https://www.thesaleswhisperer.com/p/josh-tolley-buy-a-business
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In this conversation, Wes interviews Josh Tolley, an experienced entrepreneur and author.
They discuss the misconceptions of buying and selling businesses, the importance of critical thinking and logical deduction, and the challenges of having rational discussions.
Josh shares his journey as an entrepreneur and the value of creativity and thinking outside the box. He also explains the process of buying profitable businesses and the scalability of managing multiple businesses.
The conversation highlights the importance of selling businesses at the right time and the table method for effective business management. In this conversation, Josh Tolley discusses the process of building a portfolio of businesses through acquisitions.
He emphasizes the importance of avoiding online scams and hiring a qualified broker to assist with the acquisition process.
Tolley also provides insights into considerations for location and working around SBA loan requirements. He highlights the need for thorough due diligence and research before making a purchase.
Additionally, Tolley shares his motivation for writing a book and discusses the challenges of introversion in public speaking. The conversation concludes with a discussion on negotiating price and terms, as well as the importance of engaging content.
Takeaways
Buying profitable businesses can be a faster and more successful path to entrepreneurship than starting from scratch.
Critical thinking and logical deduction are essential skills for success in business and other areas of life.
Doing what you love may not always lead to financial success, and it's important to consider the scalability and profitability of a business.
Selling a business at the right time can be more profitable than holding onto it for too long.
Managing multiple businesses requires trust in competent professionals and focusing on the key aspects of each business. Avoid online scams and hire a qualified broker when acquiring businesses.
Thorough due diligence and research are essential before making a purchase.
Consider location and work around SBA loan requirements.
Negotiate beyond price to include additional terms and benefits.
00:00 Introduction and Technical Difficulties
01:12 Josh Tolley's Background and Experience
03:29 The Number of Businesses Josh Tolley Owns
04:00 The Misconceptions of Buying and Selling Businesses
05:03 The Bonding Moments of Different Generations
06:27 The Importance of Objective Truth and Logical Deduction
09:00 The Challenges of Having Rational Discussions
11:05 The Value of Critical Thinking and Creativity
12:18 The Success of D Students in Entrepreneurship
13:22 Josh Tolley's Academic Background and Journey
15:20 The Risk and Failure in Buying Businesses
20:22 The Pitfalls of Doing What You Love
23:08 The Affordability of Buying Businesses
25:57 The Importance of Selling Businesses at the Right Time
27:36 The Challenges of Managing Multiple Businesses
30:10 The Importance of Trust and Scalability in Business Ownership
31:25 The Table Method for Business Management
32:24 Building a Portfolio of Businesses
33:05 Avoiding Online Scams
34:22 The Importance of Hiring a Qualified Broker
35:09 Considerations for Location
35:38 Working Around SBA Loan Requirements
36:06 Choosing the Right Type of Business
37:07 Due Diligence and Research
38:15 The Role of Errors and Omissions Insurance
39:20 The Dangers of Insta Experts
40:20 Motivation Behind Writing a Book
42:06 Introversion and Public Speaking
43:18 The Temptation of Living in a Remote Location
44:13 The Challenges of Socializing
45:47 Negotiating Price and Terms
46:55 The Difficulty of Acquiring a Winery
48:17 The Importance of Price in Negotiations
50:38 Negotiating Beyond Price
52:27 Josh Tolley's Website and Podcast
53:20 Website Design and User Experience
55:13 The Logical Place Podcast
56:51 The Brain on the Microphone
57:19 The Importance of Engaging Content
57:48 The Dedication of the Cartoon Version of the Book
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