227. How to Buy Small Businesses the Smart Way

Ken Goodrich bought his father's struggling HVAC company, only to have the IRS seize everything and 30 employees quit overnight. Left with just $3,000 and two technicians, Ken had to learn how a company actually works. Today, he has bought and sold over 250 companies and achieved a high nine-figure exit. In this episode, Ken shares his ultimate playbook for Business buying and capitalizing on the "Silver Tsunami" of retiring baby boomers.

He breaks down exactly why the real money is in "boring" Home Services rather than flashy tech startups. You will learn his exact mathematical formula for evaluating a company's worth, why Service & Consulting businesses are prime targets for private equity, and how to execute a 1,000-day plan to 10x your company's value. Ken also reveals his unusual Entrepreneurship strategy of buying up phone numbers from dead businesses to generate millions in leads.

• The "Silver Tsunami" is creating a massive opportunity to buy retiring baby boomers' businesses with established brand equity.

• Cut a target company's historical customer base in half during your evaluation because you will lose customers during the transition.

• Target companies priced accurately or above market, as underpriced businesses attract budget-conscious customers who flee when prices are corrected.

• Buying a bankrupt competitor's dormant phone number can instantly generate revenue through existing service call volume.

• Build a strict 1,000-day plan with a budget and schedule before acquiring a company to ensure a highly profitable exit.

Tags:  Business buying, Entrepreneurship, Home Services, HVAC, Goettl, Business scaling.

Resources:

Grow your business today:  https://links.upflip.com/the-business-startup-and-growth-blueprint-podcast

Connect with Ken: https://www.linkedin.com/in/kenneth-d-goodrich-ba580427