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Law Chat with Girija

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  2. Acquisition Entrepreneurship: How to Purchase and Operate an Existing Business?

Acquisition Entrepreneurship: How to Purchase and Operate an Existing Business?

Jun 10, 2021

Who needs to build a business from the ground up when you can purchase one and scale it your way? 

 

Episode Introduction: 

Our guest today is an acquisition entrepreneur and an expert at purchasing businesses and making them succeed. Tune into today’s episode with Devina Bhojwani to learn some tricks of the trade.

 

Episode Summary: 

Today’s episode of Law Chat with Girija talks about business acquisition from A-Z. Right from the mindset shifts, you need to make to the research you need to do and the business plan you have to make, Devina Bhojwani walks us through her journey of being an acquisitional entrepreneur while sharing her methodology with us.

 

Main Takeaways:

  • Owning a small business opens multiple pathways for you to move forward on. It truly provides you with an abundance of opportunities.
  • Navigating synergy at home plays a huge role in making a business successful.
  • Important mindset shifts to adopt when venturing into a new business field:
  1. Have a risk appetite.
  2. Be a leader.
  3. Visualize the growth.
  • Things to consider when buying a new business:
  1. Your passion for the business.
  2. Growth opportunities available for the business.
  3. Existing profit numbers of the business.
  • Make a detailed business plan with quarterly, six-monthly, and yearly projections and plans for your business.
  • Talking to a business broker can also really help you find the right business for you to invest in.
  • Competitor analysis is a great way to understand whether or not the business you’re looking to invest in is viable.
  • Devina’s top tips to establish authority after purchasing a business:
  1. Build trust.
  2. Reiterate communication.
  3. Listen to your team.
  • When you’re planning on investing in a business, think your exit strategy through and include it in your business plan.

 

Recommended Resources: 

  • Buy Then Build by Walker Deibel.

 

Fun Facts About Devina Bhojwani:

  • Her favorite business tool is Clubhouse.

 

Find Devina Bhojwani:

Website: https://idealabkids.com/

Email: devina@idealabkids.com

LinkedIn: https://www.linkedin.com/in/devina-bhojwani-3452053/

Get the visual experience, watch the videocast for the episode here: https://youtu.be/k1K-CHvLTDU

 

Connect With Girija:

Website: https://www.gbplaw.com/

Instagram: https://www.instagram.com/gbplaw/

Facebook: https://www.facebook.com/GBPLaw/

 

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