Hannah Hammond weighs building a business from scratch against buying an existing one, drawing on Cody Sanchez's Main Street Millionaire. Buying offers existing systems, staff, and cash flow, but you risk losing everything fast. She's built before but hasn't acquired.
Chapters
I'm actually listening to Cody Sanchez's book right now, Main Street Millionaire, about acquiring companies. Instead of building them, why not buy something that's already been built? And there's so many baby boomers that are retiring, and they don't even know how to sell a company, and they don't think it's sellable, and they're too busy to even think about it. But most of them had the right offer in terms they'd probably sell and a lot of times for very little money down where they can keep their cash flow. So it's interesting because I'm a founder. I've just been scrappy and resourceful, and I never had any money to buy a company or resources to even know how to do that. And so this is the first time in my life I'm like, oh, oh, I actually could buy a company. Should I go build this thing from scratch again? Because that's all I know. Or does it make more sense to buy a small company and then scale it? And you already have a reputation, already have systems, already have staff, already have all that. So it's definitely a difficult decision to make because you could also get really screwed when you buy a company and lose it all. But I guess it might be a little bit bigger of a loss, but it'll happen faster.