to be a barrier to success.

Concept 3: Find the Right People to Help

Arturo is a successful entrepreneur who has had many successes in many different industries. He didn't have any prior knowledge in some of the industries he has gone into, such as tequila production, theater companies, oil and gas, metallic fabrication, pest control, and real estate. Despite this, he was still successful. He was able to take risks and learn as he went. He also realized that he didn't have to be the expert in each industry. He could find people who already had the knowledge and skills he needed.

This is a lesson that everyone can learn from. It is important to remember that you don't have to be the expert in everything. It is okay to find people who can help you. In fact, it is often the best way to get things done. It is important to find the right people to help. Find people who have the knowledge and skills you need. Find people who are willing to work hard and take risks. Find people who can help you achieve your goals.

It is also important to remember that you don't have to go it alone. You don't have to be the one who does everything. Find people who can help you. Find people who can take on some of the tasks that you don't have the time or energy to do. Find people who can help you learn and grow.

Fear of the unknown can be a powerful force, but it doesn't have to be the end of the story. Arturo's story shows that it is possible to take risks and be successful. It is important to remember that you don't have to be the expert in everything. It is important to find the right people to help. Find people who have the knowledge and skills you need. Find people who are willing to work hard and take risks. Find people who can help you achieve your goals. With the right people, you can be successful and reach your goals.

Concept 4: Use Leverage to Multiply Earnings

One way to be successful is to use leverage to multiply earnings. Leverage is a way to use other people's money to increase the potential return on an investment. Arturo's story shows that it is possible to use leverage to buy companies and increase their value. He talks about using seller financing, asset-based lending, partner investments, and SBA loans to buy companies. He also talks about using a combination of cash and investor money to buy companies. He uses leverage to buy companies and then scales them up to increase their value. He talks about how he has seen people use leverage to make life-changing amounts of money.

Using leverage to multiply earnings is not a get-rich-quick scheme. It takes hard work and dedication to be successful. It is important to understand the risks and rewards of using leverage. It is also important to understand the different types of leverage available and how to use them. Arturo's story shows that it is possible to use leverage to make life-changing amounts of money. It is important to remember that you don't have to be an expert in everything. Find the right people to help. Find people who have the knowledge and skills you need. Find people who are willing to work hard and take risks. With the right people, you can be successful and reach your goals.

Concept 5: No Prior Experience Needed

One of the most common myths about buying and selling businesses is that you need money to do it. This is simply not true. Jeremy Harbor, one of the mentors Arturo hired, said, “What he's not saying is the owner doesn't get a dollar check, right? The owner's getting a check.” Arturo's story of buying a construction business is proof that it is possible to buy a business without money. Arturo found a man who had grown a similar business a hundred times and was willing to work for equity. Although the deal didn't work out in the end, it showed that it is possible to buy a business without money.

Another common myth is that you need prior experience in business to be successful. This is also not true. Arturo didn't have any experience in the restaurant business and was able to make it a success. He was able to find the right people to help him and learn from them. He was also willing to take risks and work hard. With the right people and hard work, it is possible to be successful without prior experience.

In conclusion, it is possible to be successful without money or prior experience in business. Leverage can be used to multiply earnings, but it is important to understand the risks and rewards of using leverage. Find the right people to help and be willing to take risks. With the right people and hard work, it is possible to be successful and reach your goals.

Concept 6: Know the Business, Not Industry

When it comes to buying a business, it is important to know the business, not the industry. Experience in the industry is not necessary, as long as the business is profitable and has a proven track record of success. Having a good understanding of the business, its processes, and its people is essential. Knowing the market, the brand, and the customer base is also important.

Having a good understanding of the business is the key to success. It is important to know the ins and outs of the business, the processes, and the people who are involved in it. Knowing the market, the brand, and the customer base is also essential. This knowledge can help you make informed decisions about the business, and it can help you identify potential opportunities and risks.

It is also important to have the right people in place to help you run the business. Having the right team in place can make a huge difference in the success of the business. Having the right people in place who understand the business and the industry can help you make informed decisions and increase your chances of success.

Finally, it is important to be willing to take risks. Taking risks can be scary, but it is important to be willing to take risks if you want to be successful. Taking risks can help you identify potential opportunities and can help you reach your goals.

In short, it is important to know the business, not the industry. Having a good understanding of the business, its processes, and its people is essential. Knowing the market, the brand, and the customer base is also important. Having the right people in place to help you run the business is also key. Finally, it is important to be willing to take risks in order to be successful. With the right people and hard work, it is possible to be successful and reach your goals.

Concept 7: Prioritize Deal Criteria Carefully


When it comes to buying a business, it is essential to prioritize deal criteria carefully. It is important to have a clear understanding of the business, the market, the brand, and the customer base. It is also important to understand the regulations and risks associated with the industry. Knowing the regulations and risks can help you make an informed decision about which industry to invest in.

It is also important to consider the people who will be helping you run the business. Having the right people in place can make or break a business. Having the right team in place can help you reach your goals and be successful.

