In today’s episode of The Art of Passive Income, Mark and Scott talk to Ace Chapman. Ace is an expert when it comes to buying established businesses.
Are you stuck in entrepreneur purgatory?—An in-between spot where you’re not really successful but you’re not losing enough money to walk away from your investment.
What are the benefits of buying an existing business as opposed to starting one from scratch?
Ace shares his insight on both questions and offers a few things to consider when buying an existing business:
- Get into a business that’s already making money.
- How long has it been in business?
- Does it have systems and people already in place to run it?
When buying a business you have to dig deep into due diligence and it’s crucial that you see yourself as being in the business of buying a business.