Bob FraserCFO & Macro Strategist | Data-Driven Investing Expert | Speaker & Author

What new business buyers always get wrong.

Name: What new business buyers always get wrong.
Uploaded: 2024-06-26T15:00:40+00:00
Duration: 47 s
Channel: Bob Fraser
Description: In this monologue, the speaker recounts personal experiences as a first‑time business buyer and critiques common misconceptions among new buyers. He…

26 Jun 2024 · 1 min

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In this monologue, the speaker recounts personal experiences as a first‑time business buyer and critiques common misconceptions among new buyers. He describes how he was labeled "dumb and unemployed" by sellers, highlights the stigma that first‑time buyers face, and points out that many newcomers present overly idealized criteria, expect to acquire a perfect business without any personal investment, and rely on seller financing with no skin in the game. The speaker argues that these unrealistic expectations and lack of personal commitment are the primary mistakes new business buyers make.

Chapters

You are dumb and unemployed. When I was first looking for a business, there was no term searcher. The word people used for me was unemployed, right? You know, I'm like, yeah, I'm looking for a business to buy. They're like, oh, you must be rich. I'm like, no, I don't have any money. And they're like, you are dumb and unemployed. You know, I think the thing that people get wrong is, is that like whenever it's a first-time searcher, first-time business buyer, they're like, okay, here's my list of criteria. And they just sort of like describe the most absolutely perfect business that could ever exist. And then they're like, and I'm not going to pay anything for it. And I heard about this thing called seller financing. And so I'm not going to put any money in it. I'm going to have no skin in the game and I'm going to force the seller to finance the most valuable asset they have to just sign it over to me and I'll do a whatever. They have completely unrealistic expectations.