In addition, it is important to be willing to take risks. Taking risks can lead to great rewards, but it is important to understand the risks and be prepared to deal with them. Taking risks can help you reach your goals and be successful.

In conclusion, it is important to prioritize deal criteria carefully. Understanding the business, the market, the brand, and the customer base is essential. Knowing the regulations and risks associated with the industry is also important. Having the right people in place to help you run the business is also key. Finally, it is important to be willing to take risks in order to be successful. With the right people and hard work, it is possible to be successful and reach your goals.

Concept 8: Know Why You are Buying


When it comes to buying a business, understanding why you are buying is essential. This is especially true if you are looking to make a career change or pursue a passion. As entrepreneur and podcast host, Bob Buford, explains, “the entrepreneur in me says that there’s a missing in that in the industry. But I’ll never start it. So I’m going to share it.” Knowing your “why” will help you narrow down your search and make the best decision for you. 

When it comes to buying a business, there are many factors to consider. First, it is important to determine what type of business you are looking for. Are you looking for something that is related to your current skillset and passion? Or, are you looking to make money? It is also important to consider the industry. Are you familiar with the regulations and risks associated with the industry? Are there any opportunities to grow and scale the business? 

Once you have narrowed down the type of business you are looking for, it is important to consider the deal criteria. Are you looking for a business that is older than five years? Do you prefer businesses with recurring revenue? Are you looking for a business that will give you the flexibility to spend time with your family? Answering these questions will help you make an informed decision. 

Buying a business is a big decision and requires careful consideration. Having a clear understanding of why you are buying and what criteria you are looking for will help you make the best decision. It is also important to be willing to take risks and have the right people in place to help you succeed. With the right people and hard work, it is possible to be successful and reach your goals.

Concept 9: Work On The Business, Not In It

One important factor to consider when buying a business is to work on the business, not in it. This means that you should be looking for opportunities that don’t require you to put in a tremendous amount of time and effort. It is important to be able to delegate tasks to the right people and trust that they will do their job efficiently. It is also important to have a clear understanding of the numbers and be able to analyze them objectively. When you are looking at potential deals, you should be looking at the price-to-earnings multiple and make sure it fits into your range. If it doesn’t, you should move on and not get emotionally attached to the deal. 

Another important factor to consider is to not fall in love with the business. This means that you should not be swayed by the aesthetics of a business or the potential of what it could be. Instead, you should focus on the numbers and make sure that the business is profitable. You should also make sure that you can add value to the business and that it doesn’t require your presence to be successful. 

When you are buying a business, it is important to be aware of all the factors that go into making a successful purchase. You should be willing to take risks and have the right people in place to help you succeed. You should also be looking for opportunities that don’t require you to put in a tremendous amount of time and effort. Finally, you should focus on the numbers and make sure that the business is profitable and that you can add value to it. By doing this, you can be successful and reach your goals.

Concept 10: Technical Knowledge Not as Important

However, it is important to remember that technical knowledge is not as important as the art of the deal. This is something that many entrepreneurs forget when they are looking to buy a business. Technical knowledge is important, but it is not the most important factor. You need to be able to understand the business and the industry that you are looking to buy into. You need to have the ability to identify a business that is well-run and one that needs a little help. This is the key to success. 

When you are looking to buy a business, you need to find a management team that can take the business and make it more efficient. You need to be able to find that extra cash to pay them and be strategic. It is also important to be able to develop your “BS meter”. This means that you need to know enough about the business, the industry, and the KPIs to be able to know if something is going on that you should be aware of. 

In conclusion, when you are looking to buy a business, technical knowledge is important, but it is not the most important factor. You need to be able to understand the business and the industry that you are looking to buy into. You need to have the ability to identify a business that is well run and one that needs a little help. You also need to be able to develop your “BS meter” and know enough about the business, the industry, and the KPIs to be able to know if something is going on that you should be aware of. With all of this in mind, you can be successful and reach your goals.

Concept 11: Take Action and Get Results


The key to success in business is to take action and get results. The Investors and Entrepreneurs Professional Mastermind (TIEPM) is a great way to get started. It combines traditional peer-to-peer mentoring with accountability partnering, where peers help each other to set goals, take action, and get results. This type of mentoring and coaching can help you to gain the knowledge and skills needed to achieve success faster than you might think possible.

Taking action is the first step in achieving success. You need to be willing to take risks and try new things. You need to be willing to put in the hard work and dedication required to make a business successful. You need to be willing to learn from your mistakes and use them to your advantage. You also need to be willing to ask for help when you need it.

Once you have taken action, you need to measure your results. This will help you to identify areas where you need to improve and areas where you are succeeding. It will also help you to adjust your strategy and tactics as needed. This is an ongoing process and it is an important part of the success of any business.

Finally, you need to be able to develop relationships with other people in the business world. This includes customers, suppliers, partners, and investors. Building strong relationships with these people will help you to succeed in the long run.

In summary, taking action and getting results is the key to success in business. The Investors and Entrepreneurs Professional Mastermind is a great way to get started. Taking action, measuring results, and developing relationships are all important components of success. With hard work, dedication, and the right strategies and tactics, you can achieve success in business.

 

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